Metaplanet stock rose 0.9% to ¥223 on Thursday after CEO Simon Gerovich denied speculation that the Japanese Bitcoin treasury company had sold part of its holdings. The clarification came after the company transferred 5,014 BTC, worth roughly $322 million, between company-controlled custody addresses.

Gerovich said the transfer was a “routine custody operation” and confirmed that “no bitcoin was sold.” Metaplanet continues to hold 43,000 BTC, and the company’s Bitcoin tracker values the treasury at about $2.74 billion.

Metaplanet has adopted a Bitcoin-first treasury strategy similar to that of U.S.-based MicroStrategy, making its stock one of the few ways for Japanese equity investors to gain direct exposure to Bitcoin price movements through a publicly listed company.

Metaplanet Keeps 43,000 BTC Despite $1.6 Billion Paper Loss

The 5,014 BTC transfer drew attention because blockchain trackers recorded large movements from wallets associated with Metaplanet. In crypto markets, large transfers from known corporate or institutional wallets are routinely monitored by analytics firms and traders for potential signs of selling pressure, which can amplify speculation even when no sale has occurred.

Gerovich said all of the Bitcoin moved between the company’s own custodial addresses, and the transaction cost about $8 in network fees.

Metaplanet’s official tracker shows a total acquisition cost of about $4.41 billion and an average purchase price of $102,502 per Bitcoin. With BTC trading near $63,700, the treasury currently shows an unrealized loss of about $1.67 billion. No loss from the wallet transfer was realized because the company did not sell any assets.

Metaplanet still plans to raise its Bitcoin holdings to 100,000 BTC by the end of 2026. Reaching that target would require the company to buy another 57,000 BTC from its current balance of 43,000 coins.

Metaplanet Launches BitBonds Funding Program

Metaplanet also launched a new continuous corporate bond program called BitBonds on August 13. The first issuance included four privately placed unsecured bond series worth about ¥200 million, or roughly $1.3 million.

The bonds carry annual interest rates of about 4% to 4.3% and mature in roughly three years. Metaplanet said future BitBond issues will depend on funding needs, market conditions and investor demand, and the company may eventually consider larger public bond offerings.

BitBonds will operate alongside common shares, preferred stock and equity-linked securities as another funding channel. The bonds are unsecured and unrated, meaning repayment depends on Metaplanet’s credit position rather than direct Bitcoin collateral.

Bitcoin Valuation Loss Drives Metaplanet First-Half Deficit

Metaplanet reported first-half revenue of ¥4.94 billion, up about 134% from a year earlier, while operating profit increased 136% to ¥3.33 billion.

Even so, the company posted a net loss of about ¥182.8 billion, driven largely by a non-cash decline in the reported value of its Bitcoin holdings.

The earnings results and recent Bitcoin price decline leave Metaplanet balancing rising operating revenue against large swings in the value of its treasury. The scale of the paper loss underscores the sensitivity of Bitcoin treasury companies to cryptocurrency market downturns, as mark-to-market accounting can produce significant reported deficits even when no coins are sold. Shares closed at ¥223 as investors assessed the confirmed 43,000 BTC position, the denial of sale speculation and the company’s new BitBonds financing strategy.