Metaplanet just made a very unusual Bitcoin move.
It sold 10,000 BTC for about ¥124.7B, then bought 11,000 BTC for about ¥149.9B.
Why sell 10,000 BTC if they planned to buy more?
To prove something to creditors and rating agencies:
Their Bitcoin can be turned into cash when needed.
The company said its net interest-bearing liabilities were about ¥122.4B, meaning the BTC sale proceeds were enough to cover that amount.
After the transactions, Metaplanet held 44,000 BTC.
The key lesson:
A huge $BTC treasury looks different to lenders when the company has actually demonstrated that it is willing to sell Bitcoin for liquidity.
This wasn’t a bearish Bitcoin trade.
It was a creditworthiness test.
#bitcoin #BitcoinSpotETFsDraw$6.34BInflowsInQ3
It sold 10,000 BTC for about ¥124.7B, then bought 11,000 BTC for about ¥149.9B.
Why sell 10,000 BTC if they planned to buy more?
To prove something to creditors and rating agencies:
Their Bitcoin can be turned into cash when needed.
The company said its net interest-bearing liabilities were about ¥122.4B, meaning the BTC sale proceeds were enough to cover that amount.
After the transactions, Metaplanet held 44,000 BTC.
The key lesson:
A huge $BTC treasury looks different to lenders when the company has actually demonstrated that it is willing to sell Bitcoin for liquidity.
This wasn’t a bearish Bitcoin trade.
It was a creditworthiness test.
#bitcoin #BitcoinSpotETFsDraw$6.34BInflowsInQ3
