Metaplanet Sells and Rebuys Its Bitcoin in a Bid for a Credit Rating
By Unchained
AI summary of the source article
Tokyo-listed corporate bitcoin treasury Metaplanet disclosed that it sold 10,000 BTC and later rebought 11,000 BTC during the July-to-September quarter, ending September 30 with 44,000 BTC. The sale generated ¥124.7 billion (roughly $793 million), exceeding the principal on its interest-bearing debt, though the debt was not repaid. Metaplanet executed the trade to show credit rating agencies and bond investors that its bitcoin is liquid, noting an unnamed peer whose non-selling policy prevented bitcoin from being treated as liquid for credit assessments. Meanwhile, third-quarter revenue from its bitcoin options business fell to ¥848 million.
Why it matters
The move shows how corporate bitcoin treasuries are actively managing liquidity and transaction history to satisfy credit rating agencies and secure favorable debt financing terms.
Key facts
- Metaplanet sold 10,000 BTC for ¥124.7 billion and later rebought 11,000 BTC, bringing its total holdings to 44,000 BTC as of September 30.
- The transaction was aimed at demonstrating bitcoin liquidity to rating agencies after an unnamed overseas peer faced credit assessment hurdles for not selling bitcoin.
- Third-quarter revenue from Metaplanet's bitcoin options business declined to ¥848 million from ¥1.75 billion in the previous quarter.