Bitcoin companies are learning that holding forever takes cash
BTC when published $83,081Now $80,595 ▼ −2.99% since it was published
Metaplanet sold 10,000 BTC and bought back 11,000 at a higher average price to show it was willing to sell its Bitcoin. The Japanese treasury company was pursuing a credit rating and better access to financing, and its Oct. 5 disclosure explained why turning coins into cash was part of that effort. Prospective creditors needed confidence that management could use its holdings to meet obligations, even if shareholders bought into the company because of those holdings. Proving the point was expensive, with Metaplanet receiving ¥124.7 billion from the sale and spending ¥149.9 billion on the subsequent purchase, paying roughly 9.3% more per coin. Applying that average purchase price to the 10,000 coins replaced produces a price difference of about ¥11.57 billion, before transaction costs and potential tax effects.
First reported by CryptoSlate. This page is a short excerpt; the full text is theirs.
