Metaplanet Boosts Bitcoin Holdings in Bold Credit Rating Maneuver
Metaplanet, a Tokyo-listed treasury company, completed a bold financial maneuver in the third quarter of 2026. The firm sold 10,000 Bitcoin (BTC) and then repurchased 11,000 BTC, resulting in a net gain of 1,000 BTC. This strategic move increased its holdings to 44,000 BTC as of September 30. The primary goal was to demonstrate to credit rating agencies that the company can and will convert its Bitcoin holdings into cash to meet financial obligations when necessary.
The sale generated a U.S. capital loss, which the company estimates could lead to a deferred tax asset of about $97 million. Despite the sale, Metaplanet did not repay its outstanding debts, which amounted to ¥122.4 billion, against sale proceeds of ¥124.7 billion. The company sold the BTC at an average price of ¥12.47 million per BTC and repurchased at ¥13.63 million, resulting in a 9% higher buy-back price.
Metaplanet's CEO, Simon Gerovich, emphasized the company's strategy was never just to accumulate Bitcoin but to build a global financial platform rooted in Bitcoin. The firm also announced a Net Interest Income Strategy aimed at creating recurring income streams and lowering the effective cost of capital. Additionally, Metaplanet reported revenue for eight consecutive quarters from its Bitcoin Income Generation business.
This transaction was a significant slowdown in accumulation, as the company added only 1,000 BTC net in the third quarter, compared to 2,823 BTC in the second quarter. Metaplanet plans to pursue a credit rating and continues to expand its operations, including a pending Superplanet transaction and the development of Metaplanet Securities.