Metaplanet sold 10,000 BTC and repurchased 11,000 BTC during the third quarter, ending September 30 with 44,000 BTC on its balance sheet in what the Tokyo-listed company described as a deliberate demonstration of liquidity to credit rating agencies.

The round-trip transaction produced a net addition of 1,000 BTC and gave rise to an estimated deferred tax asset of about $97 million at the U.S. subsidiaries of its holding company. The figure is preliminary and unaudited and may not ultimately be recognized.

What was the operational rationale?

Chief executive Simon Gerovich framed the transaction as a direct response to the criteria used by rating analysts. "Rating agencies and credit investors ask one question of a Bitcoin company: can that Bitcoin be turned into cash to meet obligations, and will it be?" Gerovich wrote on X. "We answered by doing it."

The mechanics were specific. Metaplanet sold a quantity of Bitcoin exceeding the full outstanding principal of its bonds, borrowings and other interest-bearing liabilities, parked the proceeds in cash, and left the underlying debts untouched on their original terms. Net liabilities, after deducting cash and dollar stablecoins, stood at ¥122.4 billion at quarter end, against sale proceeds of ¥124.7 billion.

The exercise carried a price. Metaplanet sold at an average of ¥12.47 million per BTC and bought back at ¥13.63 million, roughly 9% higher, so the net 1,000 BTC cost ¥25.2 billion based on repurchase prices.

Why does the tax angle matter?

Because the disposals were made below the original cost basis, Metaplanet recorded a U.S. capital loss. The company expects to recognize a deferred tax asset of approximately $97 million at the U.S. holding company level. Because Metaplanet carries Bitcoin at fair value, the loss does not translate into an additional accounting loss on the books, though final recognition remains subject to audit.

How does this compare with Strategy?

Metaplanet cited, without naming the company, "a previously published issuer credit rating of an overseas peer company" as the precedent. That peer appears to be Strategy, which received an S&P B- issuer credit rating in October 2025 — the first assigned to a Bitcoin treasury company. S&P cited low dollar liquidity and the risk of forced sales in a downturn.

Strategy has since moved beyond that template. It approved a Digital Credit Capital Framework in June permitting disposals of up to $1.25 billion to fund cash reserves, dividends and buybacks; by August it had sold 6,948 BTC for about $432.5 million. Chair Michael Saylor has reframed his position as never being a "net seller" rather than never selling, and Strategy has since resumed Bitcoin purchases, surpassing its previous record holdings late last month.

What does Metaplanet plan next?

Gerovich said Metaplanet now intends to pursue a credit rating. He also announced a Net Interest Income Strategy, which he described as "designed to create recurring income streams and lower our effective cost of capital." That initiative sits alongside a pending Superplanet transaction and the build-out of Metaplanet Securities.

"Our strategy was never simply to accumulate Bitcoin," Gerovich wrote, adding that the objective was to build the leading Bitcoin financial platform. The company's Bitcoin Income Generation business has now booked revenue for eight consecutive quarters, per the filing.

Is accumulation still the priority?

Quarterly accumulation has cooled sharply. Metaplanet added 2,823 BTC in the second quarter, itself a slowdown from earlier in the year. The third quarter's net addition of 1,000 BTC was roughly a third of that pace, with the gross buyback of 11,000 partially offset by the 10,000-BTC disposal.

The next test is procedural: rating analysts will determine whether the disposal-repurchase transaction qualifies Metaplanet for a formal issuer credit assessment, a milestone that would translate the company's Bitcoin holdings into a defined cost-of-capital benchmark.