Metaplanet’s Bitcoin Gains Fall 39% As October Crash Pressures...
The October market crash depressed corporate Bitcoin treasuries, as BTC fell under the average acquisition cost of multiple treasury companies.
Metaplanet’s quarterly Bitcoin valuation gains dropped sharply as the aftermath of October’s crypto market crash continued to weigh on corporate Bitcoin treasuries.
Japanese investment company Metaplanet recorded 10.6 billion yen ($1.4 billion) in Bitcoin (BTC) valuation gains during the third quarter of the year, down 39% from the $2.4 billion it posted in the previous quarter, according to earnings figures the company shared Thursday on X.
“The Company’s Bitcoin Treasury Business continues to progress steadily in line with plan and is not dependent on short-term price fluctuations,” Metaplanet said.
Related: Taiwan premier promises Bitcoin reserve assessment report by end of 2025
The company also reported a stock amortization cost of $26 million for the third quarter, which refers to the total costs associated with issuing new shares during this period.
The stock amortization cost is often used as a gauge of the cost of raising capital for a company.
Metaplanet, also known as “Asia’s Strategy,” aims to acquire 210,000 Bitcoin by the end of 2027, through equity financing opportunities.
Related: Bitcoin ETFs roar back with $524M inflows in best day since market crash
Corporate crypto holders and Bitcoin treasuries are still feeling the aftermath of the record $19 billion crypto market crash on Oct. 10.
Source: CoinTelegraph
