Metaplanet Sells 10,000 Bitcoin (BTC), Buys Back 11,000 to Prove Liquidity

A 10,000 $BTC Sale That Left Holdings Larger

Nothing on Metaplanet's balance sheet shrank last quarter: the Tokyo-listed treasury company sold 10,000 Bitcoin ($BTC) and bought back 11,000, ending the third quarter with 44,000 coins as of September 30, a net increase of 1,000. With the Bitcoin price near $85,900 on Monday, that stock of coins is worth roughly $3.8 billion. The company disclosed the round trip in its quarterly filing, and chief executive Simon Gerovich laid out the reasoning on X: the question credit investors and rating agencies put to any Bitcoin company is whether its holdings can actually be turned into cash when obligations fall due. “We answered by doing it,” he wrote. The mechanics were deliberate: Metaplanet sold an amount of Bitcoin exceeding the full outstanding principal of its bonds, borrowings and other interest-bearing liabilities, then held the proceeds in cash without repaying those debts, which remain outstanding on their original terms. Per the filing, liabilities net of cash and dollar stablecoins stood at ¥122.4 billion at quarter end, against sale proceeds of ¥124.7 billion. The debts stayed put; that was the point. The unnamed precedent it cites is an overseas peer whose credit rating gave the asset little weight because the issuer was reluctant to sell. S&P's B- issuer rating for Strategy in October 2025, the first awarded to a Bitcoin ($BTC) treasury company, raised the same dollar-liquidity concern, and Strategy has since approved sales of up to $1.25 billion, having sold 6,948 $BTC for about $432.5 million by August before resuming buys; Strategy's Bitcoin ($BTC) holdings have since reached 848,000 coins. The intent differs from Strategy's, which sells to meet obligations: Metaplanet sold to prove it could, held the cash, and bought back more than it had sold. The demonstration was expensive: coins went out at an average of ¥12.47 million each and came back at ¥13.63 million, roughly 9% higher, so the net addition of 1,000 $BTC cost ¥25.2 billion.

@gerovich · X post

Laid out the reasoning.

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Revised Capital Rules and a Net Interest Play

The quarterly disclosure also revises how Metaplanet intends to run its balance sheet going forward. Under the updated capital allocation framework, Bitcoin ($BTC) is expected to hold about 85% to 90% of total assets, with 10% to 15% available for strategic investments spanning acquisitions, yield-bearing securities and asset management. Borrowing against the coin will generally stay below 10% of its net asset value, and ordinary share issuance is reserved for cases where the company's mNAV sits above 1.0 and management judges the dilution favorable to existing shareholders. The revision replaces a pure buy-and-accumulate posture with one that funds purchases from cash flow. A companion measure, the Net Interest Income Strategy, is designed to earn the spread between funding costs and returns on income-generating investments. Gerovich described it as a way to build recurring income, lower the effective cost of capital and, over time, fund additional purchases; the firm's Bitcoin Income Generation business has now booked revenue for eight consecutive quarters. It sits alongside a pending Superplanet transaction and the continuing build-out of Metaplanet Securities, steps he framed as a unified push toward the leading Bitcoin financial institution built on the firm's strategic Bitcoin reserve, a path that distances the company from a simple HODL posture. The stock has grown even as the pace slows: Metaplanet held 30,823 $BTC in October 2025 and 44,000 by the end of last month, but the third quarter's net addition of 1,000 was roughly a third of the second quarter's 2,823, itself a cooling from earlier in the year. Gerovich called the group the second-largest listed Bitcoin treasury company in the world, a corporate whale position behind only Strategy. The disposal also carried a U.S. tax effect: because the coins sold had been bought above the sale price, the transaction produced a capital loss for U.S. purposes, and the company preliminarily estimates a deferred tax asset of about $97 million at subsidiaries of its U.S. holding company. That figure is unaudited and may never be recognized; since Metaplanet carries Bitcoin at fair value, the loss creates no new accounting loss.

$87,331 Ceiling Scores 92/100

COINOTAG's proprietary 42-indicator composite S/R scoring engine rates the $87,331 resistance at 92/100, driven by the confluence of the Swing High, R1 and Donchian Upper; support at $84,822 scores 89/100 from Fibo 0.114, S2 and the Ichimoku Tenkan. The ceiling has teeth: our prior coverage logged the fourth breakout attempt since September stalling at $87,000. Funding runs at 0.0034%, open interest at $16.46 billion and the long/short account ratio at 1.10, while RSI at 65.54 and a bearish MACD leave the uptrend stretched and Fear & Greed at 70, Greed. A close above $87,331 reopens the mid-$90,000s; losing $84,822 invalidates the bull thesis; full detail in our Bitcoin technical analysis. Either way, Metaplanet's 44,000 $BTC are sitting still.