Metaplanet, a Tokyo Stock Exchange-listed company, conducted bitcoin sales and purchases in the third quarter to demonstrate its liquidity position to investors and creditors, according to a Monday filing.
The company sold 10,000 BTC for approximately $789.2 million before purchasing 11,000 BTC for $948.7 million at an average price of $86,246. The net result was an increase of 1,000 bitcoin in the quarter.
Strategic Purpose
Metaplanet stated that the transactions were designed to show investors that it could convert bitcoin holdings into cash when needed. The company said the sale demonstrated "through an actual transaction, that the Group can convert its bitcoin into cash and hold cash in excess of the aggregate outstanding principal amount of its bonds, borrowings and other interest-bearing liabilities."
CEO Simon Gerovich noted on X that the company converted bitcoin into cash exceeding its total outstanding debt, held that cash position, then repurchased more bitcoin than it had sold.
Bitcoin Treasury Position
The transactions elevated Metaplanet to the second-largest corporate bitcoin holder globally, with 44,000 coins on its balance sheet. The company pivoted to bitcoin accumulation in 2024 after operating in the hotel and technology sectors.
Metaplanet stock moved higher on Monday following the announcement. The company cited strengthening investor confidence and broadening access to future financing, including corporate bonds and preferred shares, as objectives of the transaction strategy.
