Metaplanet, Japan’s self-proclaimed Bitcoin pioneer, is in deep trouble. The company’s stock has collapsed 78% from its all-time high, and its Bitcoin-heavy treasury is officially underwater. According to CoinMarketCap, Bitcoin now trades around $101,200, putting Metaplanet’s $108,000 average BTC cost basis about 5% in the red. That means the company’s massive 30,823 BTC position, once worth a fortune, is now bleeding. Metaplanet is now down 78% from its peak. Their $BTC cost basis is around the $108,000 level, which means they’re already underwater. And here’s something that is even worse. They have secured a $100M Bitcoin-backed loan to do more
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