Japanese bitcoin treasury company Metaplanet said Monday that last quarter's sales of its bitcoin holdings were intended to demonstrate to investors that it could liquidate at will, even as a filing showed a net purchase of 1,000 BTC that secured its position as the second-largest corporate holder of the asset.

In a filing dated October 5, 2026, the Tokyo Stock Exchange-listed firm disclosed that it sold 10,000 BTC for approximately $789.2 million during the third quarter of 2026 — an implied average of about $78,920 per coin — before repurchasing 11,000 BTC for $948.7 million at an average price of $86,246 per coin, spending roughly $159.5 million more on the buyback than the sale raised. The resulting net increase of 1,000 bitcoin — roughly $86 million — made Metaplanet the second-biggest bitcoin treasury among publicly listed companies.

JUST IN: Japan's Metaplanet announces a net increase of 1,000 Bitcoin worth $86 million in Q3
They just became the 2nd-largest corporate BTC holder on Earth
pic.twitter.com/ZjSBkRWdvc
— Bitcoin Magazine (@BitcoinMagazine) October 5 2026

"The transaction was intended to strengthen confidence in the company's creditworthiness and broaden its access to future financing, including corporate bonds and preferred shares, with the ultimate objective of increasing the group's bitcoin holdings," Metaplanet said on Monday regarding the sale.

The company emphasized that the transactions were more than a routine disposal. "Accordingly, the sale in the Transactions was not merely a formal disposal of bitcoin," the filing stated. "It demonstrated, through an actual transaction, that the Group can convert its bitcoin into cash and hold cash in excess of the aggregate outstanding principal amount of its bonds, borrowings and other interest-bearing liabilities."

Chief Executive Simon Gerovich echoed the point in a post on X: "We converted Bitcoin into cash, exceeding the total outstanding principal of our bonds, borrowings and other interest-bearing debt. We held that cash, then bought back more Bitcoin than we sold."

Metaplanet's announcement comes as the price of bitcoin surges, giving corporate bitcoin treasuries a boost. The business model of buying and holding bitcoin and other digital assets with spare cash came under strain when crypto prices plunged last year, but such companies are once again seeing their stock prices climb as the largest digital asset rallies. Metaplanet shares were up on Monday; while the stock remains lower year-to-date, it has gained ground over the past month.

Often dubbed Asia's answer to Nasdaq-listed bitcoin treasury Strategy, Metaplanet pivoted from its core hotel and technology business to buying bitcoin in 2024. The company now holds 44,000 BTC on its balance sheet, worth $3.7 billion at today's prices, ranking second only to the software firm among corporate holders of the asset. With the filing flagging corporate bonds and preferred shares as routes for financing further accumulation, the company's next capital-raising moves will be the detail to watch.

Reporting by Mathew Di Salvo; originally published by Bitcoin Magazine.