Why Metaplanet Sold 10K BTC and Bought More

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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 and fixed-income investors that its bitcoin fortune is genuinely liquid.

The cash raised from the sale exceeded the company’s roughly ¥122.4 billion in net bonds, borrowings, and other relevant liabilities. It’s worth noting that those debts were not repaid. Instead, Metaplanet wanted to show that it could monetize enough BTC to cover its obligations if necessary.

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Data show Bitcoin futures traders are pursuing overhead short positions, raising the chance of a rally to $80,000.

A liquidity imbalance in Bitcoin (BTC) is building near $80,000, with more than $4 billion in short positions vulnerable to liquidation above that level. The setup strengthened after Bitcoin defended support near $76,100 for two days and formed bullish signals on the lower time frames.

BTC short liquidations stack above $80,000

On the one-hour chart, Bitcoin formed a bullish divergence between the price and the relative strength index (RSI), with improving momentum and higher lows near $76,100, suggesting underlying buying strength. BTC also retested $78,000 on Thursday after defending the $76,100 support level multiple times this week.