Metaplanet, one of the largest corporate holders of bitcoin, sold 10,000 BTC during the third quarter before purchasing 11,000 units in a transaction designed to demonstrate the liquidity of its bitcoin treasury.
According to the company's filing, Metaplanet sold 10,000 BTC for ¥124.7 billion (approximately $790 million) and temporarily held the proceeds in cash. The company subsequently purchased 11,000 BTC for nearly ¥150 billion, increasing its holdings by a net 1,000 units.
By September 30, Metaplanet's total bitcoin holdings reached 44,000 BTC. The company explained that the transaction was intended to demonstrate to credit-rating agencies and fixed-income investors that its bitcoin reserves could be liquidated if needed.
The cash generated from the sale exceeded Metaplanet's approximately ¥122.4 billion in net bonds, borrowings, and other liabilities. While the proceeds were not used to repay these debts, the company sought to show it possessed sufficient liquid bitcoin to cover its obligations if necessary.
The maneuver was part of a broader effort to obtain a credit rating and expand financing options through bonds and preferred stock offerings.
The transaction carried financial tradeoffs. Metaplanet sold at lower prices and repurchased at higher levels, and generated a US tax capital loss expected to create a deferred tax asset of approximately $97 million, though the company noted this figure remains preliminary and unaudited.
Separately, Metaplanet transferred 2,100 BTC and $2.5 million from Super League Enterprise into Superplanet, a US-based bitcoin treasury platform.
