Japanese bitcoin treasury firm Metaplanet sold 10,000 BTC for ¥124.7 billion ($790 million) in the third quarter before repurchasing 11,000 BTC for ¥149.9 billion ($950 million), ending the period with 44,000 BTC on its balance sheet, according to disclosures filed Monday and reviewed by The Block.

The Tokyo-listed company (3350.T / MTPLF) framed the round-trip transaction as a deliberate exercise. "Demonstrate liquidity," the disclosure reads, citing the firm's intention to show its ability and willingness to sell bitcoin for cash when necessary as it pursues a credit rating and broadens its financing toolkit to include corporate bonds and preferred shares.

What does the round-trip transaction accomplish?

Metaplanet executed the sale at a price below acquisition cost, crystallizing a capital loss for U.S. tax purposes. Management estimated a deferred tax asset of approximately $97 million tied to that loss, though the figure awaits confirmation from the company's auditor. The position, if validated, could shelter future capital gains inside the U.S. tax footprint.

The 11,000 BTC repurchase lifted Metaplanet's net quarterly addition to 1,000 BTC. At 44,000 BTC, the treasury ranks second among publicly listed corporate bitcoin holders, trailing only Michael Saylor's Strategy, per data tracked by Bitcoin Treasuries.

How will the new capital be deployed?

Alongside the trading update, Metaplanet unveiled a net interest income strategy designed to extract a spread between funding costs and yields on income-generating securities. Capital will originate from three sources:

• Perpetual preferred stock
• Corporate bonds marketed as "BitBonds"
• A bitcoin-collateralized credit facility

The revised asset policy keeps 85% to 90% of holdings in bitcoin, reallocating the remaining 10% to 15% to strategic investments, M&A, and the asset management arm. Management expects preferred securities issued by other bitcoin treasury companies to anchor the income portfolio.

Two deals already sit inside the strategic bucket. Metaplanet's previously announced acquisition of Japanese brokerage Siiibo Securities, now rebranded Metaplanet Securities, anchors the Project Nova initiative. An August agreement to take a roughly 96% stake in Nasdaq-listed Super League positions that shell to relaunch as Superplanet, a U.S.-domiciled bitcoin treasury company. Metaplanet disclosed that the Super League deal is expected to combine with Metaplanet's broader capital strategy.

What does the options income track show?

The disclosure also confirmed third-quarter revenue of ¥848.4 million ($5.4 million) from Metaplanet's bitcoin income generation business, which writes options to produce recurring operating cash. The unit generated ¥1.75 billion ($11.1 million) in Q2 and ¥5.57 billion ($35.3 million) over the first nine months of 2026.

Management acknowledged that progress to date has "fallen short of its initial expectations," yet left its full-year earnings forecast unchanged, signaling an intent to ramp options activity as balance-sheet flexibility improves.

What comes next for Metaplanet?

The credit-rating application is the next scheduled test. A formal rating would unlock broader institutional demand for BitBonds and preferred shares, both of which feed the net interest income strategy. Quarterly disclosure of the deferred tax asset figure, once the auditor signs off, will determine whether the realized loss delivers the projected $97 million benefit or settles lower. The Super League-to-Superplanet conversion remains on the closing path disclosed in August and will surface as a U.S. listing milestone when regulatory approvals clear.