Metaplanet and MicroStrategy report combined paper losses of nearly $10 billion on BTC holdings amid stagnant prices.
Tokyo-listed Metaplanet disclosed a $1.5 billion unrealized loss on its 43,000 BTC as of June 30, while MicroStrategy reported an $8.2 billion paper loss. Combined, the losses total nearly $10 billion, highlighting the risks of concentrated exposure to a single asset.
Both firms have borrowed heavily to accumulate BTC, raising concerns about debt levels relative to income. Bitcoin’s lack of inherent yield or cash flow further complicates the strategy. Despite the losses, BTC has traded between $62,000 and $66,000 for weeks, with little immediate market reaction.
Analysts note the current price range aligns with the 2021 bull-market peak, suggesting potential long-term optimism. However, the scale of losses underscores the volatility and financialization risks in digital asset treasuries.