Tokyo Firm Secures #2 Corporate Bitcoin Position

Tokyo-listed treasury company Metaplanet has become the second-largest listed corporate Bitcoin holder globally after executing a massive sale and repurchase of the digital asset.

The company ended the third quarter of 2026 with a total holding of 44,000 BTC, surpassing Twenty One Capital in global treasury rankings. To reach that figure, the firm sold 10,000 BTC and subsequently purchased 11,000 BTC in a strategic maneuver designed to demonstrate its financial flexibility to credit rating agencies.

According to an October 5 filing, the company sold the 10,000 BTC for ¥124.7 billion ($790 million) at an average of ¥12.47 million per coin. It then repurchased 11,000 BTC for ¥149.896 billion ($950 million) at roughly ¥13.63 million each. Because of the 9% price increase between the two legs of the trade, the net addition of 1,000 BTC cost the firm ¥25.2 billion.

Chief Executive Simon Gerovich explained that the transaction was specifically structured to address the concerns of credit investors regarding digital asset liquidity.

"Rating agencies and credit investors ask one question of a Bitcoin company: can that Bitcoin be turned into cash to meet obligations, and will it be?" Gerovich noted. "We answered by doing it."

Securing Credit Confidence

The ¥124.7 billion generated from the initial sale exceeded the company's total outstanding liabilities, which stood at ¥122.4 billion net of cash and dollar stablecoins at the end of the quarter. While the firm held the cash proceeds, it did not actually repay the debt, leaving its bonds and borrowings outstanding on their original terms.

The transaction did trigger a capital loss for U.S. tax purposes, resulting in an estimated, unaudited deferred tax asset of approximately $97 million for subsidiaries of its U.S. holding company. The broader goal, however, is to officially pursue a credit rating by proving that management is willing to liquidate holdings when obligations fall due.

Revised Asset Allocation

Alongside the trading disclosures, Metaplanet introduced a revised capital allocation framework. Under the new policy, Bitcoin will account for 85% to 90% of the firm's total assets. The remaining 10% to 15% will be directed toward strategic investments and income-producing assets.

To fund future Bitcoin acquisitions, the firm will rely primarily on permanent equity capital while keeping Bitcoin-related borrowing below roughly 10% of the net asset value of its digital asset holdings.

The company is also rolling out a Net Interest Income Strategy intended to lower its effective cost of capital and generate recurring cash flows. This push includes the development of Metaplanet Securities, a regulated brokerage formed after the firm acquired Siiibo Securities for 2.1 billion yen in July.

In August, the company began tapping into new financing channels through its BitBonds program, securing four private bond placements totaling roughly 200 million yen. The unsecured senior bonds carry annual interest rates between 4% and 4.3% and mature in about three years.