Metaplanet sold 10,000 Bitcoin in a credit-rating bid, only to buy back 11,000 BTC at a higher price per coin
Summary
Metaplanet sold 10,000 BTC in Q3 for ¥124.7 billion, then bought 11,000 BTC for ¥149.9 billion as Bitcoin prices rose, ending the quarter with 44,000 BTC. It says the cash sale demonstrated to rating agencies and creditors that it can monetize reserves to meet debt obligations. The company is seeking a credit rating and plans to borrow through bonds, preferred shares and Bitcoin-backed facilities to invest in higher-yielding assets, while keeping Bitcoin at roughly 85%–90% of assets. The strategy faces risks from borrowing costs, correlated investments and uncertain access to financing; its expected 2026 earnings impact is immaterial.
