Metaplanet sold 10,000 Bitcoin during the third quarter and subsequently repurchased 11,000 BTC at a higher price to strengthen its credit profile and expand beyond simple accumulation.
The Tokyo‑listed company converted enough Bitcoin into cash to exceed its outstanding bond principal, borrowings, and other interest‑bearing debt. It then rebuilt its position, ending September 30 with 44,000 BTC—a net increase of 1,000 BTC for the quarter.
This transaction is part of a broader effort to convince rating agencies and fixed‑income investors that Metaplanet’s Bitcoin reserves can be monetized when obligations arise.
The price of proving liquidity
Bitcoin rose between the sale and the repurchase, causing Metaplanet to pay substantially more to rebuild the position it had sold. According to preliminary, unaudited figures, the company disposed of 10,000 BTC at an average price of ¥12.47 million per coin, generating ¥124.7 billion. It later bought 11,000 BTC at an average price of ¥13.63 million per coin, spending ¥149.9 billion.
The price differential of roughly ¥1.16 million per coin resulted in an adverse differential of about ¥11.57 billion on the 10,000 BTC needed to replace the original holdings. Metaplanet conducted the transactions separately—selling first, holding cash, and repurchasing later—to demonstrate that its reserves can be converted into cash rather than merely relying on market liquidity.
That distinction is crucial for its push into credit markets, where rating agencies and fixed‑income investors consider an issuer’s willingness to sell Bitcoin when required. The company also generated a U.S. capital‑loss carryforward, estimating a deferred tax asset of approximately $97 million that could offset some of the cost gap if recognized.
Metaplanet aims to turn cheaper funding into recurring income
Metaplanet’s newly announced Net Interest Income Strategy plans to raise capital through perpetual preferred stock, corporate bonds known as BitBonds, and Bitcoin‑collateralized credit facilities. The capital will be deployed into assets yielding more than its all‑in financing costs, with the difference retained as net interest income.
The company intends to target securities issued by Bitcoin treasury companies, expecting these investments to represent about 10 % to 15 % of total assets, while keeping Bitcoin at roughly 85 % to 90 % of the portfolio.
This approach positions Metaplanet as a financial intermediary within the growing Bitcoin treasury market, aiming to recycle cash flows into debt service, preferred dividends, and further Bitcoin purchases. Japan’s generally lower yen‑denominated rates and the distribution channel of Metaplanet Securities provide a funding advantage.
A pending investment in Super League Enterprise is expected to expand access to U.S. capital markets, giving the company flexibility to choose jurisdictions, maturities, and financing structures based on market conditions. The transaction remains subject to regulatory approvals and shareholder consent.
Metaplanet’s new income strategy retains Bitcoin exposure
Even as Metaplanet diversifies its earnings, much of its balance sheet remains tied to Bitcoin. Securities issued by Bitcoin treasury companies tend to move with Bitcoin, creating correlation between its core reserves and its income‑generating investments.
Metaplanet’s revised capital policy separates borrowing for Bitcoin acquisition (targeted below about 10 % of BTC net asset value) from financing for strategic investments, managing credit, issuer concentration, currency, and leverage risks within board‑approved limits.
The company expects the net interest income strategy to have an immaterial effect on its 2026 consolidated results. Success will hinge on whether creditors reward Metaplanet for proving its willingness to sell Bitcoin when necessary, enabling a lower cost of capital and making the spread strategy economically viable.
