Key Notes
- Metaplanet sold 10,000 BTC and bought 11,000 BTC during Q3, adding a net 1,000 BTC and ending September with 44,000 BTC.
- The company says the cash demonstration supports its pursuit of a credit rating, while its revised policy keeps approximately 85%–90% of total assets in Bitcoin.
- Its Bitcoin income business generated approximately ¥848 million in Q3 revenue and ¥5.565 billion over nine months, alongside plans for a separate net interest income strategy.
Metaplanet sold 10,000 Bitcoin and subsequently bought 11,000 BTC during the third quarter, using the transactions to demonstrate that its treasury can be converted into cash when needed. The net addition of 1,000 BTC brought the Japanese company’s holdings to 44,000 BTC as of September 30.
In an October 5 disclosure, the Tokyo-listed firm said the exercise was intended to strengthen confidence in its creditworthiness and expand access to financing, including corporate bonds and preferred shares. It intends to pursue a credit rating, but has not announced that one has been obtained.
The updated total places Metaplanet second among publicly traded Bitcoin holders, behind Strategy, according to Bitcoin Treasuries’ rankings. The announcement also sets out a wider plan to generate recurring income while retaining Bitcoin as the company’s core asset.
A Cash Demonstration for Credit Investors
Metaplanet said it sold Bitcoin for proceeds exceeding the outstanding principal of its bonds, borrowings and other interest-bearing liabilities, then held the cash before buying Bitcoin again. Those liabilities were not repaid or redeemed as part of the transactions and remain outstanding on their existing terms.
The distinction matters to the company’s credit argument. Rating agencies and fixed-income investors need to assess whether an issuer is willing and able to sell an asset to meet obligations, as well as whether that asset trades in a liquid market.
Metaplanet said a previously published rating of an overseas peer influenced its thinking: a policy of never selling Bitcoin could limit how much liquidity credit agencies assign to the holdings. Its own exercise was intended to demonstrate that monetizing part of the treasury remains an available option.
| Metric | Reported amount |
|---|---|
| Bitcoin sold | 10,000 BTC |
| Sale proceeds | ¥124.700 billion |
| Average sale price | ¥12,470,098 per BTC |
| Bitcoin purchased | 11,000 BTC |
| Purchase cost | ¥149.896 billion |
| Average purchase price | ¥13,626,928 per BTC |
| Net addition | 1,000 BTC |
| Holdings at September 30 | 44,000 BTC |
The average repurchase price was about 9.3% above the average sale price, reflecting a rise in Bitcoin’s market price between the separate transactions. Metaplanet described the figures as preliminary and unaudited.
The sale also created a capital loss for US tax purposes because the Bitcoin sold had been acquired above the sale price. The company preliminarily estimates that a deferred tax asset of approximately $97 million could be recognized at subsidiaries of its US holding company, subject to closing procedures and its auditor’s review.
That potential tax asset has not been confirmed and could differ materially or go unrecognized. Metaplanet said the tax loss does not, by itself, create a new accounting loss because its Bitcoin is measured at fair value.
Bitcoin Remains the Core of the Balance Sheet
A separate allocation policy establishes a guideline of holding approximately 85%–90% of total assets in Bitcoin. The remaining 10%–15% would support strategic investments, acquisitions, income-producing securities and capital for an asset-management business.
The company intends to fund Bitcoin acquisitions principally through permanent equity capital, including perpetual preferred stock. A Bitcoin-collateralized credit facility remains a supplementary funding source, with borrowings used to acquire and hold Bitcoin generally kept below approximately 10% of its Bitcoin net asset value.
That borrowing guideline does not apply directly to the separate strategic-investment allocation. Financing for that portion of the balance sheet will instead be managed against the investments’ cash flows, maturities and currencies, with the aim of matching asset income to obligations.
CoinScreamer’s earlier coverage of preferred shares examined Metaplanet’s effort to develop a broader funding structure. The latest policy extends that approach to the assets financed by those instruments, alongside its continued Bitcoin accumulation.
Options Revenue Slows in the Third Quarter
Metaplanet’s Bitcoin Income Generation business reported approximately ¥848 million ($5.4 million) in Q3 operating revenue, according to its quarterly results. Revenue for the first nine months of 2026 totaled ¥5.565 billion ($35.4 million). The approximate dollar conversions use the company’s September 30 reference rate of ¥157.35 per dollar.
The quarterly table reports Q3 revenue of ¥848.4 million, down about 51.4% from ¥1.747 billion in Q2 and 65.2% from ¥2.438 billion a year earlier. The business has continued to generate revenue, but the latest quarter shows a substantial slowdown.
The reported revenue includes option premiums, realized gains and losses, and period-end valuation changes. It is therefore broader than cash collected from selling options and should not be read as a net-profit figure.
Metaplanet acknowledged that progress in fundraising, Bitcoin accumulation and the income business had fallen short of initial expectations. It nevertheless left its full-year consolidated earnings forecast unchanged, citing the potential for financing conditions, Bitcoin prices and market volatility to change rapidly.
A New Income Strategy Adds Funding Flexibility
Under its new income strategy, Metaplanet plans to invest financing proceeds in assets whose expected yield exceeds the related cost of capital. Principal targets include preferred securities issued by Bitcoin treasury companies and similar issuers.
The resulting net interest margin would account for preferred dividends, bond interest, borrowing, hedging and transaction costs. Management intends to use that income to service obligations and strengthen financing capacity, ultimately supporting further Bitcoin purchases.
The strategy also introduces credit, liquidity, issuer-concentration and currency risks. Securities issued by other Bitcoin treasury companies may remain sensitive to Bitcoin’s price, so allocating funds outside direct BTC holdings would not necessarily remove exposure to the same market.
Metaplanet currently expects the new initiative’s impact on its 2026 consolidated results to be immaterial. Its immediate achievement is the completed liquidity demonstration; the proposed credit rating, wider financing access and new recurring income stream remain objectives to be delivered.
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