Metaplanet Reaches 44,000 BTC as It Expands Income Strategy

Japanese bitcoin treasury company Metaplanet finished the third quarter with 44,000 BTC after selling 10,000 BTC and later purchasing 11,000 BTC during the period.

The company sold the 10,000 BTC for ¥124.7 billion ($790 million) and used ¥149.9 billion ($950 million) to acquire 11,000 BTC, resulting in a net increase of 1,000 BTC in its holdings.

Metaplanet said the initial sale was designed to show that it could quickly convert bitcoin into cash if needed. The proceeds exceeded the principal amount of its bonds, loans and other interest-bearing liabilities, although the company kept those obligations outstanding before rebuilding its bitcoin position.

The transaction also generated a capital loss for U.S. tax purposes because the bitcoin was sold below its acquisition cost. Metaplanet estimates the loss could create a deferred tax asset of around $97 million, although the amount still requires confirmation from its auditor.

With 44,000 BTC, Metaplanet remains the second-largest publicly listed bitcoin treasury company, behind Strategy.

The firm is also changing how it plans to generate returns from capital outside its core bitcoin holdings. Under its new net interest income strategy, funds raised through perpetual preferred shares, corporate bonds known as BitBonds and a bitcoin-backed credit facility could be invested in assets designed to produce steady income.

Metaplanet expects preferred securities issued by bitcoin treasury companies and similar firms to be among its potential investments. The company intends to earn the spread between the returns generated by those investments and the cost of its financing.

Despite the broader strategy, bitcoin will remain the main part of Metaplanet's balance sheet. The company plans to keep roughly 85% to 90% of its assets in BTC, with the remaining 10% to 15% available for strategic investments, mergers and acquisitions, and funding for its asset management operations.

Metaplanet is expanding beyond its bitcoin holdings through Project Nova. Its plans include the acquisition of Japanese brokerage Siiibo Securities, now known as Metaplanet Securities, as well as a deal to acquire about 96% of Nasdaq-listed Super League. The latter is expected to become a U.S.-based bitcoin treasury company under the name Superplanet.

Metaplanet also reported ¥848.4 million ($5.4 million) in third-quarter revenue from its bitcoin income generation business, which uses bitcoin options to produce recurring operating income. That compares with ¥1.75 billion ($11.1 million) in the second quarter and ¥5.57 billion ($35.3 million) for the first nine months of 2026.

The company acknowledged that results from the bitcoin income business have so far been below its initial expectations, but it maintained its full-year earnings forecast.