The Japanese company Metaplanet has spent at least $45 million in operating expenses to manage its bitcoin treasury strategy while posting an unrealized loss of $1 billion on its BTC purchases. The company acquired 43,000 BTC at an average cost basis of $102,502 per coin, which is 36% higher than Strategy’s $75,385 cost basis. With bitcoin trading around $77,600, the company is experiencing a 24% loss on its investment. As of June 30, 2026, Metaplanet had drawn down 83% of its bitcoin-backed credit line, totaling $414 million out of $500 million available. The stock price has declined 82% from its June 2025 high.
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