Metaplanet Adds Net 1,000 BTC in Third Quarter, Bringing Holdings to 44,000
Summary
- Metaplanet said it increased its Bitcoin (BTC) holdings by a net 1,000 BTC in the third quarter, bringing its total to 44,000 BTC.
- Metaplanet said it sold 10,000 BTC and then repurchased 11,000 BTC to demonstrate its ability to convert its Bitcoin holdings into cash.
- Metaplanet said it aims to expand its funding options, including corporate bond and preferred-share issuance, and use that to further increase its Bitcoin holdings.
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Japan-listed Metaplanet increased its Bitcoin holdings by a net 1,000 BTC in the third quarter.
The company held a total of 44,000 BTC as of Sept. 30, crypto-focused media outlet BlockBeats reported on Oct. 5, citing Metaplanet.
Metaplanet sold 10,000 BTC during the third quarter and then repurchased 11,000 BTC, lifting its holdings by a net 1,000 BTC for the quarter.
The company said the sale and repurchase were meant to demonstrate its ability to convert its Bitcoin holdings into cash. It plans to use that to bolster market confidence in its creditworthiness and expand its funding options, including corporate bond and preferred-share issuance.
Metaplanet aims to further increase its Bitcoin holdings based on the financing capacity it has secured.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.