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Metaplanet sells 10,000 Bitcoin and repurchases 11,000

Metaplanet said it ended Sept. 30 with 44,000 BTC, up 1,000 for the quarter, after selling 10,000 BTC at an average ¥12.47 million per coin and later rebuilding at a higher price.

Reported · Written up by our desk · Market Structure

Metaplanet sold 10,000 Bitcoin during the third quarter, then repurchased 11,000 BTC at a higher price per coin, in a move the company said was aimed at strengthening its credit profile and going beyond simple Bitcoin accumulation. CryptoSlate reports that the Tokyo-listed firm described the strategy as part of efforts to persuade rating agencies and fixed-income investors that its Bitcoin holdings can be monetized when obligations come due.

According to Metaplanet, it converted enough Bitcoin into cash during the third quarter to exceed the outstanding principal of its bonds, borrowings, and other interest-bearing debt. The company then rebuilt its position, ending Sept. 30 with 44,000 BTC, up a net 1,000 for the quarter.

CryptoSlate added that the company plans to seek a credit rating and use a stronger financing profile to support new business tied to bonds, preferred stock, and Bitcoin-backed facilities, before investing in higher-yielding assets.

In its preliminary, unaudited figures, Metaplanet said it disposed of 10,000 BTC at an average price of ¥12.47 million per coin, generating ¥124.7 billion in proceeds. The outlet said Bitcoin rose between the sale and repurchase, leaving Metaplanet paying substantially more to rebuild the position it had sold.

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