Metaplanet sold 10,000 BTC in Q3 and rebought 11,000, ending September at 44,000 BTC
Tokyo-listed Metaplanet sold 10,000 BTC and repurchased 11,000 in Q3 2026 to show creditors its bitcoin is liquid, ending September with 44,000 BTC.
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Why it matters
Metaplanet wants rating agencies and bond buyers to count its bitcoin as liquid collateral: Unchain cited a published rating of an unnamed overseas peer saying an issuer unwilling to sell bitcoin may have that bitcoin excluded from credit assessment. The demonstration was not free, since the company rebought 1,000 BTC more than it sold at an average price about 9% higher.
Where the sources disagree
Figures that do not reconcile
Found by comparing the numbers in the reports automatically. They are differences, not yet confirmed to be about the same thing.
reported value (sold)
10,000 BTC
CoinDesk
11K BTC
CoinGape
CoinDesk reports 10,000 BTC, CoinGape reports 11K BTC (9% apart).
reported value
10,000 BTC
CoinDesk
11,000 BTC
CryptoSlate
CoinDesk reports 10,000 BTC, CryptoSlate reports 11,000 BTC (9% apart).
reported value (sold)
11,000 BTC
Bitcoin.com News
10,000 BTC
CryptoPotato
Bitcoin.com News reports 11,000 BTC, CryptoPotato reports 10,000 BTC (9% apart).
reported value (bought metaplanet sold)
10,000 BTC
Decrypt
11K BTC
CoinGape
Decrypt reports 10,000 BTC, CoinGape reports 11K BTC (9% apart).
reported value (back)
10,000 BTC
Decrypt
11,000 BTC
CryptoSlate
Decrypt reports 10,000 BTC, CryptoSlate reports 11,000 BTC (9% apart).
reported value (sold)
11K BTC
CoinGape
10,000 BTC
CryptoPotato
CoinGape reports 11K BTC, CryptoPotato reports 10,000 BTC (9% apart).
reported value (bought metaplanet sold)
11K BTC
CoinGape
10,000 BTC
CryptoSlate
CoinGape reports 11K BTC, CryptoSlate reports 10,000 BTC (9% apart).
reported value
10,000 BTC
CryptoPotato
11,000 BTC
CryptoSlate
CryptoPotato reports 10,000 BTC, CryptoSlate reports 11,000 BTC (9% apart).
reported value (sold)
10,000 BTC
CoinDesk
11,000 BTC
Bitcoin.com News
CoinDesk reports 10,000 BTC, Bitcoin.com News reports 11,000 BTC (9% apart).
reported value
10,000 BTC
CoinDesk
11,000 BTC
CryptoPotato
CoinDesk reports 10,000 BTC, CryptoPotato reports 11,000 BTC (9% apart).
reported market figure (liquidity sold)
11,000 BTC
CoinDesk
10,000 BTC
Bitcoin.com News
CoinDesk reports 11,000 BTC, Bitcoin.com News reports 10,000 BTC (9% apart).
reported value
$789.2 million
CoinDesk
$950 million
CoinGape
CoinDesk reports $789.2 million, CoinGape reports $950 million (17% apart).
reported value (bought sold)
11,000 BTC
Bitcoin.com News
10,000 BTC
Decrypt
Bitcoin.com News reports 11,000 BTC, Decrypt reports 10,000 BTC (9% apart).
reported value (sold)
11,000 BTC
Bitcoin.com News
10,000 BTC
CoinGape
Bitcoin.com News reports 11,000 BTC, CoinGape reports 10,000 BTC (9% apart).
reported value (bought sold)
11,000 BTC
Bitcoin.com News
10,000 BTC
CryptoSlate
Bitcoin.com News reports 11,000 BTC, CryptoSlate reports 10,000 BTC (9% apart).
reported value
$789.5 million
Bitcoin.com News
$950 million
CoinGape
Bitcoin.com News reports $789.5 million, CoinGape reports $950 million (17% apart).
reported value
10,000 BTC
Decrypt
11,000 BTC
CryptoPotato
Decrypt reports 10,000 BTC, CryptoPotato reports 11,000 BTC (9% apart).
Key facts
Metaplanet sold 10,000 BTC during the July-to-September quarter of 2026.
10,000 BTCDisputed figureReported by Crypto.News
Metaplanet separately repurchased 11,000 BTC during the same quarter.
11,000 BTCDisputed figureReported by Crypto.News
Metaplanet held 44,000 BTC as of Sept. 30, 2026, a net gain of 1,000 BTC for the quarter.
44,000 BTCReported by Crypto.News
The 10,000 BTC sale raised ¥124.7 billion, which outlets convert to between $789.2 million and $793 million.
124,700,000,000 JPYDisputed figureReported by CoinDesk
Metaplanet kept the sale proceeds in cash and left its debt outstanding, saying the cash exceeded the principal of its bonds, borrowings and other interest-bearing debt.
Reported by CoinDesk
Metaplanet's revised policy targets 85% to 90% of total assets in bitcoin and keeps bitcoin-related borrowing generally below roughly 10% of the net asset value of its BTC holdings.
