Metaplanet Sells $247M Worth of BTC Amid $1.6 Billion Unrealized Loss

Metaplanet, Japan's third-largest Bitcoin treasury firm, moved out 3,881 BTC on Wednesday, amid concerns over a $1.6 billion unrealized loss in its holdings.

The company transferred the Bitcoin in five transactions, valued at almost $247 million at current prices near $63,800.

This move comes as Metaplanet holds 43,000 BTC acquired for $4.410 billion, resulting in a 38% drawdown on its position.

The stock price of Metaplanet fell 5.15% to close at 221 JPY, with the year-to-date (YTD) return down 52%.