Metaplanet described a round trip this Monday that a Bitcoin treasury $BTC almost never puts in a press release.
In the third quarter, it sold 10,000 BTC, worth about $790 million, left the debt unpaid, and then bought back 11,000, bringing its stack to 44,000.
The move was aimed at rating agencies and creditors: the company wants to issue bonds and preferred shares, so it had to show that it could convert its reserves into cash if necessary, while the obligation remained outstanding under its original terms.
That round trip leaves me with one specific question: does it make creditors feel more comfortable, or did they merely see that the company can move its stack when it suits the optics?
Source: The Block
In the third quarter, it sold 10,000 BTC, worth about $790 million, left the debt unpaid, and then bought back 11,000, bringing its stack to 44,000.
The move was aimed at rating agencies and creditors: the company wants to issue bonds and preferred shares, so it had to show that it could convert its reserves into cash if necessary, while the obligation remained outstanding under its original terms.
That round trip leaves me with one specific question: does it make creditors feel more comfortable, or did they merely see that the company can move its stack when it suits the optics?
Source: The Block
