Bitcoin companies are learning that holding forever takes cash
Metaplanet sold 10,000 BTC and later bought 11,000 at an average price about 9.3% higher, a costly demonstration that it could liquidate Bitcoin to meet obligations as it seeks a credit rating and better financing. It ended September with 44,000 BTC and did not use the sale proceeds to repay debt. The move highlights a mismatch between volatile crypto reserves and creditors’ fixed repayment dates; Metaplanet reported limited cash compared with near-term borrowings and bonds. Strategy, by contrast, held about $5.71 billion in dollar reserves and cash alongside 848,000 BTC, giving it more flexibility for financing costs. Neither company’s disclosures indicate an imminent forced sale. Both cases show that debt, cash buffers, share dilution and financing terms can shape corporate Bitcoin accumulation as much as management’s long-term outlook.
