Metaplanet Inc. reported a net purchase of 1,000 BTC in the third quarter of its fiscal year ending December 31, 2026, bringing total holdings to 44,000 BTC as of September 30.
According to a Tokyo Stock Exchange timely disclosure issued on October 5, the company sold 10,000 BTC and bought 11,000 BTC during the period as part of a transaction designed to show that its reserves can be converted into cash.
Chief Executive Officer Simon Gerovich described the steps in a post on X as elements of a longer effort to build a Bitcoin-based financial platform rather than a pure accumulation vehicle. The filings also cover a revised capital allocation policy and the introduction of a net interest income strategy. Holdings have grown from 30,823 BTC recorded on October 28, 2025.
Sale and Repurchase Demonstrates Liquidity
The disclosure states that the group sold 10,000 BTC at an average price of ¥12,470,098 per Bitcoin, producing aggregate proceeds of ¥124,700 million. It then purchased 11,000 BTC at an average price of ¥13,626,928, for a total outlay of ¥149,896 million. The net result was an addition of 1,000 BTC. As of September 30 the cumulative cost basis for the full position stood at ¥684,452 million, equivalent to an average acquisition price of ¥15,555,717 per Bitcoin.
The sale was sized to exceed the ¥122,374 million aggregate outstanding principal of bonds, borrowings and other interest-bearing liabilities after adjustment for cash, cash equivalents and dollar-denominated stablecoins. Proceeds were held in cash before the larger repurchase. Gerovich noted that rating agencies and credit investors commonly ask whether a Bitcoin treasury company can turn its holdings into cash to meet obligations and whether it will do so. The company answered by completing the transaction.
A capital loss arose for U.S. tax purposes from the sale. The filing records a preliminary estimated deferred tax asset of approximately $97 million, subject to confirmation after financial closing and auditor review. The company has generated revenue from its Bitcoin Income Generation business for eight consecutive quarters, a point referenced alongside the liquidity demonstration as support for credit discussions.
Earlier in the year Metaplanet moved 5,014 BTC between its own published addresses in a custody operation that settled for roughly $8 in network fees, with the Chief Executive confirming at the time that no Bitcoin was sold and holdings remained unchanged. The October transaction is the first disclosed sale-and-repurchase sequence of this scale.
Revised Capital Allocation and Net Interest Strategy
A separate October 5 notice revises the capital allocation policy originally adopted on October 28, 2025, and amended on March 16, 2026. Bitcoin is positioned as the core treasury reserve asset, targeted at approximately 85% to 90% of total assets. Borrowings used specifically to acquire and hold Bitcoin are guided to remain below roughly 10% of Bitcoin net asset value and are described as bridge funding, with permanent equity capital as the primary source.
Read: Inside Metaplanet’s Floating Option Pool: How a 2023 Option Clause Followed Its Bitcoin Treasury Era
A distinct 10% to 15% allocation covers strategic investments, including financial-platform acquisitions, income-generating assets and asset-management capital. Funding for this sleeve is intended to come principally from non-dilutive instruments—perpetual preferred stock, corporate bonds known as BitBonds, and the Bitcoin-collateralized credit facility—and is managed under asset-liability matching rules that align maturities, cash flows and currency.
The same set of disclosures introduces the Net Interest Income Strategy. Capital raised through the liability sources will be invested in assets expected to yield more than the company’s all-in cost of capital. The resulting net interest margin is meant to service preferred dividends and interest costs, reduce the effective cost of capital, and supply additional resources for Bitcoin purchases.
BTC Yield, defined as the rate of increase in Bitcoin holdings per share, remains the core performance indicator. The company states it will invest only where the expected yield, net of credit risk, exceeds the cost of capital by an appropriate margin.
Common-stock issuance is limited under the policy to periods when the market-to-net-asset-value ratio exceeds 1.0 times and the issuance is expected to benefit shareholders. Share repurchases are to be considered when the ratio falls below 1.0 times. In September the board reduced the shares underlying the Series 10 stock acquisition rights by 41%, an adjustment the company said increased Bitcoin per effective diluted share.
Path Toward a Bitcoin Financial Platform
Gerovich stated that the strategy has never been limited to accumulation. The objective is to develop the leading Bitcoin financial company in Asia and, over time, one of the leading Bitcoin financial institutions globally. Components already under way include the pending investment in Super League Enterprise, development of Metaplanet Securities as an issuance and distribution platform, expansion of sales channels, and continued growth in Bitcoin holdings.
The Super League transaction, approved by the board on August 18, involves a contribution of 2,100 BTC and $2.5 million in cash through a wholly owned subsidiary in exchange for common stock, strategic alliance preferred stock and warrants in the Nasdaq-listed company. Closing is expected in the fourth quarter of 2026 and would result in a controlling interest in the vehicle, referred to in company communications as Superplanet. Details of the structure were set out when Metaplanet committed the 2,100 BTC to the U.S. unit. On a consolidated basis the group’s Bitcoin position is unaffected by the contribution because the Bitcoin remains inside the group.
The four October 5 disclosures do not set new purchase targets or guarantee future credit ratings or funding terms. They position the liquidity demonstration and the net interest income initiative as steps intended to broaden access to corporate bonds and preferred shares while preserving the focus on BTC Yield.
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