Metaplanet’s Bitcoin Liquidity Test Adds 1000 BTC to Its Holdings
Metaplanet executed a bold liquidity test during Q3 by selling 10,000 BTC and later repurchasing 11,000 BTC. The company, which ended September with 44,000 BTC, used the round-trip transaction to demonstrate that its bitcoin holdings can be easily converted to cash. The sale, which netted $789.5 million, exceeded Metaplanet’s outstanding liabilities, reassuring creditors about the asset’s liquidity.
The repurchase of 11,000 BTC for $949 million was fueled by bitcoin’s rising price during the period. The sale also generated a tax capital loss, potentially creating a deferred tax asset of around $97 million, though this remains subject to auditor approval. Metaplanet’s CEO, Simon Gerovich, emphasized that the strategy goes beyond mere bitcoin accumulation, aiming to establish the company as a leading bitcoin financial institution.
Metaplanet has refined its capital-allocation framework, targeting 85-90% of total assets for bitcoin and 10-15% for strategic investments. The company plans to use cash flow from a new Net Interest Income Strategy to finance further bitcoin purchases, leveraging the spread between funding costs and returns from income-generating investments. Since October 2025, Metaplanet’s bitcoin holdings have grown from 30,823 BTC to 44,000 BTC.