Metaplanet, the Tokyo Stock Exchange-listed bitcoin treasury company, sold 10,000 BTC for approximately $789.2 million last quarter in a deliberate move to demonstrate to investors that it can convert its holdings into cash, according to a filing submitted Monday.

The company then bought back more than it sold. In the third quarter of 2026, Metaplanet purchased 11,000 BTC for $948.7 million at an average price of $86,246, resulting in a net increase of 1,000 bitcoin. That accumulation secured its position as the second-largest corporate bitcoin holder in the world, behind only Nasdaq-listed software firm Strategy.

Why did Metaplanet sell bitcoin at all?

The sale was not a strategic exit, the company said in its filing. It was a liquidity proof for creditors and future financiers.

"The transaction was intended to strengthen confidence in the company's creditworthiness and broaden its access to future financing, including corporate bonds and preferred shares, with the ultimate objective of increasing the group's bitcoin holdings," Metaplanet said Monday.

The company was explicit that the exercise went beyond optics.

"Accordingly, the sale in the Transactions was not merely a formal disposal of bitcoin," Metaplanet said. "It demonstrated, through an actual transaction, that the Group can convert its bitcoin into cash and hold cash in excess of the aggregate outstanding principal amount of its bonds, borrowings and other interest-bearing liabilities."

CEO Simon Gerovich reinforced the point in a post on X: "We converted Bitcoin into cash, exceeding the total outstanding principal of our bonds, borrowings and other interest-bearing debt. We held that cash, then bought back more Bitcoin than we sold."

What does this mean for the treasury-company model?

The disclosure addresses the central operational question facing leveraged bitcoin treasuries: whether balance sheets built on a volatile asset can satisfy debt obligations if financing conditions tighten. Metaplanet ran the test in practice — sell, hold cash above total interest-bearing liabilities, then re-enter the market.

The quarter's figures, per the filing:

• Sold: 10,000 BTC for approximately $789.2 million
• Bought: 11,000 BTC for $948.7 million at an average of $86,246
• Net position: increase of 1,000 BTC, worth roughly $86 million
• Total holdings: 44,000 BTC, valued at $3.7 billion

Metaplanet pivoted from its core hotel and technology business to accumulating bitcoin in 2024, and is frequently described as Asia's counterpart to Strategy. The company has since surpassed Marathon Digital Holdings' MARA to become the second-largest corporate holder of the asset.

The filing lands as bitcoin prices rally, lifting the share prices of treasury companies that had suffered during last year's crypto downturn. Metaplanet stock rose on Monday; it remains down year-to-date but has gained over the past month.

By establishing a documented precedent that its treasury can be liquidated faster than its debt matures, Metaplanet has strengthened its negotiating position for the corporate bond and preferred share issuances it says it plans to use to keep accumulating bitcoin.