$BTC Japanese bitcoin treasury firm Metaplanet MMTPLF-0.88% sold 10,000 BTC for ¥124.7 billion ($790 million) before buying back 11,000 BTC for ¥149.9 billion ($950 million) during the third quarter, bringing its total holdings to 44,000 BTC after a net increase of 1,000 BTC.
The proceeds generated from the 10,000 BTC sale were more than the outstanding principal of its bonds, borrowings, and other interest-bearing liabilities, the firm said on Monday. However, Metaplanet kept those obligations outstanding and later bought back the 11,000 BTC. The company said the exercise was conducted to "demonstrate liquidity," including its ability and willingness to sell bitcoin BTC-0.88%
for cash when necessary, amid plans to pursue a credit rating and expand its financing options to include bonds and preferred shares.
Metaplanet sold the bitcoin below its acquisition cost, creating a capital loss for U.S. tax purposes. It preliminarily estimated a potential deferred tax asset of approximately $97 million, though the figure has not been confirmed by its auditor. The loss could be used against future capital gains in the U.S.
The proceeds generated from the 10,000 BTC sale were more than the outstanding principal of its bonds, borrowings, and other interest-bearing liabilities, the firm said on Monday. However, Metaplanet kept those obligations outstanding and later bought back the 11,000 BTC. The company said the exercise was conducted to "demonstrate liquidity," including its ability and willingness to sell bitcoin BTC-0.88%
for cash when necessary, amid plans to pursue a credit rating and expand its financing options to include bonds and preferred shares.
Metaplanet sold the bitcoin below its acquisition cost, creating a capital loss for U.S. tax purposes. It preliminarily estimated a potential deferred tax asset of approximately $97 million, though the figure has not been confirmed by its auditor. The loss could be used against future capital gains in the U.S.
