Metaplanet Trades Bitcoin to Attract Credit Rating Agencies
Metaplanet, a Tokyo-listed bitcoin treasury company, recently sold and repurchased a significant amount of bitcoin in a strategic move aimed at securing a credit rating. During the third quarter of 2026, the company sold 10,000 BTC and later repurchased 11,000 BTC, resulting in a net gain of 1,000 BTC. This transaction was intended to demonstrate to credit rating agencies and bond investors that Metaplanet is capable of converting its bitcoin holdings into cash when necessary. As of September 30, the company held 44,000 BTC, with the sale generating approximately $793 million in cash, which was used to cover interest-bearing debt.
The decision to sell was influenced by a credit rating report from an unnamed peer, which suggested that reluctance to sell bitcoin could negatively impact credit assessments. Metaplanet emphasized that this transaction does not signal a change in its long-term bitcoin strategy, maintaining that it will continue to hold bitcoin while being flexible enough to sell when required. The company sold its bitcoin at an average price of ¥12,470,098 per coin and repurchased it at ¥13,626,928, attributing the price difference to bitcoin's market rise during the period.
In addition to its bitcoin transactions, Metaplanet reported a decline in revenue from its bitcoin options business, dropping to ¥848 million in the third quarter from ¥1.75 billion in the previous quarter. The company also adjusted its capital allocation policy, aiming to keep bitcoin at 85% to 90% of total assets and allocate 10% to 15% to acquisitions and income-producing investments. Metaplanet plans to use funds from bonds, preferred stock, and its bitcoin-backed credit facility to invest in preferred securities from other bitcoin treasury companies, leveraging the gap between yields and its cost of capital.