Japan's investment firm Metaplanet said it sold 10,000 bitcoin in the third quarter of 2026 and later bought back 11,000.

Cryptopolitan, a blockchain media outlet, reported on Oct. 5 that Metaplanet disclosed that its net increase in holdings in the third quarter was 1,000 bitcoin. It said total holdings stood at 44,000 bitcoin as of Sept. 30.

The disclosure came after CEO Simon Gerovich (게로비치) denied bitcoin sale rumours in August. At the time, market participants raised the possibility of a sale after an on-chain tracking service detected large movements from Metaplanet's wallet. Gerovich said it had not sold bitcoin and that holdings remained at 43,000 bitcoin. He also said the movement of 5,014 bitcoin was a transfer between the company's custodial wallets.

Metaplanet, however, actually disposed of 10,000 bitcoin in the same quarter when the rumours circulated, according to the filing, before buying 11,000 bitcoin. It was not confirmed whether the actual sale took place after Gerovich's August denial.

Metaplanet said the sale was for credit purposes, not because of cash flow problems. It said it aimed to secure cash exceeding bond principal, borrowings and other interest-bearing liabilities to show credit rating agencies and bond investors that it can liquidate its core assets into cash when needed. Citing examples of overseas peers, the company said bitcoin could be reflected at a low level in credit assessments and that it plans to pursue obtaining its own credit rating.

It also mentioned tax effects. Metaplanet said it sold bitcoin at prices lower than its purchase price, generating a capital loss under U.S. tax law, and that the loss could lead to a deferred tax asset (DTA) of $97 million, or 13.01 billion won. It said the figure is still subject to auditor review.

Business performance to support its push to increase bitcoin holdings has slowed. Metaplanet said third-quarter results for its bitcoin yield-generation business, which produces recurring income by selling bitcoin options, came to 848 million yen, or about 7.2 billion won. That was down from 1.75 billion yen, or about 14.85 billion won, in the second quarter. The decline was larger compared with 4.24 billion yen, or about 36.06 billion won, in the fourth quarter of last year. The company acknowledged that the business fell short of expectations, but said it maintained the annual outlook it presented on Aug. 13.

In the circumstances, Metaplanet is increasing its reliance on fundraising for additional purchases. The company presented a net interest income strategy and a revised capital policy, and is awaiting a fourth-quarter closing of an investment transaction involving Nasdaq-listed Super League Enterprise. Once the deal is completed, the entity is set to be reorganised as Superplanet.

The filing shows Metaplanet is maintaining its stance of expanding bitcoin holdings while adjusting its strategy to an operating approach that takes into account credit assessments and funding structures. Market attention is expected to focus on whether the company will actually secure a credit rating and whether it will keep up purchases despite weakness in its bitcoin yield-generation business.

We transferred 5,014 BTC between Metaplanet custodial addresses over the past 24 hours. This was a routine custody operation. No bitcoin was sold, and our holdings remain 43,000 BTC. All of our addresses are published, which is why the transfers were observable in real time. Total network fees to move $322 million in bitcoin: approximately $8.