- Metaplanet has spent over $45 million operating its Bitcoin treasury, which now carries a $1 billion unrealized loss on BTC holdings.
- The company’s average bitcoin purchase price of $102,502 is 36% higher than Strategy‘s cost basis, with BTC currently trading near $77,600.
- Interest expenses surged 300-fold in Q1 2026 as the company drew 83% of its $500 million credit line.
- Metaplanet’s stock has fallen 82% from its June 2025 high, despite tripling since October 2024.
Metaplanet has paid over $45 million to operate a bitcoin treasury that now holds a $1 billion unrealized loss, according to its fiscal reports. The Japanese company purchased 43,000 BTC at an average cost of $102,502 per coin, 36% higher than Strategy‘s $75,385 cost basis.
Bitcoin closed Friday near $77,600, meaning the investment has lost 24% of its value. Since April 2024, Metaplanet has disclosed at least ¥7 billion ($45 million) in treasury operating expenses, including ¥4.5 billion in issuance costs, ¥1.9 billion in interest on its BTC-collateralized credit facility, and ¥298 million in dividends to preferred shareholders.
After issuing traditional bonds in summer 2024, the company pivoted to zero-coupon bonds with moving-strike warrants, increasing leverage without immediate cash obligations. By June 30, 2026, it had drawn 83% of its $500 million credit line, leaving just $86 million available.
Consequently, interest expenses in Q1 2026 reached ¥934 million — more than 300 times higher than the ¥3 million incurred during the first half of 2025. Metaplanet‘s common stock has declined 14% year to date, 61% over the past 12 months, and 82% from its June 2025 high.
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