Metaplanet Sold 10,000 BTC and Bought Back 11,000 in Q3 to Signal Liquidity to Rating Agencies

Japanese investment company Metaplanet executed an unusual round-trip Bitcoin transaction in the third quarter, selling 10,000 BTC before buying back 11,000 BTC, resulting in a net addition of 1,000 BTC and bringing its total holdings to 44,000 BTC. The maneuver was designed specifically to demonstrate to credit rating agencies that the company has both the ability and willingness to convert Bitcoin into cash to meet financial obligations, while leaving its existing debts outstanding. The transaction generated a capital loss for U.S. tax purposes, with an estimated deferred tax asset of $97 million.

Alongside the disclosure of the Q3 transaction, Metaplanet also unveiled a revised capital allocation framework. Under the new policy, up to 15% of total assets may be invested in income-generating assets and strategic investments, with the proceeds intended to fund ongoing Bitcoin accumulation and dividend payments. Bitcoin remains the company's core treasury reserve asset under the revised structure.