Metaplanet disclosed that during the third quarter it sold 10,000 BTC for approximately $790 million, then subsequently purchased 11,000 BTC for roughly $950 million. The transactions resulted in the company holding 44,000 BTC by quarter end, a net increase of 1,000 BTC from the combined operations.
The company described the exercise as a demonstration of its Bitcoin treasury's liquidity capabilities. Metaplanet stated that proceeds from the 10,000 BTC sale exceeded the outstanding principal of its bonds, borrowings, and other interest-bearing liabilities, effectively showing that its Bitcoin position could cover its debt obligations if necessary.
The sale and repurchase reflect broader questions facing corporate Bitcoin holders about how large positions can be converted into cash at scale without disrupting capital structures. Rating agencies and creditors evaluate whether companies holding billions in BTC can mobilize those assets in practice.
Alongside the treasury transactions, Metaplanet announced a change in capital allocation policy. The company is preparing to allocate roughly 10% to 15% of its assets into strategic investments outside Bitcoin, including income-generating opportunities, while maintaining its core Bitcoin treasury strategy.
The disclosure illustrates how the corporate Bitcoin model is evolving beyond simple accumulation. Companies holding tens of thousands of BTC are developing policies addressing liquidity, leverage, income generation, and risk management. Metaplanet's exercise demonstrates one approach to structuring a Bitcoin treasury as active financial infrastructure rather than a static vault.
