Metaplanet sells 10,000 BTC, buys back 11,000 to show rating agencies it can sell
In brief
- Metaplanet sold 10,000 BTC and repurchased 11,000 BTC during the third quarter, Decrypt reported.
- Sale proceeds exceeded the full principal of Metaplanet's bonds, borrowings and other interest-bearing liabilities.
- Buybacks averaged ¥13.63 million per BTC, roughly 9% above the ¥12.47 million average sale price.
- Metaplanet says it now intends to pursue a credit rating.
A sale bigger than the debt
Metaplanet sold an amount of Bitcoin exceeding the entire outstanding principal of its bonds, borrowings and other interest-bearing liabilities, then held the proceeds in cash. The debts weren't repaid. (They remain outstanding on their original terms.) According to the filing, liabilities net of cash and dollar stablecoins stood at ¥122.4 billion at quarter end, against sale proceeds of ¥124.7 billion.
Chief executive Simon Gerovich said on X that rating agencies and credit investors ask one question of a Bitcoin company: can that Bitcoin be turned into cash to meet obligations, and will it be?
"We answered by doing it."
BitcoinTreasuries puts the group's holdings at 44,000 BTC as of September 30, Decrypt reported. Gerovich said that makes Metaplanet the second-largest listed Bitcoin treasury company in the world.
What the round trip cost
It wasn't free. Metaplanet sold at an average of ¥12.47 million per BTC and bought back at ¥13.63 million (roughly 9% higher), so the net 1,000 BTC cost ¥25.2 billion.
There's a tax angle too. Because the coins sold had been bought above the sale price, the disposal produced a capital loss for U.S. purposes, and Metaplanet estimates a deferred tax asset of about $97 million at subsidiaries of its U.S. holding company. That estimate is preliminary and unaudited, and it may not be recognized at all. Since Metaplanet carries Bitcoin at fair value, the loss doesn't create a new accounting loss.
Why a rating matters
The filing cited a previously published credit rating of an unnamed overseas peer as precedent. It said an issuer that refuses or is reluctant to sell its Bitcoin may find the asset given little weight in a credit assessment.
For context, Decrypt noted that S&P assigned Strategy a B- issuer credit rating in October 2025, the first awarded to a Bitcoin treasury company, citing low dollar liquidity and warning that a downturn could force sales at depressed prices. Strategy approved a Digital Credit Capital Framework in June permitting sales of up to $1.25 billion, and Chair Michael Saylor has recast his position as never being a net seller of Bitcoin.
Metaplanet says it now intends to pursue a credit rating.
Gerovich also announced a Net Interest Income Strategy (it sits alongside a pending Superplanet transaction), which he said is designed to create recurring income and lower the company's effective cost of capital. Metaplanet's Bitcoin Income Generation business has booked revenue for eight consecutive quarters.
Frequently asked questions
Why did Metaplanet sell 10,000 BTC and then buy back 11,000?
According to its filing as reported by Decrypt, Metaplanet staged the round trip to show credit rating agencies that it's both able and willing to turn its Bitcoin into cash. It sold more Bitcoin than the full outstanding principal of its bonds, borrowings and other interest-bearing liabilities, then bought back 11,000 BTC for a net gain of 1,000 BTC.
Did Metaplanet use the sale proceeds to repay its debt?
No. Metaplanet held the proceeds in cash, and the debts remain outstanding on their original terms. Liabilities net of cash and dollar stablecoins stood at ¥122.4 billion at quarter end, against sale proceeds of ¥124.7 billion.
Does the Bitcoin sale create a tax benefit for Metaplanet?
Because the coins sold had been bought above the sale price, the disposal produced a capital loss for U.S. purposes. Metaplanet estimates a deferred tax asset of about $97 million at subsidiaries of its U.S. holding company. The figure is preliminary and unaudited, and it may not be recognized at all.
