Metaplanet Rebuilds to 44,000 Bitcoin (BTC) After Selling 10,000 BTC in Q3

Metaplanet's Two-Leg BTC Trade

Metaplanet closed September with 44,000 Bitcoin (BTC) on its balance sheet, the net result of a quarter in which the Tokyo-listed treasury both sold and bought the asset at scale. The firm, which assembled one of Asia's largest strategic Bitcoin reserves, disclosed on Monday, October 5 that it sold 10,000 BTC during the third quarter at an average of ¥12,470,098 per coin, about ¥124.7 billion in total, then repurchased 11,000 BTC at an average of ¥13,626,928, roughly ¥149.9 billion. The round trip left the treasury 1,000 coins larger than it entered the period, even though the second leg was filled at a materially higher price: re-acquiring the same 10,000 coins sold cost about ¥11.57 billion more than the original sale raised, a gap produced entirely by price appreciation between the two executions. In whale terms, the balance now ranks among the largest corporate stashes in the asset class, held by a company that has staked its equity story on the coin itself rather than on the ETF wrappers dominating US flows. The disclosure lands in a cooler tape: the Bitcoin (BTC) price changes hands near $84,219, down 1.3% over the past 24 hours, and the US spot ETF complex, where weekly inflows collapsed 90% in recent sessions, is absorbing fewer new dollars than a month ago. Metaplanet sits near the front of the pack among corporate Bitcoin treasuries, and the question its filing had to answer was simple: why would a dedicated holder sell 10,000 coins and then buy back more? Most corporate buyers in this cohort only accumulate, and a disposal of this size would normally read as retreat; the company insists the trade was deliberate and fully reversed, a claim the arithmetic supports.

The stated purpose was liquidity, not profit-taking and not a retreat from the company's Bitcoin (BTC) strategy. Management used the trade to show credit rating agencies and credit investors that a position of this size can be converted into cash on demand, and the demonstration carried weight: the roughly ¥124.7 billion of sale proceeds exceeded the combined principal of the firm's bonds and borrowings, its interest-bearing liabilities in full. No repayment followed, however. The obligations stayed on their original terms and the cash went back into the asset instead, which is why the episode reads as a proof of concept rather than a deleveraging event. It was not free of consequences. Because the sale executed below the coins' acquisition cost, it created a capital loss under US tax rules, and the company provisionally estimates a deferred tax asset of about $97 million, a figure that still requires auditor confirmation before it can be booked. The same release introduced a second initiative, a Net Interest Income Strategy: raise capital through perpetual preferred shares, BitBonds and BTC-collateralized credit facilities, then deploy it into instruments yielding more than the cost of funds, with preferred securities issued by other Bitcoin (BTC) treasury companies listed as a leading candidate. Funding for future coin purchases is to rely primarily on permanent equity, with borrowing capped below 10% of BTC NAV. A revised capital allocation policy keeps 85% to 90% of total assets in BTC and reserves 10% to 15% for strategic investments, while the company pursues its first credit rating. Context matters here: the existing options-based income business generated about ¥848.4 million of operating revenue in the third quarter, down from roughly ¥1.747 billion in the second, and management concedes progress is running below initial expectations even as full-year guidance stands. The full filings are available in the company's official disclosures.

$87,712 Ceiling, $84,116 Floor

COINOTAG's proprietary 42-indicator composite scoring engine rates the $87,712 resistance at 87/100, driven by the Fibo 0.000 projection, R3 and a leverage cluster. Spot at $84,219 sits just above the $84,116 support, scored 64/100 on Fibo 0.114, Gann -315 and Woodie S2, with momentum mixed: RSI at 56.52 and a bearish MACD within an uptrend. Losing $82,526 (53/100) would open $79,380, where the Bollinger Bands lower band, EMA 50 and Supertrend converge at 61/100. Positioning leans long but unhurried: perp funding is marginally negative at -0.0010%, open interest stands near $16.5 billion, the long/short account ratio reads 1.47 and Fear & Greed prints 71, Greed. A hold above $84,116 keeps a retest of $87,712 in play; a daily close below $82,526 invalidates that read. Full readings sit in our Bitcoin technical analysis. Metaplanet's 44,000 BTC now rides on that structure.