Metaplanet Sells 10,000 BTC and Rebuys 11,000
Metaplanet sold 10,000 BTC for ¥124.7 billion (about $793 million) in the third quarter, then repurchased 11,000 BTC for roughly ¥149.9 billion. The Japanese Bitcoin treasury company held 44,000 BTC as of 30 September, with an average acquisition cost of about ¥15.56 million per BTC.
Metaplanet said the Bitcoin sale was intended to show credit-rating agencies and bond investors that it could convert BTC into cash to meet debt obligations. The proceeds were held as cash before the repurchase, while existing bonds and loans were not repaid or redeemed. The buyback price was about 9.3% higher than the sale price, creating an estimated ¥11.57 billion spread cost on the equivalent of 10,000 BTC.
The company said a potential US tax capital loss could create a deferred tax asset of about $97 million, subject to auditor approval. Third-quarter revenue from its Bitcoin options business fell to ¥848 million from ¥1.75 billion in the second quarter.
Metaplanet plans to seek a credit rating and expand access to bond and preferred-stock financing. It also revised its capital allocation policy to keep Bitcoin at 85% to 90% of total assets, with the remainder directed to acquisitions, income-producing investments and a planned asset-management business. Its Net Interest Income Strategy may use Bitcoin-backed financing to buy yield-generating assets. The transaction is unlikely to materially affect Bitcoin supply, but it highlights liquidity, leverage and execution risks for Bitcoin treasury companies.
Neutral
The news is neutral for BTC’s direct price impact. Metaplanet ultimately increased its holdings by 1,000 BTC, which could be viewed as a modest long-term demand signal. However, the temporary sale was followed by a repurchase at a roughly 9.3% higher price, showing that the transaction was primarily a liquidity and financing demonstration rather than a straightforward bullish purchase.
In the short term, the deal is unlikely to materially change Bitcoin supply or market liquidity because the BTC was sold and repurchased within the same broader strategy. Traders may instead focus on the spread loss, weaker options revenue and the company’s reliance on debt and Bitcoin-backed financing. These factors could reinforce concerns about treasury-company leverage during periods of BTC volatility.
Over the longer term, a credit rating and broader access to bond or preferred-stock financing could help Metaplanet raise capital to acquire more BTC. That may provide incremental demand if the strategy succeeds. However, funding terms, tax benefits and the planned rating remain uncertain. Similar treasury-company transactions typically have limited immediate impact on BTC prices unless they involve large, sustained purchases or forced selling. Therefore, the event is best classified as neutral for BTC, while highlighting financial risks that could become bearish if liquidity conditions deteriorate.