Metaplanet added a net 1,000 Bitcoin in the third quarter, bringing its holdings to 44,000 BTC as the Japanese company tested how easily it could turn its Bitcoin reserves into cash.
The company sold 10,000 BTC during the quarter for ¥124.7 billion, then bought 11,000 BTC for ¥149.9 billion. Metaplanet announced the transactions on October 5.
The exercise was meant to show lenders and rating agencies that Bitcoin could provide liquidity if the company needed cash to meet its obligations. After the transactions, Metaplanet ended the quarter with more Bitcoin than it held at the start.
Metaplanet Puts Bitcoin Liquidity to the Test
Metaplanet sold the 10,000 BTC at an average price of ¥12.47 million per coin. It later bought 11,000 BTC at an average of ¥13.63 million.
The gap between the sale and purchase prices meant the company spent more buying back Bitcoin than it received from the earlier sale. Metaplanet said the point was not simply to trade Bitcoin for a profit, but to demonstrate that its large crypto holdings could be converted into cash when needed.
That question has become important as the company relies heavily on Bitcoin for its treasury strategy.
Metaplanet said the sale proceeds were greater than its interest-bearing liabilities, which stood at about ¥122.4 billion after adjustments for cash and stablecoins. It then held the proceeds in cash before putting the money back into Bitcoin.
CEO Simon Gerovich said credit investors and rating agencies want to know whether Bitcoin-focused companies can raise cash from their holdings when financial obligations come due.
Metaplanet is also seeking more ways to raise money. Its plans include corporate bonds, preferred shares and pursuing a formal credit rating. The terms and timing of any future financing remain uncertain.
Bitcoin Holdings Keep Growing
Metaplanet ended September with 44,000 BTC, up from 43,000 BTC at the end of June.
The company held 40,177 BTC at the end of March and 35,102 BTC at the end of 2025. A year ago, its holdings stood at 30,823 BTC.
The rapid increase reflects Metaplanet’s shift toward Bitcoin, which began in 2024 as the company moved away from its traditional hotel business.
With 44,000 BTC, Metaplanet is now one of the biggest publicly traded corporate Bitcoin holders. Gerovich described it as the second-largest listed Bitcoin treasury company globally at the time of the announcement.
Bitcoin purchases are only part of the strategy. Metaplanet said its Bitcoin Income Generation business has produced revenue for eight straight quarters.
The company is also preparing to expand its financial operations through the planned Superplanet transaction and the development of Metaplanet Securities. It has outlined additional plans around distribution and its Net Interest Income Strategy.
Metaplanet Cuts Potential Share Dilution
The company is also trying to reduce the amount of dilution that could come from its Series 10 stock acquisition rights.
Metaplanet cut the number of shares tied to its executive warrants by 41.1%. The change increased Bitcoin per effective diluted share by about 8.8%, according to the company.
Under the revised terms, each Series 10 right now represents 410 shares, down from 696. The total pool was reduced from 319.464 million shares to 188.19 million, while the exercise price remains ¥10 per share.
Shareholders had already received 82.824 million shares through exercised rights, and those shares remain outstanding.
The lock-up period also remains in place through August 17, 2031. Metaplanet said effective diluted shares fell from 1.632 billion at the end of June to 1.5 billion.
Using 43,000 BTC in its comparison, the company said Bitcoin per effective diluted share increased from 0.0263554 to 0.0286646. Gerovich put the value of the extinguished warrant pool at more than $220 million.
VanEck Raises Questions About Pay
The warrant changes followed criticism from VanEck over Metaplanet’s executive compensation.
New York-based asset manager VanEck placed Metaplanet in the “Bad” category in its review of 10 major digital-asset treasury companies. Matthew Sigel, VanEck’s head of digital assets research, based the assessment on company filings available through September 14.
The review looked at four areas: the size of the compensation plan, executive ownership, whether the share pool could grow without shareholder approval and whether the largest award had a performance target.
Metaplanet failed all four tests, according to VanEck.
Six companies received a “Good” rating for strategy, including BitMine Immersion Technologies. Three others were rated “Acceptable.” Forward Industries had the largest plan pool in that group at 8.4%.
Bitcoin Strategy Faces a Funding Test
Metaplanet’s independent directors have also issued a shareholder letter explaining the history of the Series 10 warrants and changes made to the program following investor concerns.
Gerovich said the company’s founder-led history provided context that he believed had been missed in recent criticism. He also said VanEck removed part of its report on the warrants because it did not meet the firm’s research standards.
Source: X
The dispute comes as Metaplanet tries to expand its Bitcoin holdings while keeping access to financing and limiting shareholder dilution.
The third-quarter transactions put that strategy to a practical test. Metaplanet showed that it could sell a large amount of Bitcoin, hold the proceeds as cash and then rebuild its position.
With 44,000 BTC now on its balance sheet, the next challenge is funding further growth without putting too much pressure on its finances or shareholders.
