Metaplanet: a sale to prove it could
In the third quarter of 2026 Metaplanet sold 10,000 bitcoin and then bought 11,000. It said the point was to show credit rating agencies and fixed income investors that it was able and willing to sell. Its position on selling was published with the disclosure.
The short version
- 10,000
- bitcoin sold in the third quarter of 2026, for ¥124,700 million
- 11,000
- bitcoin bought afterwards, for ¥149,896 million
- 9.3%
- more paid per bitcoin on the way back in than received on the way out (our calculation)
- 44,000
- bitcoin held at September 30, 2026, at an aggregate cost of ¥684,452 million
Sources: [10]
What happened
April 2024
A bitcoin standard
Metaplanet, a company listed in Tokyo, adopted what it calls a bitcoin standard. Its investor presentations described the intention as holding bitcoin permanently, with a time horizon of forever.[1][5]
June 2025
The 555 Million Plan
Metaplanet set targets of 30,000 bitcoin by the end of 2025, 100,000 by the end of 2026 and 210,000 by the end of 2027, to be funded by issuing up to 555 million shares through stock acquisition rights.[2]
October to December 2025
Borrowing and preferred shares arrive
The board adopted a Capital Allocation Policy and authorized a share buyback of up to ¥75 billion. The company announced a credit facility of up to US$500 million secured by bitcoin and, in December, raised about ¥21.2 billion from Class B preferred shares carrying a 4.9% dividend on their ¥1,000 liquidation preference. It ended the year with 35,102 bitcoin and a valuation loss on bitcoin of ¥102,188 million for the year.[11][9][3][5][4][6]
June 30, 2026
43,000 bitcoin, none sold
Metaplanet held 43,000 bitcoin at an aggregate cost of ¥659,256 million. Its first-half presentation said it had not sold any bitcoin in the period, and showed an ordinary loss of ¥182,874 million for the half.[10][7]
August 13, 2026
“No bitcoin was sold”
According to Cointelegraph, the chief executive said a transfer of 5,014 bitcoin was a routine custody operation, that no bitcoin was sold and that holdings remained 43,000.[8]
Third quarter of 2026
The sale and the repurchase
At some point between July 1 and September 30, Metaplanet sold 10,000 bitcoin at an average of ¥12,470,098 each, for ¥124,700 million. It held the cash, then bought 11,000 bitcoin at an average of ¥13,626,928 each, for ¥149,896 million. The company has not disclosed the trade dates. If the August statement was accurate, the sale came after August 13 (our inference).[10]
October 5, 2026
The disclosure, and the reason
Metaplanet disclosed both trades in its quarterly notice of bitcoin purchases, which flagged the sale in its title. It said the purpose was to show credit rating agencies and fixed income investors that it is able and willing to sell bitcoin when needed, and that it intends to pursue a credit rating. The sale proceeds exceeded ¥122,374 million, the company’s estimate of its bonds, borrowings and preferred shares at September 30 less cash, cash equivalents and US dollar stablecoins. No debt was repaid. The company estimated that a deferred tax asset of about US$97 million may be recognized, subject to its auditor’s review. The transaction figures are preliminary and unaudited.[10]
October 5, 2026
A position on selling
The same notice says that selling on a continuous or mechanical basis is not the company’s basic policy, but that it may monetize a portion of its bitcoin when needed, where management determines that doing so is reasonable for capital efficiency, financial soundness and long-term shareholder value. The company says the transactions do not represent a change in its holding policy. The notice mentions no board resolution. A revision to the Capital Allocation Policy published the same day was made at a meeting of the Executive Committee. The original policy was adopted by board resolution.[10][11]
Four questions, and what the record shows
A sale policy answers four questions before a sale happens. This is what Metaplanet’s public record says about each.
- When may bitcoin be sold?
- Before October 5, 2026 we found no written condition for a sale, and the stated intention was to hold permanently. The notice now says the company may monetize a portion of its bitcoin “when needed”, where management determines that it is reasonable after weighing market conditions, funding needs, liquidity, capital policy, tax and accounting effects, and legal requirements. That is a discretion, not a trigger. We could not read the original text of the Capital Allocation Policy.[10][5]
- Who approves a sale?
- Management, on the notice’s wording, with no approving body named. The notice mentions no board resolution or other approval for the third-quarter sale, and does not say whether the board was consulted. The policy revision published the same day was made by the Executive Committee, not the board.[10][11]
- How is a sale disclosed?
