Metaplanet sold 10,000 bitcoin in the third quarter and then bought 11,000, paying roughly $7,300 more for each coin on the way back in than it received on the way out.
The Tokyo-listed company disclosed the round trip on Monday, raising 124.7 billion yen, about $790 million, from the sale, and spending 149.9 billion yen, about $950 million, on the repurchase. It ended September with 44,000 bitcoin, a net gain of 1,000.
The stated purpose was to demonstrate liquidity. Metaplanet said the exercise showed its ability and willingness to sell bitcoin for cash when necessary, a point aimed at lenders. The company is pursuing a credit rating and wants to issue bonds.
The coins went for less than Metaplanet had paid for them, and The Block reports that the resulting loss produced a deferred tax asset the company puts at about $97 million. That estimate is preliminary and has not been confirmed by its auditor.
CoinDesk’s figures show why creditors might want reassurance. The holdings were worth about $3.8 billion at the end of September against a cost of roughly $4.33 billion, an average of $98,454 a coin.
Metaplanet also set out a new allocation: 85 to 90 percent in bitcoin, with the rest in what it calls a net interest income strategy, buying preferred securities issued by other bitcoin treasury companies.
The existing income business is not filling the gap. Options revenue was about $5.4 million in the quarter, down 51 percent on the previous one, and the company said progress had fallen short of its initial expectations.
A sale reversed within the quarter proves the market can absorb 10,000 coins. It does not show what Metaplanet would do if a lender needed the cash to stay sold.



