Metaplanet’s Bitcoin Sale Highlights Cash Needs for Crypto Treasury Firms

Metaplanet’s separate sale and repurchase of Bitcoin (BTC) show how treasury companies may need liquid cash to meet corporate obligations even when most of their assets are held in crypto.

The Japanese company sold 10,000 BTC during the third quarter for ¥124.7 billion, or an average of ¥12,470,098 per BTC. It later bought 11,000 BTC for ¥149.896 billion, paying an average of ¥13,626,928 per BTC.

Metaplanet said the transactions were separate and that the higher repurchase price reflected Bitcoin’s market-price increase. The company said the transactions were intended to support a future credit rating and broaden its financing options.

The transactions increased Metaplanet’s holdings by a net 1,000 BTC to 44,000 BTC as of Sept. 30, 2026. The company also said its Bitcoin strategy does not prevent it from selling the asset when necessary.

“The Company's bitcoin strategy does not mean that it will only ever buy bitcoin and will never sell it under any circumstances,” Metaplanet said in its Oct. 5 disclosure.

The Bitcoin sale was not used to repay or redeem outstanding debt. Metaplanet’s bonds, borrowings and other interest-bearing liabilities remained outstanding under their existing terms.

As of June 30, 2026, Metaplanet had ¥67.486 billion in short-term borrowings, ¥8 billion in bonds payable within one year and ¥1.087 billion in cash and cash equivalents. “The liquidity of bitcoin, its principal asset, is an important factor in addition to the revenue and cash flows generated by its business,” the company said.

Strategy held 848,000 BTC as of 4 p.m. ET (8 p.m. UTC) on Oct. 4, with an aggregate purchase price of $63.97 billion and an average purchase price of $75,440.70 per BTC. It also held a $4.88 billion U.S. dollar reserve and $833.4 million in separate U.S. dollar cash.

From Sept. 28 through Oct. 4, the reserve funded $142.5 million in preferred-stock dividends and interest. Strategy also used $154.1 million in cash to repurchase preferred stock and $13 million to buy Bitcoin.

Metaplanet estimated that its sale created a U.S. tax capital-loss carryforward that could support a deferred-tax asset of approximately $97 million. The estimate was preliminary and had not been confirmed by its auditor as of Oct. 5.

The sale and repurchase figures were preliminary and unaudited, and Metaplanet had not finalized the accounting treatment, including whether a gain or loss would be recognized.