Metaplanet Doubles Down on Bitcoin Despite $179M Loss

Metaplanet, a Tokyo-based company, is facing financial headwinds as Bitcoin prices dip below $80,000. Despite the recent plunge in prices, Metaplanet remains committed to acquiring more Bitcoin, issuing new bonds to secure additional purchases.

Metaplanet's substantial Bitcoin holdings, valued at approximately $179.54 million, have experienced a 2% loss due to the recent price drop. The company's CEO, Simon Gerovich, has stated that Metaplanet's commitment to Bitcoin remains unwavering, despite the temporary setback.

Bitcoin has faced significant downward pressure in recent trading activities, with a loss of over 18.2% in the past week. The digital currency's price has recently dipped below the $80,000 mark, a level not seen since early November 2024. Currently, Bitcoin is trading at $80,462, following a sharp decline of 6.5% in the last 24 hours.

Metaplanet, which has recorded an average purchase price of $81,458 per Bitcoin, is experiencing a 2% loss on its overall Bitcoin investment. The company holds a total of 2,235 BTC, with these losses representing 20.9% of its market capitalization. Metaplanet's stock has also reflected similar trends, experiencing notable declines amidst broader market volatility.

Despite recent setbacks, Metaplanet is not retreating. On February 27, the company issued ¥2 billion (approximately $13.3 million) in zero-interest bonds aimed specifically at acquiring Bitcoin. This marks the seventh issuance of bonds for this purpose, indicating a robust strategy to enhance Bitcoin holdings.

These bonds are set to mature on August 26 at their face value, aligning with Metaplanet's long-term roadmap. By the end of 2025, the company aims to have accumulated a total of 10,000 Bitcoins, showcasing its ambitious growth plan. CEO Gerovich has stated that the market has recognized Metaplanet as Tokyo's preeminent Bitcoin company, with a vision to lead the Bitcoin renaissance in Japan.

Looking ahead, Metaplanet has articulated its goal of acquiring 21,0