Consequently, its total stash grew to 44,000 $BTC as of September 30. The purchase, the firm explained, was completed to demonstrate to credit-rating agencies and fixed-income investors that its bitcoin fortune is genuinely liquid.
The cash raised from the sale exceeded the company’s roughly ¥122.4 billion in net bonds, borrowings, and other relevant liabilities. It’s worth noting that those debts were not repaid. Instead, Metaplanet wanted to show that it could monetize enough $BTC to cover its obligations if necessary.
The move was a part of a broader plan to obtain a credit rating and expand financing options through bonds and preferred stock.
On the downside, Metaplanet sold at slightly lower prices and had to repurchase its stash at higher levels. The stash also generated a US tax capital loss that could potentially create a deferred tax asset of approximately $97 million. Nevertheless, the firm stressed that this remains preliminary and unaudited.
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Aside from its accumulation, Metaplanet recently made another $BTC move, investing 2,100 $BTC and $2.5 million to transfer from Super League Enterprise into Superplanet, a US Bitcoin treasury platform.
cryptopotato.com