- After the quarter ended, in the quarterly notice of bitcoin purchases. We found no disclosure at the time of the trades, and nearly eight weeks earlier the chief executive had reportedly said that no bitcoin had been sold. For the future, the notice says material transactions will be appropriately disclosed.[10][8]
- How are the proceeds used?
- Held as cash. The notice says the reacquisition was planned and executed as a separate transaction. No debt was repaid or redeemed. The notice does not say what funded the repurchase.[10]
What the holdings table showed
Metaplanet reports under Japanese accounting standards and measures its bitcoin at fair value at each period end. Across the third quarter its aggregate cost rose by ¥25,196 million, which is the repurchase cost less the sale proceeds (our calculation). The holdings history on its own shows 1,000 more bitcoin. The sale appears elsewhere in the notice.
| Date | Bitcoin held | Aggregate cost | Average cost per bitcoin |
|---|---|---|---|
| December 30, 2025 | 35,102 | ¥559,726 million | ¥15,945,691 |
| March 31, 2026 | 40,177 | ¥623,370 million | ¥15,515,598 |
| June 30, 2026 | 43,000 | ¥659,256 million | ¥15,331,542 |
| September 30, 2026 | 44,000 | ¥684,452 million | ¥15,555,717 |
What a board can take from it
The position was published after the trade.
Metaplanet sold first and published its position on selling with the disclosure. The notice does not say when that position was formed, and the company says its holding policy has not changed. A board should want a rule that is published before the trade, and a record that the trade followed it.
Proving liquidity has a price.
Buying back the same 10,000 bitcoin cost about ¥11.6 billion more than the sale brought in (our calculation). The notice attributes the gap to a rise in the price of bitcoin between the two trades and says a deferred tax asset could offset all or part of it. That may be a fair price for a credit rating. It is a number a board should see before the trade.
A denial starts a clock.
On August 13 the chief executive, answering a question about one transfer, reportedly said no bitcoin had been sold and holdings were unchanged. By September 30 the company had sold 10,000, and it said so on October 5. Both statements can be true. The weeks between them are what a disclosure rule is for.
Management approval is not board approval.
The notice names no approving body for a ¥124,700 million sale beyond “management”, and the policy revision that accompanied it was made by the Executive Committee. Where the line sits between management and the board is the first thing a sale policy settles.
Sources
- Metaplanet FY2024 earnings presentation
- Metaplanet, 2025–2027 Bitcoin Plan, June 2025
- CoinDesk, October 28, 2025
- Metaplanet consolidated financial results for FY2025, February 16, 2026
- Metaplanet FY2025 earnings presentation
- Metaplanet, Notice of Additional Purchase of Bitcoin, April 2, 2026
- Metaplanet second-quarter 2026 earnings presentation, August 13, 2026
- Cointelegraph, August 13, 2026
- Metaplanet, Notice Regarding the Status of Share Repurchases, September 1, 2026
- Metaplanet, Notice of Additional Purchase of Bitcoin (Including Sale and Reacquisition of Bitcoin to Demonstrate Liquidity), October 5, 2026
- Metaplanet, Notice Regarding Further Revision of Capital Allocation Policy, October 5, 2026
Satoshi Institute has no relationship with Metaplanet. This analysis draws only on public filings and published reporting. It says nothing about Metaplanet’s internal policies beyond what those sources show. Published . Last reviewed .
Other case studies
- MARA: the sale that retired the debt
Sold 15,133 bitcoin in three weeks and used the money to retire $1.0 billion of convertible notes below face value.
- Strategy: “never sell” was not the policy
Sold in May 2026 for the first time since 2022. The board program followed in June. Weekly disclosure, and no price trigger.
- Sequans: the lenders held the keys
Raised equity and debt to buy bitcoin and pledged all of it to the lenders. Selling the pledged coins needed their consent. None left fourteen months later.
- Block: the rule covers buying
Two published documents and a monthly buying formula. No conditions for a sale. No sale reported.
- Tesla: the company that sold
Bought under a policy the Audit Committee approved. Sold with no published rule. What the filings show.
The Sale Policy Sprint answers the four questions
A board-ready policy that settles when bitcoin may be sold, who approves it, how it is disclosed and how the proceeds are used. Fixed fee, 15 business days.