Metaplanet Strengthens Credit Profile with Bitcoin Sales and Repurchases

Metaplanet, a Tokyo-listed company, sold 10,000 Bitcoin (BTC) during the third quarter and later repurchased 11,000 BTC at a higher price. The company ended September 30 with a net increase of 1,000 BTC, bringing its total holdings to 44,000 BTC. Metaplanet stated that the sale generated enough cash to cover its outstanding principal on bonds, borrowings, and other interest-bearing debt. The average sale price was ¥12.47 million per coin, raising ¥124.7 billion, while the repurchase price averaged ¥13.63 million per coin, costing ¥149.9 billion.

The company emphasized that the transactions demonstrated its ability to convert Bitcoin reserves into cash, which is crucial for strengthening its credit profile. Metaplanet plans to seek a credit rating and use a stronger financial position to support its new investment business. The sale also produced a US capital-loss carryforward, potentially creating a deferred tax asset of about $97 million, though this is subject to audit and review.

Metaplanet's new Net Interest Income Strategy aims to raise capital through perpetual preferred stock, BitBonds, and Bitcoin-collateralized credit facilities. The company plans to invest this capital in assets yielding more than its financing costs, retaining the difference as net interest income. Bitcoin treasury companies' securities are expected to be among the principal investment targets, with Bitcoin remaining 85% to 90% of total assets.

Metaplanet acknowledged that its diversification efforts may still leave much of its balance sheet exposed to Bitcoin. The company stated it would manage risks such as credit, issuer concentration, currency, and leverage within board-approved limits. The Net Interest Income Strategy is expected to have an immaterial effect on its 2026 consolidated results, with the credit-rating effort and future financing terms being more immediate tests.