The Japanese company that hoards $BTC sold coins for the first time this quarter. 10,000 coins at an average price of $79,000. Then turned around and spent $950 million to buy back 11,000 coins at an average price of $86,000. Brought in $790 million, spent $950 million. Net increase of 1,000 coins, with a cash net outflow of $160 million. The boss said this was done to show creditors and rating agencies that these assets can be liquidated anytime. But he sold at a time of his choosing and didn’t explain how the coins were offloaded. In the end, this whole transaction gets counted on the shareholders’ tab. The market cap of this stock has always been lower than the value of the coins it holds. Today, Tokyo dropped another 9+%. If I were betting on a company that hoards coins, I’d have to go through the same dance for the creditors.