Metaplanet Sells 10,000 Bitcoin to Prove Its Treasury Is Liquid Enough for a Credit Rating
Published on 10/07/2026 at 16:41 | Editorial boerse-global.de
Metaplanet is trading lower on Wednesday, with the Tokyo-listed Bitcoin treasury company changing hands at EUR 1.56, a decline of 2.2%. The company offered no explanation for the move in its regulatory filings. The dip stands in contrast to Tuesday's close of EUR 1.60 and a pre-market print of EUR 1.61, which had briefly pointed to a gain of 0.8%.
The stock has now lost 30% since the start of the year, and the market's skepticism is easy to trace. Investors are waiting to see whether Metaplanet's newly announced interest-income strategy can deliver the steady coupon-like inflows it promises — and whether a planned US listing and a credit rating materialize on schedule.
A Treasury Built to Be Sold
At the heart of the company's third-quarter maneuvering was a deliberate demonstration of liquidity. Metaplanet disposed of 10,000 Bitcoin for JPY 124.7 billion, a sum that exceeded its interest-bearing net liabilities of JPY 122.4 billion. The debt itself was left outstanding; the proceeds sat initially as a cash reserve. Management then bought back 11,000 units.
CEO Simon Gerovich framed the round trip as evidence for rating agencies that the crypto reserve can be converted into yen. Metaplanet is preparing a formal application for a credit rating, betting that a fixed score will lower its cost of borrowing. Until now, the company has leaned on share issuance and bank loans to fund itself; bond-based financing requires proof that the Bitcoin stack is fungible.
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Because the sale was executed below the acquisition cost, the US subsidiaries booked a tax loss. Metaplanet put the preliminary, unaudited deferred tax asset arising from it at roughly USD 97 million. As of September 30, the total Bitcoin holding stood at 44,000 units.
New Rules for the Balance Sheet
Monday brought a broader capital-allocation framework designed to sharpen the company's risk profile. Under the new guardrails, Metaplanet will not issue new common stock while its market net asset value (mNAV) trades below 1.0. Bitcoin remains the anchor: roughly 85% to 90% of total assets are to stay in the cryptocurrency. Borrowing tied to the Bitcoin position is capped at about 10% of the corresponding net asset value.
A separate sleeve of the portfolio is earmarked for yield. The company intends to buy income-producing assets — primarily preferred securities of other firms that have built comparable Bitcoin treasuries, along with similar issuers. The target allocation for this bucket is roughly 10% to 15% of total assets. Management expects the impact on consolidated results for fiscal 2026 to be immaterial.
Fresh capital from perpetual preferred shares, BitBonds and secured credit lines is meant to flow directly into these high-yield instruments, generating recurring income that offsets interest expense.
Crypto Earnings Lag Their Targets
The strategic reset lands against a muted operating backdrop. Metaplanet reaffirmed its full-year consolidated forecast, but its crypto revenue business has not kept pace with its original goals. In the third quarter of fiscal 2026, the Bitcoin income-generation segment posted operating revenue of JPY 848 million. Revenue for the first nine months totaled JPY 5.565 billion, and the company acknowledged that performance to date has fallen short of initial expectations.
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A Nasdaq Vehicle and a Shareholder Vote
Metaplanet's US ambitions now hinge on a partner's ballot. Super League has asked its shareholders to vote on October 16 on a merger that would leave Metaplanet as controlling shareholder. The Japanese firm would contribute 2,100 Bitcoin, and the combined entity would continue trading on the Nasdaq under the name Superplanet. A five-year lock-up applies to Metaplanet's stake, cementing the commitment, while Super League's existing media business carries on. The transaction is intended to broaden Metaplanet's international footprint.
For shareholders, the path from here runs through two gates: approval by Super League's investors and a successful rating assessment. Both will determine whether the preferred securities can reliably deliver the interest inflows the market is still waiting to see.
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