Metaplanet sold 10,000 Bitcoin in a credit-rating bid, only to buy back 11,000 BTC at a higher price per coin
Key Summary
Metaplanet sold 10,000 BTC at ¥12.47 million per coin, generating ¥124.7 billion in proceeds, and later repurchased 11,000 BTC at ¥13.63 million per coin, spending ¥149.9 billion, resulting in a ¥1.16 million price differential. This transaction demonstrates Metaplanet's ability to monetize its Bitcoin reserves to strengthen its credit profile. The company plans to seek a credit rating and use a stronger financing profile to support a new business that borrows through bonds, preferred stock, and Bitcoin-backed facilities, aiming to raise capital through perpetual preferred stock, corporate bonds, and Bitcoin-collateralized credit facilities.
Metaplanet sold 10,000 Bitcoin and later bought back 11,000 BTC to strengthen its credit profile and expand beyond accumulation during the third quarter. The Tokyo-listed company said it converted enough Bitcoin into cash during the third quarter to exceed the outstanding principal of its bonds, borrowings, and other interest-bearing debt. It subsequently rebuilt the position […]