Metaplanet Sells 10,000 Bitcoin, Buys Back 11,000 to Satisfy Rating Agencies

Metaplanet sold 10,000 Bitcoin and repurchased 11,000 BTC in the third quarter, a round trip aimed at demonstrating to credit rating agencies that it can and will convert holdings to cash, the Tokyo-listed company disclosed. The net gain of 1,000 BTC raised holdings to 44,000 BTC as of September 30. CEO Simon Gerovich said the move answers the key question rating agencies pose to Bitcoin treasury firms: whether the asset can and will be sold to meet obligations. The company sold BTC exceeding the entire principal of its bonds and other interest-bearing liabilities, holding proceeds in cash while debts remained outstanding. Quarter-end liabilities, net of cash and stablecoins, were ¥122.4 billion against ¥124.7 billion in sale proceeds. Metaplanet sold at an average ¥12.47 million per BTC and bought back at ¥13.63 million, roughly 9% higher, costing ¥25.2 billion for the net 1,000 coins. The disposal generated a U.S. capital loss, with an estimated $97 million deferred tax asset. Metaplanet now plans to pursue a credit rating. Third-quarter net additions slowed to roughly a third of Q2's 2,823 BTC.