Metaplanet, a Tokyo-listed treasury company, increased its Bitcoin holdings to 44,000 BTC following an unusual strategy of selling and repurchasing Bitcoin during the third quarter.
Bitcoin Sale Demonstrates Liquidity to Rating Agencies
The firm disclosed that it sold 10,000 BTC and subsequently repurchased 11,000 BTC, resulting in a net gain of 1,000 BTC by the end of September. The maneuver aimed to demonstrate to credit rating agencies and investors that Metaplanet has both the ability and willingness to convert its Bitcoin assets into cash when necessary.
Chief executive Simon Gerovich explained that credit agencies and bond investors focus not only on whether Bitcoin can be sold, but also on whether the company will sell if obligations require it. In response, Metaplanet executed a real transaction instead of making assertions.
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.
According to BitcoinTreasuries, the company’s Bitcoin assets stood at 44,000 BTC as of September 30. Metaplanet sold more Bitcoin than its total outstanding bonds and borrowings, holding the proceeds as cash rather than repaying debt. As of quarter end, its liabilities—net of cash and dollar stablecoins—were ¥122.4 billion, while proceeds from the sale reached ¥124.7 billion.
The company cited an unnamed overseas peer with a previously published issuer credit rating as precedent, noting that reluctance to sell Bitcoin can negatively impact credit assessments. S&P assigned Strategy a B- issuer credit rating in October 2025, the first such rating for a Bitcoin treasury, highlighting concerns about low dollar liquidity and sale pressure during market downturns.
Strategy, a major Bitcoin treasury company, later authorized sales of up to $1.25 billion to fund reserves, dividends, and buybacks. By August, it had sold 6,948 BTC for approximately $432.5 million. Chair Michael Saylor revised his stance, stating he would never be a “net seller” of Bitcoin, rather than never selling at all. The company resumed Bitcoin acquisitions and recently surpassed its previous record holdings.
Metaplanet’s approach differed by selling Bitcoin purely to validate its liquidity, holding the cash, and then buying back more BTC at a higher price. The repurchase was executed at an average of ¥13.63 million per coin, roughly 9% above its sale price, resulting in a ¥25.2 billion cost for the net 1,000 BTC acquired.
Mini dictionary: Metaplanet is a publicly traded treasury firm based in Tokyo, focusing on Bitcoin accumulation and related financial strategies. Strategy refers to a global company known for holding large reserves of Bitcoin as part of its treasury management strategy.
Because Metaplanet’s sold coins had a higher historical purchase price than the sale price, the transaction generated a U.S. capital loss. The company estimates a deferred tax asset of about $97 million at its U.S. subsidiaries, though the figure is preliminary and unaudited.
Strategy Sets New BTC Holdings Record After $143M Bitcoin Purchase
Strategy has set a new record by adding another 1,665 BTC at an average price of $85,681, investing $142.7 million according to its latest SEC filing. The company now owns 847,666 BTC acquired at an average price of $75,437 per coin, totaling $63.95 billion in holdings. This continues a pattern of balancing acquisitions with preferred stock buybacks.
Strategy’s approach centers around using Bitcoin both as a treasury reserve and as liquidity for business obligations, while Metaplanet used its strategic round-trip transaction specifically to address liquidity concerns of credit ratings agencies without reducing debt.
| Company | BTC Sold (Q3) | BTC Bought (Q3) | Net Change | Total BTC Holdings | Average Repurchase Price |
|---|---|---|---|---|---|
| Metaplanet | 10,000 | 11,000 | +1,000 | 44,000 | ¥13.63 million |
| Strategy | 6,948 (2025 YTD) | 1,665 (recent) | Varies | 847,666 | $85,681 |
Gerovich stated that Metaplanet is now the second-largest listed Bitcoin treasury company globally, and emphasized that the corporate strategy “was never simply to accumulate Bitcoin.”
Metaplanet Slows BTC Accumulation, Launches Income Strategy
Looking ahead, Metaplanet intends to seek a formal credit rating. The company’s Bitcoin Income Generation unit has posted revenue for eight consecutive quarters.
Gerovich also announced the introduction of a Net Interest Income Strategy designed to generate recurring income and reduce the effective cost of capital. This initiative complements ongoing projects, including the planned Superplanet transaction and expansion of Metaplanet Securities, as the company moves toward establishing a comprehensive Bitcoin-based financial platform.
BTC accumulation is showing signs of slowing. In the second quarter, Metaplanet acquired 2,823 BTC; for the third quarter, net additions dropped to about a third of that figure.
