Metaplanet's Bitcoin Treasury Playbook: Selling 10,000 BTC to Win Over Rating Agencies

Metaplanet sold 10,000 BTC for 124.7 billion yen, repurchased 11,000 BTC, and now targets a credit rating and a US listing vote.

Metaplanet is betting that proving its Bitcoin reserves can be converted into yen on demand will unlock cheaper borrowing. The Tokyo-listed firm moved 10,000 BTC out the door during its third quarter, raising 124.7 billion yen — a sum that comfortably exceeded its 122.4 billion yen in net interest-bearing debt. The debt itself stayed on the books; the proceeds simply sat as cash.

That transaction wasn't a retreat from Bitcoin. It was a demonstration. CEO Simon Gerovich framed the sale as evidence for rating agencies that the company's crypto holdings are liquid and fungible, a prerequisite the market demands before it will entertain bond-based financing. Metaplanet is preparing a formal application for a credit rating, hoping a fixed score will improve its terms in debt markets. Until now, the company has leaned primarily on share issuance and bank loans to fund its ambitions.

A Round Trip That Cost Taxes but Built Credibility

The sale was only half the maneuver. Metaplanet promptly repurchased 11,000 BTC, leaving its total holdings at 44,000 Bitcoin as of September 30. Because the disposal price fell below the acquisition cost, the company's US subsidiaries booked a taxable loss. Metaplanet pegged the preliminary, unaudited deferred tax asset from that loss at roughly $97 million.

Running alongside this balance-sheet engineering is a broader push to diversify revenue. A net interest income strategy is in the works: fresh capital from perpetual preferred shares, BitBonds, and secured credit lines would flow directly into yield-generating instruments. The goal is to produce recurring income and take pressure off interest expenses.

Capital Allocation Gets a Hard Ceiling

Metaplanet also adjusted its capital allocation guidelines on Monday. Going forward, 85% to 90% of total balance sheet assets are to be tied up in Bitcoin, with the remaining 10% to 15% earmarked for strategic investments. The framework captures the company's core tension — it wants to keep exposure to Bitcoin's long-term upside while building earnings streams that don't rise and fall with a single digital asset.

That tension is playing out against a hostile macro backdrop. Rising government bond yields have sapped appetite for speculative positions, and firms positioned as pure Bitcoin holding vehicles feel the pinch when fixed income becomes more attractive. Metaplanet's shares have slid 30% since the start of the year, reflecting the skepticism that has settled over risk-heavy growth names in the current rate environment.

US Listing Nears a Shareholder Vote

Expansion into the American market is approaching a decisive moment. Super League Enterprise reached out to its shareholders yesterday ahead of an October 16 vote on a merger that would install Metaplanet as controlling shareholder. Under the plan, Metaplanet would contribute 2,100 BTC to the US entity, which would continue trading on the Nasdaq under the name Superplanet. A five-year lock-up applies to the stake, anchoring Metaplanet's commitment for the long haul while the partner's existing media operations carry on.

The structure shows how Metaplanet treats its Bitcoin reserves — not as a static pile on the balance sheet, but as strategic currency to be deployed.

Share Price Steadies After Monday's Dip

On the trading floor, the stock has found firmer footing. After closing at €1.60 yesterday, the shares were quoted pre-market at €1.61 on Wednesday, a gain of 0.8%. That follows a 3.0% decline on Monday, when the paper changed hands at €1.55 amid the global crypto pullback.

Whether Metaplanet can permanently resist the undertow of broad crypto sell-offs depends on execution. Strategic holdings and independent revenue streams need time — and hard results — before they form a meaningful counterweight. The shareholder vote and the rating application are the two gates through which the next phase must pass.