Tokyo-listed Metaplanet sold 10,000 BTC and later bought back 11,000 BTC during the third quarter, incurring an adverse price differential of ¥11.57 billion in a structured effort to prove reserve liquidity to credit rating agencies and debt investors.
Proving Reserve Liquidity at a Higher Repurchase Price
To demonstrate that its corporate reserves can be converted into cash to cover financial obligations, Metaplanet executed sequential transactions rather than a direct exchange. The firm sold 10,000 BTC at an average price of ¥12.47 million per coin, generating ¥124.7 billion in proceeds. It subsequently repurchased 11,000 BTC at an average price of ¥13.63 million per coin for ¥149.9 billion, ending the quarter on Sept. 30 with 44,000 BTC.
The ¥1.16 million per coin price increase between the sales and buybacks created a ¥11.57 billion gap on the original position size. However, management confirmed the cash proceeds temporarily exceeded the total principal of its outstanding bonds, borrowings, and interest-bearing debt. Furthermore, subsidiaries of its US holding company estimate a potential deferred tax asset of approximately $97 million from capital-loss carryforwards, which could offset transaction costs if formally recognized after auditor review.
Expanding into Net Interest Income and BitBonds
Metaplanet intends to use its improved credit profile to launch a Net Interest Income Strategy. The firm plans to raise low-cost capital using perpetual preferred stock, corporate bonds designated as BitBonds, and Bitcoin-collateralized debt facilities. This capital will be deployed into higher-yielding assets, including preferred securities from corporate peers similar to recent Strategy treasury operations.
Under its revised capital policy, Metaplanet will target 85% to 90% of total assets in spot Bitcoin, reserving 10% to 15% for yield-generating strategic allocations. Leverage tied directly to Bitcoin acquisitions will remain capped below 10% of Bitcoin net asset value. Metaplanet plans to leverage low yen-denominated interest rates in Japan alongside distribution via Metaplanet Securities, while a pending investment in Super League Enterprise aims to open access to US capital markets. Management expects an immaterial financial effect on consolidated results for 2026.
Key Takeaways
- 10,000 BTC sold for ¥124.7 billion and 11,000 BTC bought for ¥149.9 billion to prove monetization capability to creditors.
- Net holdings reached 44,000 BTC as of Sept. 30, representing a net Q3 addition of 1,000 BTC.
- US subsidiaries estimated a $97 million deferred tax asset from capital-loss carryforwards.
- Target portfolio allocation set to 85%-90% Bitcoin and 10%-15% yield assets, with BTC leverage capped under 10% of NAV.
Why It Matters
Credit rating agencies routinely penalize crypto treasury companies by discounting non-fiat assets during debt evaluations. By intentionally selling and repurchasing core holdings at a substantial cost, Metaplanet provides concrete proof that its Bitcoin can be mobilized for debt service. If rating agencies respond favorably, Metaplanet could secure cheaper long-term bond financing, creating a repeatable template for institutional crypto treasury operations in Asian capital markets.
