Metaplanet, a Tokyo-listed company, executed a strategic transaction in the third quarter by selling 10 000 BTC and repurchasing 11 000 BTC. This move aimed to demonstrate to credit rating agencies that the firm is capable and willing to liquidate its Bitcoin holdings to meet financial obligations.
The company held the proceeds from the sale in cash, totaling ¥124,7 billion, while its liabilities stood at ¥122,4 billion at the end of the quarter. The debts remained outstanding. The transaction resulted in a net increase of 1 000 BTC, bringing the total holdings to 44 000 BTC as of September 30.
The operation incurred a cost, as the company sold at an average of ¥12,47 million per BTC and repurchased at ¥13,63 million. The net addition of 1 000 BTC cost ¥25,2 billion. Additionally, the firm estimates a preliminary deferred tax asset of approximately $97 million at its U.S. subsidiaries due to capital losses.
Metaplanet reported that its Bitcoin Income Generation business has generated revenue for eight consecutive quarters. The company now plans to pursue an official credit rating and has introduced a Net Interest Income Strategy to create recurring income streams and reduce its effective cost of capital.
