Tokyo-listed Metaplanet disclosed on X that it sold 10,000 Bitcoin at an average ¥12.47 million per coin during the third quarter, generating ¥124.7 billion in proceeds, and subsequently repurchased 11,000 BTC at an average ¥13.63 million, spending ¥149.9 billion. The company ended Sept. 30 holding 44,000 BTC, a net addition of 1,000 for the quarter.

The transaction forms part of a deliberate push to convince rating agencies and fixed-income investors that Metaplanet's treasury can be converted to cash when obligations come due. The preliminary, unaudited filing shows the company executed the sale and repurchase sequentially rather than as a swap, first monetizing the Bitcoin, holding the proceeds in cash, and only later rebuilding the position.

The roughly ¥1.16 million gap between the two prices produced an adverse price differential of about ¥11.57 billion on the 10,000 BTC needed to replace the original position. Metaplanet attributed the higher reacquisition price to Bitcoin's appreciation between the transactions.

Why did Metaplanet sell at a loss and buy back higher?

Metaplanet told investors that credit market participants can discount the liquidity value of a Bitcoin treasury if the issuer refuses to sell. The Q3 transaction is intended to demonstrate that management will monetize Bitcoin to service debt, not simply point to market liquidity.

The sale also produced a US capital-loss carryforward. Subsidiaries of Metaplanet's US holding company may recognize a deferred tax asset of approximately $97 million, pending closing procedures and auditor review. The company stated the tax benefit could offset some or all of the price-spread loss and transaction costs if recognized.

What is the "Net Interest Income Strategy"?

Metaplanet plans to use any credit access improvement for more than Bitcoin purchases. The new Net Interest Income Strategy would raise capital through perpetual preferred stock, corporate bonds the company calls BitBonds, and Bitcoin-collateralized credit facilities, then deploy proceeds into higher-yielding assets.

Preferred securities issued by Bitcoin treasury companies and similar issuers will form one principal investment category. The strategic allocation is targeted at 10%–15% of total assets, with Bitcoin holdings remaining at 85%–90%. Metaplanet would retain the spread between financing costs and investment yields as net interest income.

The company identified two funding advantages. Yen-denominated financing generally carries lower rates than dollar funding, and subsidiary Metaplanet Securities gives it direct distribution to Japanese investors seeking Bitcoin-linked yield products. A pending investment in Super League Enterprise, which has not closed and remains subject to regulatory procedures and shareholder approval, is intended to expand access to US capital markets.

Does the new strategy reduce Bitcoin exposure?

The filing acknowledges that securities issued by Bitcoin treasury companies may move with Bitcoin, creating correlation between reserves and the income portfolio. Credit, issuer concentration, currency, and leverage risks will sit inside limits approved by Metaplanet's board.

The revised capital policy separates Bitcoin-related borrowings from strategic-investment financing. Acquisition leverage is generally targeted below approximately 10% of BTC net asset value, while strategic-investment debt is managed under a separate asset-liability framework.

What comes next?

Metaplanet expects the net interest income strategy to have an immaterial effect on 2026 consolidated results, making the credit-rating effort and any future issuance terms the immediate tests. The company cautioned that it has no assurance of receiving a rating, the level it would receive, or whether bonds and preferred shares will price on desired terms.

The transaction's success ultimately turns on whether creditors reward Metaplanet for proving reserves can be monetized. A lower cost of capital would give the company room to scale the spread strategy; without it, the economics of borrowing to purchase Bitcoin-linked yield products tighten materially.