Metaplanet executed a Bitcoin sale and repurchase sequence in the third quarter to reinforce its credit standing and signal monetization capability to rating agencies. The Tokyo-listed firm converted 10,000 BTC into cash, generating ¥124.7 billion in proceeds at an average price of ¥12.47 million per coin. These funds exceeded the principal of its bonds, borrowings and other interest-bearing debt, temporarily eliminating debt obligations. The company later repurchased 11,000 BTC at an average price of ¥13.63 million per coin, spending ¥149.9 billion. This repurchase left Metaplanet holding 44,000 BTC as of September 30, representing a net increase of 1,000 BTC for the quarter. The price differential between the sale and repurchase implied an adverse movement of approximately ¥11.57 billion, reflecting Bitcoin's rise between transactions. Metaplanet conducted the operations separately rather than as a simultaneous exchange, first selling the asset and later rebuilding the position to demonstrate that its Bitcoin reserves could be liquidated when required. The company framed the transaction as evidence that its Bitcoin holdings could be monetized to meet financial obligations, supporting its broader effort to obtain a credit rating and access fixed-income markets. It plans to leverage improved credit access to fund a new business line involving bond issuance, preferred stock and Bitcoin-collateralized facilities before deploying capital into higher-yielding assets. The strategy includes a Net Interest Income Approach that targets returns above financing costs through instruments such as perpetual preferred stock, BitBonds and Bitcoin-backed credit lines. Investments will focus on preferred securities issued by Bitcoin treasury companies, representing 10% to 15% of total assets while maintaining Bitcoin exposure at 85% to 90%. Metaplanet also anticipates recognizing a deferred tax asset of approximately $97 million for its U.S. subsidiaries, subject to auditor review and potential adjustment. The company views Japan as a favorable source of lower-cost financing due to yen-denominated rates and plans to expand access to U.S. capital markets through a pending investment in Super League Enterprise, pending regulatory approval and shareholder consent. While the new strategy aims to generate recurring income from yield differentials, it acknowledges that many investments will remain correlated with Bitcoin's price movements. Risks related to credit, issuer concentration, currency and leverage will be managed under board-approved limits, with Bitcoin-related borrowings capped below 10% of net asset value. The company cautioned that no assurance exists regarding credit rating outcomes, bond terms or future financing conditions, leaving the success of its credit-rating effort as a critical upcoming challenge.