Metaplanet sold 10,000 Bitcoin in a credit-rating bid, only to buy back 11,000 BTC at a higher price per coin

Metaplanet sold 10,000 Bitcoin and later bought back 11,000 BTC to strengthen its credit profile and expand beyond accumulation during the third quarter.The Tokyo-listed company said it converted enough Bitcoin into cash during the third quarter to exceed the outstanding principal of its bonds, borrowings, and other interest-bearing debt. It subsequently rebuilt the position at a higher Bitcoin price, ending Sept. 30 with 44,000 BTC, up a net 1,000 for the quarter.The transaction forms part of a broader attempt to convince rating agencies and fixed-income investors that Metaplanet's Bitcoin reserves can be monetized when obligations come due.The company plans to seek a credit rating and use a stronger financing profile to support a new business that borrows through bonds, preferred stock and Bitcoin-backed facilities before investing in higher-yielding assets.The liquidity demonstration came at a priceBitcoin rose between Metaplanet's sale and repurchase, leaving the company paying substantially more to rebuild the position it had sold.According to the preliminary, unaudited figures in its statement, Metaplanet disposed of 10,000 BTC at an average price of ¥12.47 million per coin, ...