Metaplanet Ends Q3 With 44,000 BTC After Selling and Buying

Metaplanet sold 10,000 bitcoin and later bought 11,000 in the third quarter, ending September with 44,000 BTC after a net increase of 1,000. The Japanese company said the transactions were intended to demonstrate that it could convert its bitcoin holdings into cash, as it pursues a credit rating and expands its financing options. The sale proceeds were held in cash before Metaplanet separately repurchased bitcoin, according to the company. It said the exercise was aimed at showing rating agencies and fixed-income investors that its principal treasury asset could be monetized. The company did not use the proceeds to repay its interest-bearing liabilities. Metaplanet said it plans to seek a formal credit rating, which it hopes could broaden access to financing. Alongside the transactions, Metaplanet revised its asset-allocation policy. It now targets keeping approximately 85% to 90% of its assets in bitcoin, with 10% to 15% available for strategic investments, including income-generating assets. The company has described a net interest income strategy in which it would invest in assets expected to earn more than the cost of funding them.