Metaplanet, one of the largest corporate bitcoin holders, sold 10,000 BTC in the third quarter for 124.7 billion yen (approximately $790 million), before buying back 11,000 BTC for nearly 150 billion yen. This move, which increased its reserves by 1,000 units, was designed to prove to credit-rating agencies and fixed-income investors that its bitcoin treasury is genuinely liquid. The cash raised from the sale exceeds the company’s 122.4 billion yen in net debt, demonstrating it could cover its obligations if necessary. However, the sale generated a U.S. tax capital loss that could potentially create a deferred tax asset of approximately $97 million.
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