Metaplanet increases Bitcoin holdings to 44,000 BTC

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Japanese Bitcoin treasury firm Metaplanet sold 10,000 BTC for ¥124.7 billion ($790 million) in Q3 before buying 11,000 BTC for ¥149.9 billion ($950 million).

The transactions increased its holdings by 1,000 BTC to 44,000 BTC. Metaplanet said the exercise was intended to demonstrate its ability to convert Bitcoin into cash while keeping its debt outstanding.

The company estimated a potential $97 million deferred tax asset from the sale, subject to auditor confirmation.