Metaplanet sold 10,000 BTC for $790M then repurchased 11,000 BTC, increasing holdings to 44,000 BTC while demonstrating treasury liquidity and capturing a ~$97M tax loss.
Macro & Markets ·
Metaplanet executed a transaction during the third quarter involving the sale of 10,000 BTC followed by repurchase of 11,000 BTC, resulting in a net addition of 1,000 coins and bringing total holdings to 44,000 BTC. The Tokyo-listed company deliberately conducted this round-trip to address concerns from credit rating agencies and bond investors about whether a Bitcoin-heavy balance sheet can actually be liquidated to cover obligations. Chief executive Simon Gerovich framed the move as a practical demonstration rather than mere assertion, stating that the question facing Bitcoin companies is whether they can and will convert holdings to cash when liabilities come due.
The mechanics involved selling Bitcoin exceeding the full outstanding principal of Metaplanet's bonds and borrowings—which totaled ¥122.4 billion—while keeping the proceeds in cash and leaving the debts unpaid on their original terms. The proceeds from the sale amounted to ¥124.7 billion, establishing a cushion to satisfy rating agencies that liquidity exists. Metaplanet sold at an average of ¥12.47 million per coin and repurchased at ¥13.63 million, incurring approximately 9% higher costs for the additional 1,000 BTC and generating a U.S. capital loss that the company estimates will produce a deferred tax asset of roughly $97 million.
The transaction reflects concerns that have surfaced in the Bitcoin corporate treasury sector: rating agencies may discount Bitcoin assets if an issuer appears unwilling to sell them. Whether other Bitcoin companies will follow this approach, or whether rating agencies adjust their weighting of Bitcoin holdings following this demonstration, remains unclear.