Metaplanet Doubles Down on Bitcoin as Stock Slumps

Bitcoin treasuries are sitting on unrealized losses

As of Friday, Bitcoin was down about 50% from its all-time high of $126,080 set in October, 2025. The Crypto Fear & Greed Index, a gauge of market sentiment, fell to its lowest reading since the Terra Luna crash in May 2022.

According to Coinglass, $1.844 billion of crypto long positions were liquidated on Thursday.

Corporate Bitcoin whales were also displaying losses on their balance sheets. Strategy, the largest public holder of Bitcoin, logged a $12.4 billion net loss in the fourth quarter of 2025, as Bitcoin dropped below the firms average purchase price of $76,052.

Strategys shares had dropped 17% on its Thursday call, even as the company said that its capital structure remained “stronger and more resilient” and that it had no major debt maturing until 2027.

Bitcoin treasuries are sitting on unrealized losses

Strategys latest disclosure showed it bought another 855 BTC on Monday, worth about $75 million.

Like Strategy, Metaplanet hasn‘t signaled plans to unwind its exposure or sell its Bitcoin holdings. Metaplanet’s average cost for its Bitcoin holdings is $107,716, according to BitcoinTreasuries.NET.

Crypto treasuries based on assets other than Bitcoin are feeling the pressure as well. Ethereum treasury Bitmine held around 1.17 million Ether (ETH), while sitting on more than $8.25 billion in unrealized losses.