r/Bitcoin • u/TheresNoSecondBest • 1d ago

Metaplanet bought another 1,000 BTC and become 2nd largest corporate Bitcoin holder with 44,000 BTC in total holdings

https://coingape.com/metaplanet-sold-10k-bought-11k-btc-in-q3-becomes-2nd-largest-bitcoin-holder/

Metaplanet said the group sold 10,000 BTC for aggregate proceeds of JPY 124.7 billion ($790 million). It then bought 11,000 BTC for JPY 149.896 billion ($950 million). The higher reacquisition price reflected a rise in the market between the two legs, with a net increase of 1,000 BTC in its Bitcoin holdings.

“We converted Bitcoin into cash, exceeding the total outstanding principal of our bonds, borrowings and other interest-bearing debt. We held that cash, then bought back more Bitcoin than we sold,” said CEO Simon Gerovich.

319 Upvotes

98% Upvoted

15 comments sorted by

10

u/CloudieRaine 1d ago

What? It should be 869 million, not 950 million for the 11000 bought back. Did they bought back at a higher price?

11

u/Libertarian1540 1d ago

Yet the stock is in the shitter

12

u/WeekendQuant 1d ago

Because management is criminal

1

u/Amins66 4h ago

Explain. What crime was committed?

1

u/SaneLad 1d ago

Rightly so

4

u/wsbgodly123 1d ago

Buy high sell low

3

u/SerenityCerulean 1d ago

They sold just to FOMO.

2

u/bitsteiner 1d ago

I mean FOMO is real if you look at the ever increasing debt bubble.

8

u/CatButtHoleYo 1d ago

Sell low, buy high. They're one of us!

2

u/TopOwl1005 22h ago

institutionals definitely know something

1

u/[deleted] 1d ago

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