Affected by the sharp decline in the cryptocurrency market in October, Metaplanet's quarterly Bitcoin valuation gains have significantly decreased, and the company's Bitcoin treasury continues to face pressure.
Japanese investment company Metaplanet recorded Bitcoin valuation gains of 10.6 billion yen (1.4 billion RMB) in the third quarter of this year, a 39% decrease from the 17.4 billion yen (2.4 billion RMB) reported in the previous quarter, according to the financial report shared by the company on the X platform on Thursday.
"The company's Bitcoin treasury business is still progressing steadily as planned and does not rely on short-term price fluctuations," Metaplanet stated.
The company also reported that the stock amortization cost for the third quarter was $26 million, which is the total cost incurred from issuing new shares during this period.
Stock amortization costs are typically used as an indicator of a company's financing costs.
Metaplanet, also known as "Asian Strategy," aims to accumulate 210,000 Bitcoins through equity financing opportunities by the end of 2027.
Since the record $19 billion cryptocurrency market crash on October 10, corporate-level cryptocurrency asset holders and Bitcoin treasuries have continued to face immense pressure.
Since the market crash, Metaplanet's Bitcoin holdings have been in a state of loss, as the investment company purchased all its Bitcoins at an average price of $108,000 each, which is nearly 5% below the current price of approximately $103,000 each.
"The company holds a total of 30,823 Bitcoins, with an average purchase price of $108,000 per coin. Such a large position is currently at a floating loss of 5%," macro analyst Kashyap Sriram wrote on the X platform on November 6.
The analyst also criticized Metaplanet's recent $100 million Bitcoin collateral loan, which was used to acquire more Bitcoins to reduce the overall holding cost. The investment company obtained this $100 million loan on October 31 using its held Bitcoins as collateral.
According to Yahoo Finance data, Metaplanet's stock price has fallen over 27% in the past month and more than 6.5% in the past five days.
According to Cointelegraph's report on Thursday, the Japan Exchange Group (JPX) is considering implementing new restrictions on companies holding listed cryptocurrencies, which has also put pressure on the company's stock price.
However, Metaplanet CEO Simon Gerovich stated that the concerns raised by JPX only apply to companies with weak approval processes that may evade compliance governance or information disclosure rules.
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Original: “Metaplanet Bitcoin (BTC) Gains Slump 39%, October Crash Continues to Impact Corporate Treasury”
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