Crypto · updated 1h ago · 2 min read
Metaplanet Sold 10,000 BTC, Bought Back 11,000, Reaching 44,000 BTC Holdings
Metaplanet net added 1,000 BTC in Q3 2026, bringing holdings to 44,000 BTC. It sold 10,000 BTC then repurchased 11,000 BTC in Q3 to demonstrate liquidity.
10 outlets told this the same way.
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8 of 9 outlets skipped it: u.S. tax capital loss and $97m deferred tax asset.
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Net 1,000 BTC added
Metaplanet said it added a net 1,000 bitcoin in the third quarter, bringing its holdings to 44,000 BTC as of Sept. 30.
Metaplanet sold 10,000 BTC for approximately $789.2 million, averaging $78,925 per coin, before purchasing 11,000 BTC for $948.7 million at an average of $86,246.
Metaplanet said it temporarily held the proceeds in cash to demonstrate that it could cover outstanding interest-bearing debt, although those obligations were not repaid.
CEO Simon Gerovich said the announcements reflected ambitions beyond accumulating bitcoin, adding, “Our objective has been to build the leading Bitcoin financial company in Asia,”.
Metaplanet also introduced a Net Interest Income Strategy, targeting investments principally in preferred securities issued by bitcoin treasury companies.
Liquidity test, higher repurchase
Metaplanet described the sale and repurchase as a liquidity demonstration, with the round trip leaving the company with a net 1,000 BTC increase and 44,000 BTC in total holdings. Metaplanet sold 10,000 BTC and then repurchased 11,000 BTC during its fiscal third quarter of 2026, and the company said the exercise was intended to demonstrate that it can turn bitcoin into cash. Metaplanet said the cash from the sale was held until it exceeded its interest-bearing debt, although those obligations were not repaid.
The Block reported that Metaplanet sold the bitcoin below its acquisition cost, creating a capital loss for U.S. tax purposes, and it preliminarily estimated a potential deferred tax asset of approximately $97 million. The Block also said Metaplanet’s bitcoin income generation business brought in ¥848.4 million ($5.4 million) in the third quarter.
Capital allocation and income
Metaplanet revised its capital allocation policy to keep 85% to 90% of its assets in Bitcoin while setting aside up to 15% for investments that can generate recurring income. Metaplanet said Bitcoin-related borrowing will generally remain below roughly 10% of BTC NAV, with permanent equity expected to fund most future Bitcoin purchases. Metaplanet said it plans to allocate approximately 10% to 15% of total assets to preferred securities issued by bitcoin treasury companies, seeking returns above its funding costs to service obligations and support further bitcoin purchases.
Metaplanet said its Net Interest Income Strategy targets recurring income streams and lower the effective cost of capital, and it said its Bitcoin Income Generation business has now generated revenue for eight consecutive quarters. Metaplanet also said it plans to put 10% to 15% of its assets into strategic investments, including income-generating securities, while keeping bitcoin as its core treasury reserve asset.