Metaplanet just pulled off one of the most questionable moves in corporate $BTC treasury history.
They dumped 10,000 $BTC (25% of holdings), then panic-bought back 11,000 $BTC at ~9% higher prices.
Net result: ~$116M in unnecessary losses (850 $BTC burned).
Their excuse? "We needed a credit rating, so we proved we could liquidate." They also claim ~$97M in future tax savings from realized losses.
But here's what doesn't add up:
- Zero mention in August financials
- Buyback timing suspiciously hit Q3 peak prices (Sept 21-23)
- Can you really get a rating upgrade from a round-trip trade?
- Tax benefits are pre-audit estimates
This feels less like strategic treasury management and more like amateur hour with shareholder capital.
If you're long Japanese crypto plays, this should raise red flags about execution quality.
They dumped 10,000 $BTC (25% of holdings), then panic-bought back 11,000 $BTC at ~9% higher prices.
Net result: ~$116M in unnecessary losses (850 $BTC burned).
Their excuse? "We needed a credit rating, so we proved we could liquidate." They also claim ~$97M in future tax savings from realized losses.
But here's what doesn't add up:
- Zero mention in August financials
- Buyback timing suspiciously hit Q3 peak prices (Sept 21-23)
- Can you really get a rating upgrade from a round-trip trade?
- Tax benefits are pre-audit estimates
This feels less like strategic treasury management and more like amateur hour with shareholder capital.
If you're long Japanese crypto plays, this should raise red flags about execution quality.
