Metaplanet Sells Bitcoin, Then Boosts Holdings
Explore our platform for exclusive crypto trading strategies and receive expert assistance with your cryptocurrency trades. Visit https://telegram.me/binancefuturesignal Here's what happened with Metaplanet's unusual BTC transaction in Q3. One of the largest corporate holders of bitcoin sold 10,000 units during the third quarter of the year, according to the company’s most recent filing, only to buy more back. This rather surprising move was designed to prove that its massive bitcoin treasury can be converted into cash when needed. The filing reveals that the company sold 10,000 BTC for ¥124.7 billion (approximately $790 million) and held the proceeds temporarily in cash. Shortly after, it purchased 11,000 BTC for almost ¥150 billion and ultimately increased its holdings by an additional 1,000 units. Consequently, its total stash grew to 44,000 BTC as of September 30. The purchase, the firm explained, was completed to demonstrate to credit-rating agencies...