85 %Reported by Crypto.News
Metaplanet's Net Interest Income Strategy will finance income-producing assets with preferred stock, bonds and bitcoin-backed credit facilities.
Reported by Crypto.News
What happened
Tokyo-listed Metaplanet (3350) sold 10,000 BTC during the July-to-September quarter and separately repurchased 11,000, a net addition of 1,000 that left it holding 44,000 BTC as of Sept. 30, according to its Oct. 5 disclosure. The yen figures agree across outlets at ¥124.7 billion raised and roughly ¥149.9 billion spent, but the dollar conversions do not: CoinDesk reports $789.2 million for the sale and $948.7 million for the buyback, while Unchained reports about $793 million for the sale at Sept. 30 exchange rates. Metaplanet held the proceeds in cash rather than repaying debt, saying the amount exceeded the principal of its bonds, borrowings and other interest-bearing liabilities, which CryptoPotato puts at roughly ¥122.4 billion net. CEO Simon Gerovich said the exercise was aimed at credit rating agencies and fixed-income investors, the filing states the sale does not change the bitcoin holding policy, Unchained says the company holds no rating of its own yet and now plans to seek one, and CoinGape alone reported that the holdings make Metaplanet the second-largest corporate bitcoin holder, ahead of Twenty One Capital. The same disclosure sets a policy of holding 85% to 90% of assets in bitcoin, keeping bitcoin-related borrowing generally below about 10% of BTC net asset value, funding most future purchases with permanent equity, and starting a Net Interest Income Strategy financed by preferred stock, bonds and bitcoin-backed credit facilities, while Crypto.News reports a Project Nova to build businesses around the reserves through Metaplanet Securities and a proposed investment in U.S.-based Super League Enterprise. Unchained puts the sale price at ¥12,470,098 per coin and the repurchase at ¥13,626,928, roughly 9% higher, and CryptoSlate puts the resulting price gap at ¥11.6 billion; Decrypt reports the sale produced a US capital loss and an estimated deferred tax asset of about $97 million.
How the story developed
- First report
First report by Crypto.News
Metaplanet caps Bitcoin borrowing as BTC holdings reach 44,000
- Official statement
Metaplanet discloses the Q3 sale and repurchase
The Tokyo-listed company said it sold 10,000 BTC and separately rebought 11,000 during the July-to-September quarter, ending Sept. 30 with 44,000 BTC.
- Update
Crypto.News reports the holding and the revised capital allocation policy
Crypto.News reported 44,000 BTC as of Sept. 30, the 85% to 90% bitcoin target and the borrowing cap, against 30,823 BTC when the original policy was set in October 2025.
- Independent corroboration
Independently corroborated by CoinDesk
Metaplanet added 1,000 bitcoin net in the third quarter bringing holdings to 44,000 BTC
- Update
CoinDesk publishes the sale and buyback prices
CoinDesk reported an average sale price of $78,925 per coin, an average repurchase price of $86,246, and a cost basis of about $98,454 per BTC.
- Official statement
Official statement from Bitcoin.com News
Metaplanet Sells 10,000 Bitcoin, Buys 11,000 Back to Prove Liquidity
- Official statement
Simon Gerovich posts the rationale on X
Gerovich wrote that rating agencies and credit investors ask whether a bitcoin company's bitcoin can be turned into cash to meet obligations, and that the company answered by doing it.
- Update
Decrypt reports the tax effect of the sale
Decrypt said the sale produced a US capital loss and an estimated deferred tax asset of about $97 million.
- Update
Unchained explains the rating-agency reasoning behind the sale
Unchained cited a published credit rating of an unnamed overseas peer stating that an issuer unwilling to sell bitcoin may have that bitcoin treated as insufficiently liquid for credit assessment, and said Metaplanet now plans to seek a rating of its own.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 5 Oct 2026, 10:54 UTC: Crypto.News — 1 independent source, 1 reports
- 5 Oct 2026, 10:58 UTC: CoinDesk — 2 independent sources, 2 reports
- 5 Oct 2026, 11:30 UTC: Bitcoin.com News, official — 3 independent sources, 4 reports
- 5 Oct 2026, 12:04 UTC: Decrypt — 4 independent sources, 5 reports
- 5 Oct 2026, 12:15 UTC: CoinGape — 5 independent sources, 6 reports
- 5 Oct 2026, 13:03 UTC: CryptoPotato — 6 independent sources, 7 reports
- 5 Oct 2026, 14:12 UTC: Unchained — 7 independent sources, 8 reports
- 5 Oct 2026, 16:30 UTC: CryptoSlate — 8 independent sources, 9 reports
- 5 Oct 2026, 18:31 UTC: Bitcoin Magazine — 9 independent sources, 10 reports
- 6 Oct 2026, 06:39 UTC: Crypto News (CryptoNews.net) — 10 independent sources, 11 reports
Affected entities
Also mentioned: Nasdaq
Original sources
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