Metaplanet Q3 Bitcoin Gains Plunge 39%, Secures $100M Loan
Japanese investment firm Metaplanet reported a 39% drop in Q3 Bitcoin valuation gains, falling from ¥17.4 bn to ¥10.6 bn after the October crypto crash. The firm holds 30,823 BTC at an average cost of $108,000, now trading around $103,000, marking a 5% unrealized loss. To lower its acquisition price, Metaplanet secured a $100 m Bitcoin-collateralized loan on October 31. Q3 share amortization costs reached $26 m, and the firm’s stock slid over 27% in a month amid JPX scrutiny of crypto-holding firms. Metaplanet aims to accumulate 210,000 BTC via equity financing by end-2027.
Bearish
The news is bearish for Bitcoin. Metaplanet’s 39% drop in Q3 gains and 5% unrealized loss underline downward price pressure following the October crash. Securing a $100 m Bitcoin-collateralized loan may increase sell-side pressure if margin calls occur. The 27% slide in its stock amid JPX scrutiny adds regulatory risk. In the short term, this weakens market sentiment and may spur further downside. In the long term, Metaplanet’s plan to accumulate 210,000 BTC by end-2027 could support demand, but immediate implications remain negative given current losses and funding pressures.