Metaplanet Bitcoin Strategy
Metaplanet Reaches 44,000 Bitcoin Following Strategic Sale and Repurchase Transactions
Anonymous
Key Points
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Metaplanet’s revised policy caps Bitcoin-related leverage at about 10% of the net asset value of its Bitcoin holdings, with Bitcoin purchases funded primarily through permanent equity capital.
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The company plans to make U.S.-listed Super League Enterprise a consolidated subsidiary and rebrand it as Superplanet, Inc., positioning it as a foothold in U.S. capital markets; it also plans for Metaplanet Securities to serve as an issuance and distribution hub.
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Metaplanet said the sale-and-repurchase exercise showed it could turn Bitcoin into cash exceeding all its outstanding bonds, borrowings and other interest-bearing liabilities, with the aim of securing a formal credit rating as well as expanding funding access.
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The Bitcoin Income Generation business produced JPY 848 million in revenue in the third quarter. The company said that revenue comes from option premiums, realized gains and losses, and valuation changes, and uses trailing 12-month figures to smooth volatility.
Japanese bitcoin treasury company Metaplanet reached 44,000 BTC holdings as of September 30, after selling 10,000 bitcoin and repurchasing 11,000 in the third quarter Crypto Briefing. The net gain of 1,000 BTC worth roughly $3.8 billion makes Metaplanet the second-largest corporate bitcoin holder. The sale-and-repurchase strategy was designed to prove the company could convert bitcoin into cash and maintain financial flexibility CryptoNews.
Metaplanet revised its capital allocation policy to keep bitcoin at 85% to 90% of total assets, with 10% to 15% reserved for strategic investments Crypto.news. The company also capped bitcoin-related leverage at roughly 10% of net asset value and plans to rebrand its U.S. subsidiary as Superplanet, Inc. to establish a foothold in American capital markets CoinDesk.
Liquidity Test Unlocks New Funding Paths
The sale-and-repurchase cycle demonstrated Metaplanet could liquidate bitcoin holdings to cover all outstanding bonds and borrowings Crypto Briefing. This proof of liquidity opens doors to credit ratings, preferred shares, and broader financing access. The company aims to use these tools to fund expansion in Japan and the United States without diluting its bitcoin-heavy strategy Crypto.news.
Bitcoin Income Business Lags Despite Quarter Gains
Metaplanet's Bitcoin Income Generation business produced JPY 848 million ($5.8 million) in Q3 revenue through option premiums and realized gains Bloomingbit. For the first nine months of fiscal 2026, revenue totaled JPY 5.565 billion. However, the company acknowledged that fundraising and bitcoin accumulation lagged expectations and maintained its full-year earnings forecast, signaling slower-than-planned growth CoinDesk.
Superplanet Rebranding Positions Company for U.S. Expansion
Metaplanet plans to make its U.S.-listed subsidiary Super League Enterprise a consolidated unit and rebrand it as Superplanet, Inc. Crypto.news. The move positions the company to tap American capital markets directly. Metaplanet Securities will serve as an issuance and distribution hub, enabling the company to raise funds from both Japanese and U.S. investors while maintaining its bitcoin treasury strategy CoinDesk.
Tighter Risk Controls on Bitcoin-Backed Borrowing
Metaplanet capped bitcoin-related leverage at approximately 10% of the net asset value of its holdings, a significant tightening from prior policy Crypto Briefing. New bitcoin purchases will be funded primarily through permanent equity capital rather than debt. This conservative leverage limit reduces the company's exposure to liquidation risk if bitcoin prices fall sharply Bloomingbit.
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