Metaplanet disclosed that it added a net 1,000 BTC in Q3 of fiscal 2026, ending the period with 44,000 BTC as of September 30. During the quarter the company sold 10,000 BTC and later repurchased 11,000 BTC in separate transactions; sale proceeds were held in cash before repurchases. Management said the exercise was designed to demonstrate that its Bitcoin treasury can be monetized and to improve its credit profile, and that the sequence of trades left the company with 1,000 more BTC than before the transactions.
Under a revised capital allocation policy, Metaplanet will keep roughly 85%–90% of total assets in Bitcoin while allocating about 10%–15% to acquisitions and income-generating investments. Bitcoin-related borrowing will generally remain below about 10% of BTC NAV, and most future Bitcoin purchases are expected to be funded with permanent equity such as perpetual preferred stock and corporate bonds. The company unveiled a Net Interest Income Strategy that uses financing from preferred stock, bonds and Bitcoin-backed credit facilities to invest in assets intended to produce recurring cash flow, with net interest margin as the main performance metric.
Project Nova is the framework to build businesses around the Bitcoin treasury. That includes Metaplanet Securities, created after the Siiibo Securities acquisition, and a proposed investment in Nasdaq-listed Super League Enterprise, where Metaplanet agreed to commit 2,100 BTC and $2.5 million in cash in exchange for securities and governance rights. The company has already adjusted its capital structure—cutting potential dilution tied to Series 10 acquisition rights from 319.46 million shares to 188.19 million—and launched BitBonds in August with four private bond placements totaling around ¥200 million.
Metaplanet stressed that the Q3 transactions were aimed at convincing rating agencies and fixed-income investors of both the willingness and the ability to convert Bitcoin into cash to meet obligations. The company said it sold enough Bitcoin to exceed the outstanding principal of its bonds, borrowings and other interest-bearing liabilities, then held the cash before rebuilding the Bitcoin position. Metaplanet also reported more than $5 million (¥848 million) in Q3 revenue from its Bitcoin Income Generation business and affirmed Bitcoin will remain its primary treasury reserve asset while it seeks a credit rating and broader access to capital markets.
Tax impact and price gap revealed
New details confirm that the round-trip trades left Metaplanet with 44,000 BTC and that the company deliberately held sale proceeds in cash while leaving debts outstanding on their original terms. The disposals generated a U.S. capital loss and Metaplanet estimates a preliminary, unaudited deferred tax asset of about $97 million at U.S. subsidiaries, which may not ultimately be recognized. Transaction pricing shows average sale proceeds near ¥12.47 million per BTC and buybacks near ¥13.63 million per BTC, roughly a 9% premium, so the net 1,000 BTC effectively cost about ¥25.2 billion. At quarter end sale proceeds were ¥124.7 billion versus liabilities net of cash and dollar stablecoins of ¥122.4 billion. The company reiterated plans to seek a credit rating and to pursue its Net Interest Income Strategy, and the reports note the pace of accumulation slowed from the 2,823 BTC added in Q2.