Metaplanet sells 10,000 BTC, buys back 11,000 to end quarter at 44,000 BTC
In brief
- Metaplanet ended Q3 of fiscal 2026 with 44,000 BTC, a net gain of 1,000 BTC.
- Metaplanet sold 10,000 BTC, held the cash, then separately bought back 11,000 BTC.
- The sale exceeded Metaplanet's outstanding bonds, borrowings and other interest-bearing debt, the company said.
- Metaplanet plans to pursue a credit rating to broaden access to capital markets.
- Metaplanet's Bitcoin Income Generation business reported ¥848 million in third-quarter revenue.
A sale bigger than the debt
Metaplanet added a net 1,000 BTC during the quarter. Crypto Briefing valued the 44,000 BTC position at about $3.8 billion and described the company as the second-largest corporate holder of Bitcoin (trailing only Strategy, which it said holds roughly $73 billion worth).
The size of the sale is the part worth looking at. Metaplanet said the 10,000 BTC it sold was larger than the total outstanding principal of its bonds, borrowings and other interest-bearing liabilities, after accounting for cash, cash equivalents and US dollar-denominated stablecoins. It kept the proceeds in cash, which it said showed it could monetize its main balance-sheet asset without repaying or redeeming those liabilities.
It then bought Bitcoin back in a separate transaction. Not a simultaneous swap.
Why a Bitcoin treasury would sell Bitcoin
Metaplanet's argument is about creditors. The company said Bitcoin's market liquidity alone may not be enough for creditors if an issuer is unwilling or reluctant to sell its holdings. An actual sale, in its framing, shows it's both able and willing to turn BTC into cash to meet obligations or support other capital-management needs.
That's a message aimed squarely at rating agencies and bond buyers.
Metaplanet said it plans to pursue a credit rating, and it hopes a stronger credit profile will broaden its access to bonds, preferred shares and other capital-markets funding. Those are the company's stated goals, not results it has reported.
Selling stays on the table
Metaplanet affirmed that Bitcoin remains its primary treasury reserve asset, and it said it'll increase both total holdings and Bitcoin per share over the medium to long term. It didn't rule out more sales, though. Management may sell when it considers that appropriate based on market conditions, funding needs, liquidity, capital policy, tax and accounting considerations and other requirements, or when it believes doing so improves capital efficiency, financial soundness or long-term shareholder value.
The company also reported more than $5 million (¥848 million) in third-quarter revenue from its Bitcoin Income Generation business, according to Crypto Briefing.
Frequently asked questions
Why did Metaplanet sell 10,000 BTC and then buy more back?
Metaplanet said the trades were meant to prove its Bitcoin treasury can be converted into cash while still ending the quarter with a larger position. It said the goal was to improve how rating agencies and fixed-income investors view its creditworthiness, since Bitcoin's market liquidity alone may not reassure creditors if an issuer is reluctant to sell.
How much Bitcoin does Metaplanet hold now?
Metaplanet ended the third quarter of fiscal 2026 with 44,000 BTC after adding 1,000 BTC during the period. Crypto Briefing valued the holding at about $3.8 billion and described Metaplanet as the second-largest corporate holder of BTC, behind Strategy.
Will Metaplanet keep selling Bitcoin?
Metaplanet said Bitcoin remains its primary treasury reserve asset and that it'll increase total holdings and Bitcoin per share over the medium to long term. It also said it may sell when management considers that appropriate based on market conditions, funding needs, liquidity, capital policy, and tax and accounting considerations.
