Metaplanet, a Japanese company that adopted a bitcoin treasury strategy similar to that of corporate bitcoin advocates, has accumulated significant losses on its cryptocurrency holdings. The company has spent over $45 million to operate its treasury operations while carrying a $1 billion unrealized loss on its bitcoin investments.
Since April 2024, Metaplanet has purchased 43,000 BTC at an average cost basis of $102,502 per coin, totaling $4.41 billion in expenditures. With bitcoin closing near $77,600, the company has experienced a 24% decline on its investment. The company's cost basis was 36% higher than that of comparable corporate treasury strategies.
Operating Expenses
Metaplanet's fiscal reports disclose at least $45 million in expenses related to treasury operations since April 2024. These expenses include $4.5 billion in issuance costs, $1.9 billion in interest payments on a bitcoin-collateralized credit facility, $298 million in dividends to preferred shareholders, and $4.8 billion in selling, general, and administrative costs. Depending on how administrative costs are attributed, total expenses could exceed $70 million.
Financing Strategy and Leverage
The company initially funded bitcoin purchases through traditional coupon-bearing bonds issued in summer 2024. By late 2024 and into 2025, Metaplanet shifted to zero-coupon bonds coupled with moving-strike warrants to increase financial leverage while reducing immediate cash obligations to bondholders. As of June 30, 2026, the company had drawn 83% of its available credit line—$414 million from a $500 million bitcoin-backed facility.
Rising Costs and Stock Performance
Interest expense surged significantly, reaching $934 million in the first quarter of 2026 alone—more than 300 times higher than the $3 million interest expense during the first half of 2025. Metaplanet's common stock, while roughly tripling in price since heavy bitcoin purchases began in October 2024, has declined substantially from its June 2025 peak. Shares are down 82% from that high, 61% over the past 12 months, and 14% year to date.
