Metaplanet sold 10,000 BTC and bought back 11,000 at a higher average price to show it was willing to sell its Bitcoin.

The Japanese treasury company was pursuing a credit rating and better access to financing, and its Oct. 5 disclosure explained why turning coins into cash was part of that effort. Prospective creditors needed confidence that management could use its holdings to meet obligations, even if shareholders bought into the company because of those holdings.

Proving the point was expensive, with Metaplanet receiving ¥124.7 billion from the sale and spending ¥149.9 billion on the subsequent purchase, paying roughly 9.3% more per coin.

Applying that average purchase price to the 10,000 coins replaced produces a price difference of about ¥11.57 billion, before transaction costs and potential tax effects. That gives shareholders an expensive receipt for the demonstration.

The company didn't use the proceeds to repay borrowings or bonds, and it ended September with 44,000 BTC. Selling was part of an effort to improve the financing behind continued accumulation.

That brings us to the strange relationship underlying the corporate Bitcoin trade. Shareholders are usually happy to wait years for a higher price, but lenders have contracts that specify when they want their money back. The same reserve has to satisfy both groups.

A company that owns an asset as liquid as Bitcoin isn't quite the same as a company having cash available to pay a bill. Coins may be pledged against borrowing, or management may be unwilling to sell at the available price.

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