Metaplanet boosts Bitcoin reserves with strategic sell-buy maneuver

Metaplanet, a Japanese-listed company, recently sold 10,000 Bitcoin (BTC) and then repurchased 11,000 BTC during the third quarter of 2026. This strategic move was aimed at demonstrating to credit rating agencies that the company is capable and willing to convert its Bitcoin holdings into cash when needed. The net result was an increase of 1,000 BTC, bringing the company's total reserves to 44,000 BTC by September 30.

CEO Simon Gerovich explained the rationale behind the transaction, stating that credit rating agencies and investors often question whether Bitcoin can be liquidated to meet obligations. 'Agências de classificação de risco e investidores de crédito fazem uma pergunta a uma empresa de Bitcoin: esses Bitcoins podem ser convertidos em dinheiro para cumprir obrigações, e serão?' Gerovich tweeted. 'Nós respondemos fazendo isso.'

Metaplanet sold more Bitcoin than its total debt obligations, retaining the proceeds in cash. The company's total debt, net of cash and stablecoins, stood at 122.4 billion yen at the end of the quarter, while the revenue from the sale was 124.7 billion yen. The company cited a previously published credit rating of a foreign competitor as a precedent, arguing that an issuer unwilling to sell Bitcoin could see the asset undervalued in credit assessments.

The transaction came at a cost, as Metaplanet sold Bitcoin at an average price of 12.47 million yen per BTC and repurchased it at 13.63 million yen, approximately 9% higher. This resulted in a capital loss for tax purposes in the U.S., with the company estimating a deferred tax asset of around $97 million in its U.S. subsidiaries. Despite the cost, Gerovich emphasized that the strategy was never just about accumulating Bitcoin but about building a global financial platform rooted in Bitcoin.