Metaplanet offloaded 10,000 BTC and bought back 11,000 coins throughout the third quarter of 2026. The world’s second-largest publicly listed Bitcoin treasury company carried out the round-trip transaction not to capture price differences, but to prove the liquidity of its assets.
Metaplanet CEO Simon Gerovich stated that the move was made to directly address market questions. “Rating agencies and credit investors ask one thing: can that Bitcoin be turned into cash to meet obligations? We answered by doing it,” Gerovich said.
S&P assigned a B- rating to Strategy in October 2025, citing low dollar reserves. That condition forced Strategy to change its policy and sell BTC reserves. Metaplanet chose to preempt similar issues by demonstrating its asset liquidation capabilities from the outset.
Paying a Steep Price to Prove Liquidity
Metaplanet recorded an average selling price of ¥12.47 million per coin and bought back at ¥13.63 million - roughly 9% higher. The company incurred a net expense of around ¥25.2 billion to end the quarter with an additional 1,000 BTC. The end result brought their total holdings to 44,000 BTC as of September 30.
The ¥124.7 billion proceeds from the sale of 10,000 BTC exceeded the company’s net liabilities of ¥122.4 billion. This figure proves that their Bitcoin reserves are sufficient to pay off all existing debt, even after deducting the cash and USD stablecoin portion.
Because the sold coins were bought at a higher price, the transaction generated a capital loss for U.S. tax purposes. Metaplanet estimates a deferred tax asset of around $97 million at its U.S. subsidiary, though this figure has not yet passed a formal audit.
New Strategy and Stock Valuation
Metaplanet also announced a net interest income strategy. The company now allocates 10% to 15% of its assets to income-generating instruments and strategic investment initiatives. Interest from these investments is used to purchase more BTC and pay dividends to shareholders. The remaining 85% to 90% portion remains intact in the form of Bitcoin.
Metaplanet’s stock price responded with a 5.6% gain over the last five trading days, though it remains down 26% year-to-date. The mNAV metric (the ratio of enterprise value to BTC holdings), which briefly fell below 1 on October 14, 2025, is currently trading at 0.80x of their Bitcoin net asset value.
For rating agencies, the maneuver provides one crucial assurance: Metaplanet’s Bitcoin holdings are not merely paper assets, but liquid funds ready to be accessed when debt obligations mature.
Reported by Decrypt.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
