Metaplanet Demonstrates Liquidity with Bold Bitcoin Maneuver

Metaplanet made a bold move in Q3 2026 by selling 10,000 BTC for ¥124.7 billion (~$790 million), only to buy back 11,000 BTC shortly after. The company aimed to prove to rating agencies and investors that its bitcoin holdings are highly liquid, demonstrating the ability to convert them into cash when necessary.

The sale and subsequent buyback resulted in a net increase of 1,000 BTC in its reserves, with the buyback costing close to ¥150 billion. This strategy was not driven by liquidity needs or a bearish outlook on BTC but rather to showcase the firm's financial flexibility and liquidity to potential creditors and investors.

Metaplanet's cash from the sale exceeded its net bonds, loans, and other liabilities, which amounted to ¥122.4 billion. However, the company did not use the proceeds to reduce its leverage but to illustrate its capacity to monetize BTC to cover financial obligations if required. This maneuver is part of a broader plan to secure a formal credit rating and explore additional financing options through bonds and preferred shares.

The transaction also generated a capital tax loss in the United States, potentially creating a deferred tax asset of approximately $97 million. Additionally, Metaplanet invested 2,100 BTC and $2.5 million to transfer assets from Super League Enterprise to Superplanet, a bitcoin treasury platform based in the United States. With 44,000 BTC in reserves at the close of Q3, Metaplanet solidifies its position as one of the largest corporate bitcoin holders globally.