Metaplanet Sells 10,000 Bitcoin, Buys Back 11,000 in Liquidity Test

Metaplanet’s 10,000-BTC sale left debt outstanding

Metaplanet reported an average sale price of ¥12,470,098 per Bitcoin and aggregate proceeds of ¥124.700 billion. It subsequently purchased 11,000 BTC at an average ¥13,626,928, spending ¥149.896 billion. The company attributed the higher repurchase price to Bitcoin’s rise between the transactions.

The difference between the reported aggregate amounts is ¥25.196 billion. That is additional purchase spending after sale proceeds, including the extra 1,000 BTC; it should not be presented as a standalone trading loss. Exact execution dates, counterparties and venue-level fills were not disclosed.

The group first completed the sale and held the proceeds in cash, then separately reacquired Bitcoin. Metaplanet described that sequence as evidence of practical cash-conversion capacity, beyond a statement that coins could theoretically be sold.

It said the amount monetized exceeded the outstanding principal of its bonds, borrowings and other interest-bearing liabilities. Those obligations nevertheless remain outstanding on their existing terms. Demonstrating repayment capacity did not discharge them.

A separate table reports ¥122.374 billion of bonds, borrowings and preferred shares, less cash, cash equivalents and dollar-denominated stablecoins at September 30. That figure includes preferred equity and subtracts financial assets. It is a net measure, rather than a separately disclosed gross debt balance.

The company excludes stablecoins from accounting cash equivalents but treats them as substantially equivalent for financial policy. Its preliminary net-obligation figure therefore should not be read as an audited cash or debt total.

Metaplanet’s revised capital allocation policy retains Bitcoin as roughly 85% to 90% of assets, with about 10% to 15% for strategic investments. Those are guidelines that may vary with conditions and individual decisions.

Its guideline for Bitcoin-related borrowings is below approximately 10% of Bitcoin net asset value. Financing for strategic investments follows a separate asset-liability management framework, matching obligations with expected investment cash flows. The 10% guideline therefore is not a universal ceiling on every financing instrument across the group, nor does the liquidity test establish that future borrowing will be cheaper.

The $97M tax asset remains unconfirmed

Because the sold coins had been acquired above their sale price, the company reported a capital loss for U.S. tax purposes. It estimated that subsidiaries of its U.S. holding company might recognize a deferred tax asset of approximately $97 million.

Recognition and the amount remain undetermined. The estimate has not been confirmed by the auditor and depends on closing procedures, tax calculations and an assessment of recoverability, including future taxable income. It may not be recognized at all.

A deferred tax asset represents a potential future accounting benefit from tax deductions or losses. It is not cash received from the sale, a confirmed tax refund or evidence that the round trip was profitable.

Metaplanet expects to use the carryforward against future U.S. capital gains, potentially from preferred-security investments or subsequent Bitcoin monetization. The timing and extent depend on future gains and applicable tax rules. The company says its fair-value treatment means the tax loss does not itself create a new accounting loss; final treatment remains under review.

Its new Net Interest Income Strategy would invest financed capital principally in preferred securities of Bitcoin treasury companies and similar issuers. The intended return is the investment yield less financing, hedging and transaction costs. Neither a realized margin nor guaranteed earnings were reported.

The company acknowledges that those securities may move with Bitcoin, adding correlated exposure alongside its directly held coins. Yen funding invested in dollar assets also introduces currency risk; management may hedge some or all of it, reducing the expected margin. The strategy notice describes its expected 2026 financial impact as immaterial and promises periodic disclosure of net interest income and margin.

That initiative draws on the distribution platform developed through Metaplanet’s Japanese securities acquisition. Its expected U.S. market access remains linked to closing the proposed Super League investment, which the October 5 strategy notice still treats as conditional.

BTC Yield rises as diluted shares fall

Metaplanet reported 11.3% quarterly BTC Yield, measuring the change in Bitcoin per fully diluted share. Holdings rose from 43,000 to 44,000 BTC, approximately 2.33%, while its fully diluted denominator fell from 1,631,543,380 to 1,500,108,824 shares.

Basic common shares moved in the opposite direction, increasing from 1,281,283,624 to 1,364,282,624. Using those disclosed counts, gross Bitcoin per basic common share fell about 3.90%. That calculation excludes liabilities and preferred claims, but shows why the denominator changes the result.

The issuer’s fully diluted measure assumes conversion of paid-for convertible securities and includes options. Certain stock acquisition rights and moving-strike warrants remain excluded until exercised and paid. BTC Yield therefore does not measure investor returns, cash income or every possible future dilution.

Gross holdings reached an aggregate acquisition cost of ¥684.452 billion, averaging ¥15,555,717 per coin. That historical cost differs from current market value.

Separately, the Bitcoin Income Generation business reported ¥848.4 million of Q3 revenue, down from ¥1.7473 billion in Q2. First-nine-month operating revenue was ¥5.565 billion; ¥9.8068 billion refers to trailing twelve months. Revenue includes option premiums, realized results and period-end valuation changes, rather than passive Bitcoin income.

Alternative.me’s Bitcoin-focused sentiment index read 73, or Greed, against 70 the previous day. It does not measure Metaplanet’s creditworthiness or tax-asset recoverability.

As of October 6 at 10:06 UTC, the transaction figures remain preliminary and unaudited. The next evidence is the Q3 earnings release, final tax treatment and any rating or financing outcome. Full-year earnings guidance remains unchanged despite income-business progress falling short of initial expectations.