Metaplanet Sold 10,000 Bitcoin and Bought Back 11,000 to Prove a Point

What happened: Metaplanet sold 10,000 BTC and repurchased 11,000 BTC in the third quarter, a net gain of 1,000 BTC, to show credit rating agencies it can and will convert Bitcoin to cash. Key numbers: Holdings reached 44,000 BTC as of September 30. Why it matters: The company says it now intends to pursue a credit rating, and its Bitcoin Income Generation business has booked revenue for eight consecutive quarters. CEO Simon Gerovich said the holdings make Metaplanet the second-largest listed Bitcoin treasury company.

Metaplanet sold 10,000 BTC and repurchased 11,000 BTC in the third quarter, a net gain of 1,000 BTC, to show credit rating agencies it can and will convert Bitcoin to cash.

The company says it now intends to pursue a credit rating, and its Bitcoin Income Generation business has booked revenue for eight consecutive quarters. CEO Simon Gerovich said the holdings make Metaplanet the second-largest listed Bitcoin treasury company.