Metaplanet Sells and Rebuys Bitcoin to Enhance Creditworthiness

In a strategic move to bolster its credit profile, Japanese company Metaplanet sold 10,000 Bitcoin during the third quarter of 2026, only to buy back 11,000 BTC at a higher price. This transaction was part of Metaplanet's efforts to showcase its ability to convert Bitcoin into cash, thereby enhancing its appeal to rating agencies and fixed-income investors.

According to the company, the sale generated approximately ¥124.7 billion, with the Bitcoin sold at an average price of ¥12.47 million per coin. However, when the company repurchased the Bitcoin, it spent ¥149.9 billion, purchasing the coins at an average price of ¥13.63 million each. This resulted in a net loss of around ¥11.57 billion due to the price differential between the sale and repurchase.

Metaplanet's strategy aims to demonstrate to creditors that its Bitcoin reserves can be monetized to meet financial obligations. The company plans to utilize its improved credit access for financing through bonds, preferred stock, and Bitcoin-backed facilities, while also investing in higher-yielding assets.

Despite the higher costs associated with repurchasing Bitcoin, Metaplanet's actions reflect a broader strategy to diversify its income sources while maintaining a significant Bitcoin reserve. The company now holds 44,000 BTC, positioning itself as the second-largest corporate holder of Bitcoin globally.

Metaplanet's CEO, Simon Gerovich, emphasized the importance of these transactions in demonstrating the company's liquidity to potential investors. The firm is also exploring new funding avenues, particularly in Japan, where it sees opportunities for lower interest rates compared to dollar-denominated financing.