Metaplanet Sold 10,000 BTC and Bought 11,000 Back in Q3
Metaplanet sold 10,000 BTC for about $790 million during the third quarter, then repurchased 11,000 BTC for roughly $950 million. The Tokyo-listed Bitcoin treasury company disclosed the transactions on October 5, saying the exercise left it with 1,000 additional BTC. Its total Bitcoin holdings reached 44,000 BTC at quarter-end.
The company said it designed the sale and repurchase to demonstrate Bitcoin liquidity. Metaplanet converted more cash from the sale than its outstanding bonds, borrowings, and other interest-bearing liabilities. It kept those obligations outstanding before rebuilding its Bitcoin position. The company is also seeking broader financing options, including bonds and preferred shares.
However, Bitcoin rose between the transactions, forcing Metaplanet to spend more on the repurchase. The company therefore increased its Bitcoin holdings but reduced its cash position by about $160 million. The move also gives investors a clearer view of how Metaplanet intends to use its Bitcoin treasury as a financing asset.
Why it matters
The transactions show how Bitcoin treasury firms can use BTC as a potential liquidity source. However, rising Bitcoin prices can make rebuilding a large position significantly more expensive.
