Tokyo-listed Metaplanet completed the third quarter of 2026 with 44,000 bitcoin, solidifying its position as the world’s second-largest publicly listed Bitcoin treasury company. The company achieved a net increase of 1,000 BTC during the period through a deliberate sequence of sales and repurchases designed to address questions from rating agencies and credit investors about the liquidity of its holdings.

Liquidity Test Through Sale and Buyback

In the third quarter, Metaplanet sold 10,000 bitcoin for approximately $789.5 million. The proceeds exceeded the outstanding principal of its bonds, borrowings and other interest-bearing liabilities after adjusting for cash and dollar stablecoins. The company held the cash rather than using it to repay any of the outstanding debt, which remains on its original terms.

It then purchased 11,000 bitcoin for about $949 million as prices moved higher between the transactions. The net result was an addition of 1,000 BTC, bringing total holdings to 44,000 as of September 30. The average sale price was roughly 9 percent lower than the subsequent repurchase price, producing a net cost for the additional coins.

The transactions were not a retreat from bitcoin. Company disclosures framed the round trip as a practical demonstration that its treasury asset is both liquid and that management is prepared to convert it into cash if obligations require it. Metaplanet referenced the experience of another overseas Bitcoin treasury firm that received a low credit rating partly because of concerns over dollar liquidity and reluctance to sell.

The sale also generated a U.S. tax capital loss. Metaplanet preliminarily estimates that subsidiaries of its U.S. holding company could recognize a deferred tax asset of about $97 million, though the figure is unaudited and may not ultimately be recognized. Because the company carries bitcoin at fair value, the loss does not create an additional accounting loss.

Revised Capital Allocation Framework

Alongside the liquidity exercise, Metaplanet updated its capital allocation policy. Under the new guidelines, bitcoin is targeted at approximately 85 percent to 90 percent of total assets. The remaining 10 percent to 15 percent may be directed toward mergers and acquisitions that support its Bitcoin financial platform, income-producing investments and capital for its planned asset-management activities.

Bitcoin-related borrowings used to acquire or hold the asset will generally be kept at about 10 percent or less of bitcoin net asset value. Permanent equity, particularly perpetual preferred stock, is expected to fund most future bitcoin purchases. Common-stock issuance will be considered selectively and, as a general rule, only when the company’s market net asset value ratio is above 1.0 times and management judges the issuance beneficial to existing shareholders.

When the ratio falls below 1.0 times, the company may use share buybacks to improve bitcoin yield per share. Management also gained flexibility to consider buybacks even above that threshold if it believes the share price significantly undervalues intrinsic enterprise value.

Net Interest Income Strategy Introduced

Metaplanet launched a Net Interest Income Strategy intended to generate recurring revenue and reduce its effective cost of capital. The approach involves raising funds through Bitcoin-collateralized credit facilities, perpetual preferred shares, corporate bonds and its BitBonds program, then deploying the proceeds into assets expected to yield more than the financing costs after credit risk.

Net interest margin will serve as the primary performance metric. Income from these investments is meant to cover preferred dividends and bond interest while expanding financing capacity that can ultimately support additional bitcoin purchases. The company’s existing Bitcoin Income Generation business has recorded revenue for eight consecutive quarters.

CEO Simon Gerovich stated that from the outset the strategy was never simply to accumulate bitcoin. The objective has been to build a leading Bitcoin financial institution by expanding reserves, operating businesses, access to capital and credit infrastructure.

Growth Trajectory and Broader Platform

Metaplanet’s holdings have expanded rapidly. The company held just over 1,000 bitcoin in October 2024 and 30,823 BTC when it set its earlier capital allocation policy in October 2025. It added 2,823 BTC in the second quarter of 2026 before the more measured net gain in the third quarter.

The firm continues to develop businesses around its treasury under an initiative called Project Nova. This includes Metaplanet Securities, formed after the acquisition of a Japanese brokerage, which provides a platform for issuing and distributing bonds, preferred stock and other products. A proposed investment of 2,100 BTC plus cash in Nasdaq-listed Super League Enterprise, expected to close in the fourth quarter of 2026 subject to approvals, is intended to create a U.S. Bitcoin treasury subsidiary to be renamed Superplanet.

Metaplanet has begun preliminary consultations with the Tokyo Stock Exchange regarding a possible listing of its preferred stock and has indicated it intends to pursue a formal credit rating. The combination of demonstrated liquidity, tighter borrowing limits and recurring income streams forms the foundation of its effort to broaden access to capital markets while keeping bitcoin as the dominant reserve asset.