Metaplanet proves bitcoin liquidity with strategic BTC sale and repurchase

Metaplanet, a major corporate bitcoin holder, made a strategic move in the third quarter by selling 10,000 BTC for ¥124.7 billion (around $790 million) before quickly repurchasing 11,000 BTC for ¥150 billion. This unusual transaction left the company with an additional 1,000 BTC, bringing its total holdings to 44,000 BTC as of September 30.

The company explained that the sale and repurchase were intended to demonstrate to credit-rating agencies and investors that its bitcoin reserves are highly liquid. The proceeds from the sale exceeded the company’s liabilities, including bonds and borrowings, showcasing its ability to cover obligations if needed.

Metaplanet also revealed that the sale occurred at a slightly lower price than the repurchase, resulting in a US tax capital loss. This loss could potentially create a deferred tax asset worth approximately $97 million, though the firm noted that this figure is preliminary and unaudited.

Beyond this transaction, Metaplanet recently invested 2,100 BTC and $2.5 million to transfer holdings from Super League Enterprise into Superplanet, a US bitcoin treasury platform. This move aligns with the company’s broader strategy to secure a credit rating and expand financing options through bonds and preferred stock.