Metaplanet Sells and Repurchases Bitcoin Amid Debt Strategy
Metaplanet, a Japan-listed company, sold 10,000 Bitcoin (BTC) in the third quarter, converting them to cash. The sales generated approximately ¥124.7 billion, with an average price of ¥12,470,098 per BTC. Later, the company purchased 11,000 BTC, spending around ¥149.9 billion at an average price of ¥13,626,928 per BTC. This transaction cycle demonstrated Metaplanet's ability to liquidate assets to meet debt obligations.
As of September 30, Metaplanet held 44,000 BTC, marking a net increase of 1,000 BTC during the quarter. The average purchase price was ¥1,156,830 higher than the sale price, a 9.3% difference. CEO Simon Gerovich noted that the cash raised exceeded the principal on the company's bonds, borrowings, and other interest-bearing debt.
Metaplanet plans to seek a credit rating to expand its financing options, including bonds and preferred shares. However, the company cautioned that obtaining a rating is not guaranteed, and the timing, scale, and terms of future financing remain uncertain. The company's bonds and borrowings continued under their existing terms throughout the transactions.
Rating agencies and fixed-income investors assess whether a Bitcoin treasury company would have both the ability and willingness to sell its holdings when needed. Metaplanet ended the quarter as the world's second-largest publicly listed Bitcoin treasury company.