Metaplanet sold 10,000 BTC in Q3 before buying back 11,000 BTC to 'demonstrate liquidity'

Japanese bitcoin treasury firm Metaplanet (MTPLF) sold 10,000 BTC for ¥124.7 billion ($790 million) before buying back 11,000 BTC for ¥149.9 billion ($950 million) during the third quarter, bringing its total holdings to 44,000 BTC after a net increase of 1,000 BTC.

The proceeds generated from the 10,000 BTC sale were more than the outstanding principal of its bonds, borrowings, and other interest-bearing liabilities, the firm said on Monday. However, Metaplanet kept those obligations outstanding and later bought back the 11,000 BTC. The company said the exercise was conducted to "demonstrate liquidity," including its ability and willingness to sell bitcoin (BTC) for cash when necessary, amid plans to pursue a credit rating and expand its financing options to include bonds and preferred shares.

Metaplanet sold the bitcoin below its acquisition cost, creating a capital loss for U.S. tax purposes. It preliminarily estimated a potential deferred tax asset of approximately $97 million, though the figure has not been confirmed by its auditor. The loss could be used against future capital gains in the U.S.

Metaplanet's total holdings makes it the second-largest public bitcoin treasury company after Michael Saylor's Strategy, according to Bitcoin Treasuries data.

Net interest income strategy

Metaplanet also unveiled a new net interest income strategy on Monday that will use capital raised from perpetual preferred stock, corporate bonds ("BitBonds"), and a bitcoin-collateralized credit facility. The firm plans to put that money into assets expected to generate "stable income" and seeks to earn the difference between their yield and funding costs, it said. Metaplanet expects preferred securities from bitcoin treasury companies and similar issuers to be among the main investments.

The revised policy keeps about 85% to 90% of the firm's assets in bitcoin. The remaining 10% to 15% is earmarked for strategic investments, including the net interest income strategy, M&A, and investment capital for its asset management business. Metaplanet previously agreed to acquire Japanese brokerage Siiibo Securities, now Metaplanet Securities, as part of its Project Nova strategy and in August struck a deal to take a roughly 96% stake in Nasdaq-listed Super League, which is expected to become a U.S. bitcoin treasury company called Superplanet.

Meanwhile, Metaplanet's bitcoin income generation business, which involves the use of bitcoin options to generate recurring operating revenue, brought in ¥848.4 million ($5.4 million) in the third quarter, the company also confirmed on Monday. It made ¥1.75 billion ($11.1 million) in Q2 and ¥5.57 billion ($35.3 million) over the first nine months of 2026. The company said progress to date has "fallen short of its initial expectations." However, its full-year earnings forecast remains unchanged.