Metaplanet's Unrealized Loss for 43,000 BTC Reaches $1.15 Billion
Metaplanet, a company holding significant Bitcoin positions, has seen its unrealized loss deepen. As of June 30, Metaplanet held approximately 43,000 BTC, valued at around ¥409 billion, which is roughly $1.15 billion lower than its cumulative acquisition cost.
The company's official disclosure provided a clearer fixed snapshot, showing an aggregate Bitcoin cost basis of approximately ¥659.3 billion and a June 30 market value of about ¥409 billion. The difference was roughly ¥250.3 billion, which translates into a larger dollar loss under exchange rates used by several reports.
Metaplanet's average purchase price stood at ¥15.33 million per BTC as of June 30, and the company continued to accumulate Bitcoin even while its position was underwater. In fact, during the second quarter, Metaplanet purchased another 2,823 BTC at an average price of ¥12.71 million per coin.
This approach resembles averaging down, which can improve future returns if Bitcoin recovers but increases the absolute loss if the decline continues. The company's accumulation pace has slowed, and it added 5,075 BTC during the first quarter of 2026, compared with 2,823 BTC during the second quarter.
Metaplanet's debt structure also poses a risk, as the company relies on credit facilities, ordinary bonds, and revenue from its Bitcoin income business to fund its operations. If the value of collateral falls, borrowing capacity may shrink just when the company wants to buy more Bitcoin.