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BTC Metaplanet increased its holdings of 1,000 bitcoins in the third quarter to optimize credit evaluation.
On Monday, October 5, the Japanese listed company Metaplanet issued an announcement confirming that during the third quarter of 2026, the company increased its holdings of 1,000 bitcoins. The announcement showed that during the quarter, the company first sold 10,000 bitcoins and then purchased 11,000 bitcoins.
The announcement pointed out that the token exchange was a "practical exercise" designed to prove that the company led by Simon Gerovich can cash its Bitcoin inventory into cash if necessary. Gerovich previously denied selling Bitcoin in August. According to previous reports, when blockchain trackers discovered a large amount of token transfers at the company's public address, rumors began to spread in the market that it was selling Bitcoin. In response to this incident, Gerovich responded at the time: "We did not sell any bitcoins and our position is still 43,000." He explained that the 5,014 bitcoins (valued at approximately $320 million at the time) were simply transferred internally between the company's escrow addresses.
It is worth noting that on August 28, Metapranet was discovered to have sent another 1,350 bitcoins to Coinbase Prime, part of the 4,750 bitcoins (worth approximately $374 million) transferred during the same week. During these transfer operations, Metaplanet's official balance remained unchanged at 43,000 bitcoins.
Why did you choose to sell Bitcoin during a market downturn?
9月5日的文件现在证实，在谣言开始流传的同一季度，Metaplanet 出售了10,000枚比特币并重新买入了11,000枚代币。对于该季度而言，公司将投资组合增加了1,000枚代币，截至9月30日，总持仓量达到44,000枚比特币。
值得注意的是，披露文件中并未明确说明 Metaplanet 何时出售了比特币，这可能发生在 Gerovich 8月份的否认之后。Metaplanet 表示，将代币抛售至低迷市场的理由是为了信贷需求，而非现金流。公司故意出售比特币，以筹集超过其未偿债券本金、借款及其他计息债务的金额，以此向评级机构和债券买家展示其有能力且有意愿清算主要资产以履行义务。
Metaplanet 表示，采取这一步骤的部分原因是，海外同行的信用评级信号表明，尽管公司拒绝出售比特币，但在信用评估中其权重可能很低。该公司表示，目前打算申请自己的信用评级。
由于 Metaplanet 以低于购买成本的价格出售了这些代币，从美国税务角度来看，这笔交易产生了资本损失。公司在文件中指出，这笔损失可能会形成约9,700万美元的递延所得税资产。然而，该数字尚待审计师审核。
随着持仓增长，期权收入反而下滑
The trading strategy was accompanied by weak business performance that was supposed to support the treasury. Metaplanet said its "Bitcoin Revenue Generation" business, which writes Bitcoin options to generate recurring income, recorded revenue of 848 million yen in the third quarter, down from 1.747 billion yen in the second quarter and well below 4.242 billion yen in the fourth quarter of last year.
The company said progress "fell short of" its own expectations, but maintained the full-year forecast released on August 13 unchanged.
In order to continue buying Bitcoin, Metaplanet is relying more on financing. The company has proposed a new net interest income strategy and revised capital policy and is waiting for the completion of its planned investment in Nasdaq-listed Super League Enterprise in the fourth quarter. The deal will give Metaplane access to a U.S. listing platform renamed Superplanet.
