Key Takeaways
Metaplanet sold 10,000 BTC for $790 million before buying back 11,000 BTC, ending with 44,000 BTC.
The sale was designed to demonstrate that its large bitcoin treasury could be converted into cash to meet financial obligations.
Metaplanet plans to keep 85%–90% of its assets in bitcoin while building additional income through investments and financing strategies.
Why Metaplanet Sold and Bought Back Bitcoin
Japanese bitcoin treasury company Metaplanet ended the third quarter of 2026 with 44,000 BTC after selling 10,000 bitcoin and later buying back 11,000 BTC.
The unusual move increased the company's bitcoin holdings by 1,000 BTC. More importantly, Metaplanet said the sale was designed to prove that its large bitcoin treasury could be turned into cash when needed.
Metaplanet sold the 10,000 BTC for about ¥124.7 billion, or roughly $790 million. The bitcoin was sold at an average price of about $78,900 per coin. The company then bought 11,000 BTC for approximately ¥149.9 billion, or about $950 million, at an average price of around $86,000 per bitcoin.
According to the disclosed prices, this maneuver cost the company approximately $73 million on the 10,000 BTC it sold and subsequently repurchased, due to the difference between the selling and repurchase prices.
There was a ¥1.1 million (~$7,300) difference between the bitcoin purchase and sale prices
Metaplanet temporarily kept the money from the sale in cash. The amount was enough to cover the outstanding principal of its bonds, borrowings and other interest-bearing debt. However, the company did not use the cash to repay those obligations.
CEO Simon Gerovich said the exercise was meant to show creditors and investors that bitcoin could be sold for cash if the company needed to meet its financial obligations.
“We converted Bitcoin into cash, exceeding the total outstanding principal of our bonds, borrowings and other interest-bearing debt,” Gerovich said. After completing the test, Metaplanet bought back more bitcoin than it had sold. Its holdings therefore increased from 43,000 BTC to 44,000 BTC.
Metaplanet is now the second-largest publicly listed corporate holder of bitcoin, behind Strategy. However, the gap between the two companies is enormous. Metaplanet has just reached 44,000 BTC, while Strategy holds approximately 848,000 bitcoin, nearly 20 times as much.
Metaplanet is now the second largest bitcoin treasury company — BitcoinTreasuries
The company said bitcoin will continue to make up most of its balance sheet. Under its revised capital allocation policy, around 85% to 90% of its total assets will remain in bitcoin.
The remaining 10% to 15% can be used for other investments. These include acquisitions, income-generating assets and businesses connected to Metaplanet's wider Bitcoin strategy.
The company also plans to limit borrowing used specifically to buy and hold bitcoin. Such borrowing will generally remain below about 10% of the net asset value of its bitcoin holdings.
Metaplanet's 44,000 BTC have a total cost basis of approximately $4.33 billion, giving the company an average purchase price of about $98,454 per bitcoin.
The company is also trying to build income streams beyond simply holding bitcoin.
Metaplanet has introduced a new Net Interest Income Strategy. Under the plan, the company can raise money through preferred stock, corporate bonds known as BitBonds and bitcoin-backed credit facilities.
It can then invest that money in assets that generate income. Preferred securities issued by other bitcoin treasury companies are expected to be among the investments it considers.
The basic idea is simple: Metaplanet wants to earn more from its investments than it pays to raise the money. The difference can help cover interest and other financing costs while potentially providing additional funds to buy more bitcoin.
Gerovich said the company's goal is bigger than simply accumulating BTC.
“From the beginning, our strategy was never simply to accumulate bitcoin,” he said, explaining that Metaplanet wants to build a leading Bitcoin financial company in Asia.
Metaplanet also reported results from its bitcoin Income Generation business, which uses bitcoin options strategies to generate revenue.
The business produced about ¥848.4 million, or roughly $5.4 million, in revenue during the third quarter. That was lower than the ¥1.75 billion it generated in the second quarter.
For the first nine months of 2026, the business generated approximately ¥5.57 billion, or about $35 million. Metaplanet said the business has now generated revenue for eight consecutive quarters, although its performance has so far fallen short of its original expectations.
