Corporate Bitcoin Holdings Plunge 13% Amid US Tariff Turmoil

Amid growing market turbulence sparked by new US tariffs, two prominent corporate Bitcoin holders — Japan’s Metaplanet and a broad group of US-listed firms — are navigating the evolving role of digital assets on their balance sheets. Metaplanet has reinforced its long-term Bitcoin strategy by repaying $13.5 million in bonds ahead of schedule. However, corporate treasuries globally have seen over $4 billion in value erased from their Bitcoin holdings as market volatility takes its toll.

Corporate Bitcoin treasuries have taken a significant hit, shedding more than $4 billion in value following the announcement of new US tariffs on foreign imports. The aggressive economic move triggered a global market sell-off, and Bitcoin-linked corporate portfolios were not spared. As of April 7, the total value of corporate-held Bitcoin stands at roughly $54.5 billion, a sharp decline from the approximately $59 billion valuation just days prior. This plunge reflects broader market panic and renewed questions about the role of Bitcoin as a reliable asset within corporate treasuries.

The tariff announcement sent shockwaves through both traditional and crypto markets, with companies exposed to Bitcoin being especially hard hit. The Bitwise Bitcoin Standard Corporations ETF, an exchange-traded fund tracking a diversified portfolio of corporate Bitcoin holders, has plunged over 13% since the tariffs were unveiled. Even Strategy, a firm founded by Bitcoin evangelist Michael Saylor and often viewed as the poster child for corporate Bitcoin adoption, has not escaped the downturn. Shares of Strategy have mirrored the ETF’s slide, also falling more than 13%. The losses are not isolated to a few firms but represent a broader risk associated with holding a highly volatile, decentralized digital asset in environments where traditional economic shocks can ripple unpredictably through markets.

The decline has reignited a long-standing debate about whether Bitcoin truly belongs in corporate treasuries. Historically, these coffers have been filled with ultra-low-risk assets like US Treasury bills, intended to preserve capital and ensure liquidity. Bitcoin, by contrast, is known for its dramatic price swings and regulatory uncertainty. These concerns are echoed across financial circles. Despite 2024’s bull run, the recent selloff shows just how precarious this strategy can be.

One of the most notable cautionary tales is GameStop. In March, the struggling retailer saw its market capitalization drop by nearly $3 billion after it revealed intentions to convert a sizable portion of its reserves into Bitcoin. The plan, intended to emulate Strategy’s crypto-fueled success, was met with widespread skepticism. The message from markets appears clear: corporate Bitcoin adoption is no longer an automatic ticket to shareholder enthusiasm.

Despite growing criticism, some remain steadfast in their belief that Bitcoin offers strategic value in an increasingly unstable world. Fidelity Digital Assets argues that Bitcoin may serve as a long-term hedge against rising fiscal deficits, currency debasement, and geopolitical risks. That theory is being put to the test in real time. According to a market analysis, Bitcoin showed “signs of resilience” in the days following the tariff announcement — even as stocks and other risk assets crumbled.

The fallout from the tariffs has delivered a harsh reality check to firms betting big on Bitcoin. While digital assets may provide unique advantages in certain macroeconomic climates, their place in corporate finance remains contentious — particularly in an era of heightened global uncertainty. Investors and corporate leaders alike are now watching closely to see if Bitcoin can retain its appeal as a non-sovereign, permissionless asset in a world that appears to be retreating into economic nationalism.

In related news, Metaplanet, the Japanese hotel operator-turned-Bitcoin acquisition company, has repaid 2 billion yen ($13.5 million) worth of corporate bonds ahead of schedule. The repayment, announced on April 7, reinforces the firm’s strong liquidity position even as global markets face heightened volatility. According to the company’s statement, the early redemption of its 9th Series of Ordinary Bonds was completed on April 4, more than five months ahead of maturity. The zero-interest bonds, originally issued in March through Metaplanet’s in-house Evo Fund, were primarily used to fund additional Bitcoin purchases.

While the repayment won’t materially impact Metaplanet’s fiscal 2025 results due to the bonds’ zero-interest structure, the move signals fiscal discipline and strategic intent as the company deepens its identity as a Bitcoin treasury-focused firm. Once a relatively obscure player in the Japanese hospitality industry, Metaplanet has become one of the most closely watched Bitcoin adopters in Asia. Following a dramatic pivot in 2023, the company now trades publicly on the Tokyo Stock Exchange and has rapidly accumulated 4,206 BTC. This puts Metaplanet among the top 10 publicly traded Bitcoin holders globally, surpassing several US and European firms that have only cautiously dipped into digital assets.

In January 2024, Metaplanet unveiled an ambitious plan to purchase up to 21,000 BTC — roughly 1% of the total supply that will ever exist — by the end of 2026. To support the plan, the company aims to raise over $700 million through a combination of bond issuance, internal reserves, and equity financing. Despite Bitcoin’s recent turbulence, Metaplanet’s leadership has not wavered. On social media over the weekend, CEO Simon Gerovich reaffirmed the company’s unwavering stance on Bitcoin’s role in its financial roadmap. The comment came just as Bitcoin’s price briefly fell below $80,000 on April 7 in response to a global market sell-off. The panic was triggered by the "Liberation Day" tariff announcement, which rattled investors across asset classes.

Bitcoin’s dip mirrored steep declines in US equities, with the S&P 500 Index losing $5 trillion in market capitalization over two trading sessions. Yet, unlike many investors seeking safety, Metaplanet appears poised to leverage the downturn to buy more BTC at discounted prices. Metaplanet’s aggressive strategy hasn’t gone unnoticed. In the span of a year, its stock has risen a staggering 4,800%. While some investors see this meteoric rise as speculative, others interpret it as a reflection of growing institutional belief in Bitcoin and a shift in how corporate balance sheets can be structured in the digital age. The company’s financial architecture now mirrors that of early Bitcoin adopters like Strategy, with a strong focus on accumulating and holding BTC as a strategic reserve asset.

However, Metaplanet’s success is not without risk. As global markets enter a new period of protectionism and economic fragmentation, volatility in risk assets — including Bitcoin — is expected to increase. The tariffs, designed to reduce US dependence on foreign goods, may exacerbate inflationary pressures and further destabilize cross-border trade. In this climate, Bitcoin’s role as a non-sovereign hedge is both tested and validated. While short-term volatility may scare off traditional treasury managers, firms like Metaplanet are betting that Bitcoin’s finite supply, decentralized architecture, and growing institutional adoption will drive long-term returns.