Metaplanet Sells 10,000 BTC, Buys Back 11,000 in Q3 Liquidity Test

Metaplanet, a Japan-listed Bitcoin treasury firm, disclosed a quarterly trade on October 5, 2026, explaining why it sold 10,000 BTC and bought back 11,000 BTC in Q3.

The company sold 10,000 BTC at ¥12,470,098 each, generating ¥124.7 billion (about $790 million) in sale proceeds, while buying 11,000 BTC at ¥13,626,928 each, costing ¥149.9 billion (about $950 million).

The sale and buyback are intended to demonstrate the company's ability to raise cash, with the proceeds exceeding all bonds, borrowings, and other interest-bearing debt. Metaplanet aims to pursue a credit rating, which would provide wider access to bonds and preferred shares.

The sale of 10,000 BTC created a capital loss for US tax purposes, but the company estimates a related deferred tax asset of near US$97 million. The auditor has not confirmed this estimate, and the final amount may differ materially.