Metaplanet Bitcoin Sale: 10,000 BTC Sold, 11,000 Bought Back

Metaplanet sold 10,000 bitcoin in the third quarter, then bought back 11,000. The company explained the Metaplanet bitcoin sale in a disclosure filed on October 5. That left it with 44,000 BTC on September 30, a net gain of 1,000. Decrypt covered the story on X.

Metaplanet disclosure, titled as an additional purchase notice that includes a sale and reacquisition of bitcoin.

Why Metaplanet Sold Its Bitcoin

The filing says the Metaplanet bitcoin sale was meant to show it can turn bitcoin into cash. Credit rating agencies and bond investors care whether an issuer will actually sell its main asset when needed, the company argues. A peer with a no-sale stance, it adds, may see its bitcoin treated as less liquid in a credit review.

So Metaplanet sold more than its total bonds, borrowings and preferred shares, net of cash and dollar stablecoins. The sale raised ¥124.7 billion against ¥122.4 billion of those liabilities. It held the money in cash, and the debts were not repaid. They remain outstanding on their existing terms.

The company says the sale does not change its policy of holding bitcoin as a core asset. It wants a credit rating, which it hopes will open the door to corporate bonds and preferred shares.

What The Metaplanet Bitcoin Sale Cost

The Metaplanet bitcoin sale and the buyback were separate trades. The company sold first and held cash, then bought later. Prices moved in between, and the table shows how much.

Metaplanet filing, the table of bitcoin sold and purchased, with prices in yen.

Metaplanet sold at an average of ¥12,470,098 per bitcoin. It bought back at ¥13,626,928, about 9.3% higher. On 10,000 coins that gap is roughly ¥11.6 billion. The extra 1,000 coins came on top, at a total purchase cost of ¥149.9 billion.

The company says the round trip reflects a rise in the bitcoin price between the two trades. Its total holdings carry an average cost of ¥15,555,717 per coin. The coins it sold went out below that cost, which created a capital loss for US tax purposes.

The Tax Asset Behind The Trade

Metaplanet estimates a deferred tax asset of about US$97 million from that loss. It says the figure is preliminary and the auditor has not confirmed it. The asset may not be recognized at all, and the final number could differ a lot.

If recognized, the company believes it could offset all or part of the price gap and the trading costs. It plans to use the loss against future US capital gains, such as those from preferred securities. Gains from selling bitcoin to fund bond payments or dividends could also use it.

The firm adds that, because it measures bitcoin at fair value, the loss does not create a new accounting loss by itself. Treat every trade number here as a first draft, since the filing calls them unaudited.

Where Bitcoin Stands Now

CoinGecko shows bitcoin around $85,500 today, a gain of 0.4% on the day. Multiply that by 44,000 coins and you land near $3.8 billion. The company has also said it will chase a credit rating, but it gives no assurance it will get one.

Two things are worth tracking. One is the auditor's review of the tax asset after the quarter closes. The other is whether Metaplanet files for a credit rating and what it issues next.

This article is for information only and is not investment advice. Bitcoin prices move fast, so check the figures yourself.