Metaplanet, the Tokyo Stock Exchange-listed company and second-largest corporate bitcoin holder, disclosed in a Monday filing that it sold 10,000 BTC for approximately $789.2 million during the third quarter of 2026. The firm subsequently purchased 11,000 BTC for $948.7 million at an average price of $86,246, resulting in a net increase of 1,000 bitcoin worth $86 million. This transaction brought its total holdings to 44,000 coins, valued at roughly $3.7 billion, positioning it behind only software firm Strategy as the largest corporate treasury.
The company stated that the sale was intended to strengthen confidence in its creditworthiness and broaden access to future financing instruments such as corporate bonds and preferred shares. CEO Simon Gerovich emphasized that the move demonstrated the group’s ability to convert bitcoin into cash exceeding the aggregate outstanding principal amount of its bonds, borrowings, and other interest-bearing liabilities. Metaplanet pivoted from its core hotel and technology business to bitcoin accumulation in 2024, often described as Asia’s counterpart to Nasdaq-listed Strategy.
This maneuver addresses a critical skepticism surrounding digital asset treasuries: whether their balance sheets are truly liquid or merely paper valuations vulnerable to market stress. By executing a large-scale sale and buyback cycle, Metaplanet provided empirical evidence that its holdings can be converted into cash sufficient to cover all debt obligations. This operational proof is significant for institutional investors who may otherwise view high-leverage crypto strategies as risky due to potential margin calls or inability to service debt during downturns.
The strategy also highlights the evolving relationship between crypto assets and traditional capital markets. By explicitly linking the demonstration of liquidity to broader access for corporate bonds and preferred shares, Metaplanet signals an intent to integrate digital assets more deeply into conventional financing structures. As bitcoin prices rally, this approach may encourage other public companies to adopt similar transparency measures, potentially stabilizing the sector by proving that crypto reserves are not just speculative bets but functional collateral capable of supporting real-world liabilities.
