【Sold 10,000 BTC, then bought back 11,000 at a higher price! Metaplanet lost about $120 million to prove it could "turn Bitcoin into cash," and posted a net loss of $170 million in the first nine months】
Metaplanet released its financial results on November 13. In the third quarter, to prove to rating agencies and bond investors that Bitcoin could be converted into cash at any time, it sold 10,000 BTC at about ¥12.47 million per coin, then bought back 11,000 at an average price of about ¥13.63 million. The sale alone resulted in a loss of about ¥19.2 billion (roughly $120 million). Including the fall in Bitcoin’s price, its net loss for the first nine months was about ¥27.2 billion (roughly $170 million). Its full-year revenue forecast was also slashed from ¥16 billion to ¥6.5 billion. At the end of September, it held 44,000 BTC at an average price of about ¥15.56 million. BTC/JPY is currently trading at about ¥10.96 million on Binance, roughly 30% lower.
$BTC
#Metaplanet #比特币财库 #Bitcoin
Metaplanet released its financial results on November 13. In the third quarter, to prove to rating agencies and bond investors that Bitcoin could be converted into cash at any time, it sold 10,000 BTC at about ¥12.47 million per coin, then bought back 11,000 at an average price of about ¥13.63 million. The sale alone resulted in a loss of about ¥19.2 billion (roughly $120 million). Including the fall in Bitcoin’s price, its net loss for the first nine months was about ¥27.2 billion (roughly $170 million). Its full-year revenue forecast was also slashed from ¥16 billion to ¥6.5 billion. At the end of September, it held 44,000 BTC at an average price of about ¥15.56 million. BTC/JPY is currently trading at about ¥10.96 million on Binance, roughly 30% lower.
$BTC
#Metaplanet #比特币财库 #Bitcoin