Metaplanet sold 10,000 BTC — then bought back 11,000 BTC
Metaplanet sold 10,000 BTC in Q3 for about $789 million, before buying back 11,000 BTC for roughly $949 million, bringing its Bitcoin holdings to 44,000 BTC by the end of September.
The company said the transaction was designed to demonstrate to credit-rating agencies and bond investors that its Bitcoin holdings are sufficiently liquid to meet debt obligations.
Metaplanet says proceeds from the BTC sale exceeded the principal amount of its bonds, loans and other interest-bearing liabilities.
However, the strategy came at a cost: the company bought back Bitcoin at prices roughly 9% higher than where it sold. Metaplanet estimates the sale could also generate around $97 million in deferred tax assets, although the figure remains unaudited.
The company is now pursuing additional recurring income strategies while maintaining Bitcoin as its core treasury reserve.
Metaplanet sold 10,000 BTC in Q3 for about $789 million, before buying back 11,000 BTC for roughly $949 million, bringing its Bitcoin holdings to 44,000 BTC by the end of September.
The company said the transaction was designed to demonstrate to credit-rating agencies and bond investors that its Bitcoin holdings are sufficiently liquid to meet debt obligations.
Metaplanet says proceeds from the BTC sale exceeded the principal amount of its bonds, loans and other interest-bearing liabilities.
However, the strategy came at a cost: the company bought back Bitcoin at prices roughly 9% higher than where it sold. Metaplanet estimates the sale could also generate around $97 million in deferred tax assets, although the figure remains unaudited.
The company is now pursuing additional recurring income strategies while maintaining Bitcoin as its core treasury reserve.