Metaplanet Sold 10,000 Bitcoin and Bought Back 11,000 to Prove a Point
Summary
Metaplanet sold 10,000 BTC and repurchased 11,000 during the third quarter, ending September with 44,000 BTC. The Tokyo-listed company said the sale was intended to demonstrate to credit agencies and bond investors that it would convert Bitcoin to cash to meet obligations. Sale proceeds of ¥124.7 billion exceeded its net liabilities of ¥122.4 billion, though the debts remain outstanding. The round trip cost more: Bitcoin was repurchased at an average price about 9% above the sale price. Metaplanet plans to seek a credit rating and announced a strategy to generate recurring income and reduce its cost of capital. Its net Bitcoin accumulation slowed sharply from the previous quarter.
