To demonstrate that its Bitcoin holdings could be converted to cash if needed, Japanese company Metaplanet sold 10,000 BTC and then bought back 11,000 BTC.
Metaplanet, a Japan-based Bitcoin treasury company, has revealed details of an unusual transaction it conducted in the third quarter of 2026. During this period, the company sold 10,000 Bitcoin and then bought 11,000 BTC, adding a net 1,000 Bitcoin to its reserves.
Metaplanet’s total Bitcoin holdings reached 44,000 BTC by the end of the quarter. The company stated that the primary purpose of the transaction was to demonstrate that the Bitcoins on its balance sheet could be converted into cash if needed. A structure was tested where the resulting liquidity could be used to pay off company bonds, debts, and other financial obligations.
This statement is significant because the growth of institutional Bitcoin reserves raises the question of whether these assets can be sold in large quantities without creating excessive market impact. With this transaction, Metaplanet aimed to demonstrate that Bitcoin reserves are not merely a passive asset held long-term, but a source of liquidity that can be used for corporate financing when needed.
The sale does not mean the company has abandoned its Bitcoin strategy. After selling 10,000 BTC, Metaplanet bought back a larger amount of Bitcoin, increasing its total reserves. However, it was reported that the company purchased Bitcoin at a higher average cost than it sold during the buyback.
The transactions resulted in a potential tax loss that could be utilized by the US side. Whether this loss will be recognized as a deferred tax asset on the balance sheet will be determined after the audit firm’s review. Therefore, the potential tax advantage is not yet certain.
Metaplanet also reported an 11.3% return on BTC for the third quarter. The company generated approximately 848 million yen from income activities encompassing options and other Bitcoin-related transactions. The reported BTC return is not the same as traditional cash earnings; it is used as an institutional performance indicator measuring the change in Bitcoin holdings relative to the number of shares.
*This is not investment advice.
