Metaplanet Reports $651 Million Unrealized Loss on Bitcoin Holdings

Tokyo-based Metaplanet Inc. recorded an unrealized loss of approximately $651 million on its 30,823 BTC holdings as of November 26, according to analyst Shanaka Anslem Perera. The company acquired its position at an average cost of $108,036 per coin, while Bitcoin traded around $87,500. Metaplanet's stock declined 81% from June through late November, with shares trading below the value of underlying Bitcoin assets. A shareholder vote scheduled for December 22 will determine whether approximately ¥21.25 billion in capital from a perpetual preferred equity instrument proceeds forward.