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BTC Japanese company Metaplanet sold 10,000 bitcoins and bought them back in an attempt to prove asset liquidity.
According to the company's latest disclosure, one of the world's largest Bitcoin holders sold 10,000 bitcoins in the third quarter and subsequently repurchased them. The seemingly unexpected move aims to prove to the market that its huge Bitcoin reserves can be quickly converted into cash when needed.
The document shows that the company sold 10,000 BTC units for approximately 124.7 billion yen (approximately 790 million US dollars) and temporarily held the proceeds in cash. Soon after, the company bought back another 11,000 BTC units at a price of nearly 15 billion yen, ultimately resulting in a net increase in its position by 1,000 units. As of September 30, the total number of bitcoins it holds has increased to 44,000.
The company explained that the operation was to prove to credit rating agencies and fixed income investors that its Bitcoin wealth was truly liquid. It is worth noting that the cash received from the sale of Bitcoin exceeded the company's net bonds, borrowings and other related liabilities of approximately 122.4 billion yen. However, these debts were not repaid as a result. Metaplanet intends to demonstrate that it can liquidate enough BTC to meet its debt obligations if necessary.
The move is part of the company's broader plan to obtain credit ratings and expand financing channels by issuing bonds and preferred shares.
Although the strategic intent is clear, there is a price for this transaction. Metaplanet sold at a slightly lower price but had to be bought back at a higher price, resulting in a capital loss on the book. This loss could create approximately $97 million in deferred tax assets. However, the company emphasized that these data are preliminary and unaudited.
In addition to the above operations, Metaplane has recently made another Bitcoin asset allocation: investing 2,100 bitcoins and US$2.5 million, and transferring assets from Super League Enterprise to Superplanet, a U.S. Bitcoin treasury platform.
