Metaplanet, one of the largest corporate holders of bitcoin, executed an unusual treasury maneuver in the third quarter of 2026: it sold 10,000 BTC and then bought back an even larger position shortly after.
According to the Japanese company’s most recent filing, Metaplanet sold 10,000 BTC for ¥124.7 billion, or approximately $790 million, and temporarily held the proceeds in cash. It then purchased 11,000 BTC for almost ¥150 billion, increasing its net holdings by 1,000 BTC. As of September 30, the firm’s total bitcoin reserves stood at 44,000 BTC.
The objective was not a liquidity emergency or a bearish bet on bitcoin. Metaplanet said it wanted to show credit-rating agencies and fixed-income investors that its bitcoin treasury is genuinely liquid. The cash raised exceeded the company’s roughly ¥122.4 billion in net bonds, borrowings, and other relevant liabilities, although those debts were not repaid. The operation is part of a broader plan to obtain a formal credit rating and expand financing through bonds and preferred stock.
The company sold at slightly lower prices and repurchased at higher levels, generating a U.S. tax capital loss that could create a deferred tax asset of about $97 million, though Metaplanet stressed that figure remains preliminary and unaudited.
Separately, Metaplanet invested 2,100 BTC and $2.5 million to move assets from Super League Enterprise into Superplanet, a U.S.-based Bitcoin treasury platform. With 44,000 BTC at the close of Q3, the firm remains one of the largest corporate bitcoin holders globally.
