Metaplanet adds net 1,000 Bitcoin in Q3, bringing holdings to 44,000 BTC

Tokyo-listed Metaplanet added a net 1,000 Bitcoin in Q3 2026, bringing its total holdings to 44,000 BTC ($3.8 billion). The firm achieved this by selling 10,000 BTC for $790 million and buying back 11,000 BTC for $950 million. This round-trip transaction was designed to demonstrate asset liquidity to rating agencies and bond investors by proving Metaplanet can and will convert Bitcoin to cash to cover outstanding liabilities. Additionally, Metaplanet unveiled a new Net Interest Income Strategy and reported $5.4 million in Q3 options revenue, down 51% from Q2.

Total Bitcoin holdings

• ▪Metaplanet added a net 1,000 Bitcoin during the third quarter of 2026, bringing its total holdings to 44,000 Bitcoin as of September 30, 2026
• ▪Metaplanet's total holdings of 44,000 Bitcoin make it the second-largest publicly listed corporate Bitcoin treasury in the world, trailing only the U.S. firm Strategy

Bitcoin sale and repurchase

• ▪Metaplanet sold 10,000 Bitcoin for approximately ¥124.7 billion ($790 million) and repurchased 11,000 Bitcoin for approximately ¥149.9 billion ($950 million), resulting in a buyback price roughly 9% higher than the sale price
• ▪Metaplanet's net addition of 1,000 Bitcoin was achieved by selling 10,000 Bitcoin and subsequently purchasing 11,000 Bitcoin in separate, non-simultaneous transactions during the third quarter of 2026
• ▪Metaplanet conducted its sale of 10,000 BTC and repurchase of 11,000 BTC to demonstrate to credit rating agencies and bond investors that it is both able and willing to monetize its Bitcoin holdings to meet financial obligations
• ▪The proceeds from Metaplanet's 10,000 Bitcoin sale exceeded the outstanding principal of its bonds, borrowings, and interest-bearing liabilities, which remained outstanding and were not repaid with the cash proceeds

Tax impact of Bitcoin sale

• ▪Metaplanet preliminarily estimated a potential deferred tax asset of approximately $97 million at its U.S. subsidiaries, though the figure remains unaudited and unconfirmed by its auditor
• ▪Metaplanet's Bitcoin sale was executed below its acquisition cost, generating a capital loss for U.S. tax purposes

Bitcoin treasury credit ratings

• ▪Metaplanet plans to pursue an official credit rating to broaden its financing options to include corporate bonds, preferred shares, and other capital-markets funding
• ▪S&P assigned Strategy a B- issuer credit rating in October 2025, marking the first credit rating awarded to a Bitcoin treasury company

Asset allocation and acquisitions

• ▪Metaplanet's revised asset allocation policy earmarks 85% to 90% of its assets for Bitcoin, with the remaining 10% to 15% allocated to strategic investments, M&A, and its asset management business
• ▪Metaplanet previously agreed to acquire Japanese brokerage Siiibo Securities, now renamed Metaplanet Securities, as part of its Project Nova strategy

Bitcoin options revenue

• ▪Metaplanet's third-quarter Bitcoin options revenue of $5.4 million fell 51% from the second quarter of 2026 and 65% year-over-year, with progress on its Bitcoin Income Generation business falling short of initial expectations
• ▪Metaplanet's options-based Bitcoin Income Generation business generated approximately $5.4 million (¥848.4 million) in third-quarter revenue, representing an eight-quarter streak of revenue generation

Debatable claims

• ▪Credit rating agencies are justified in discounting Bitcoin holdings when assessing corporate creditworthiness
• ▪Metaplanet's 90% asset allocation to Bitcoin is too risky for a public company