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Public bitcoin treasury firms report large paper losses on BTC holdings
Metaplanet disclosed a $1.5 billion paper loss on about 43,000 BTC as of end-June, while Strategy reported an $8.2 billion paper loss, totaling nearly $10 billion across the two firms.
CoinDesk, in its Daybook newsletter, highlighted how large bitcoin treasury firms are carrying substantial paper losses on their BTC holdings. Tokyo-listed Metaplanet reported a $1.5 billion unrealized loss on its 43,000 BTC as of end-June, and the report noted that Strategy, the largest public digital asset treasury company, disclosed a comparable paper loss of $8.2 billion last month.
Taken together, the two firms are sitting on nearly $10 billion in combined paper losses. CoinDesk added that if those losses were tokenized, they would be about the 11th largest digital asset by market value, behind dogecoin but ahead of several other token categories cited in the newsletter.
The newsletter also pointed to concentration risk tied to holding a single cryptocurrency, and it said many of these firms have funded BTC purchases by issuing debt. CoinDesk framed the concern as similar to government borrowing in that both can result in high indebtedness relative to income.
Despite the losses, CoinDesk said the market appears not to be pricing in immediate stress, with bitcoin trading between $62,000 and $66,000 and much of the day’s activity below $64,000. It also cited analyst comments that suggest bearish momentum may be fading as BTC approaches the 200-week moving average, while traders watch for potential cues from August’s Jackson Hole symposium and upcoming economic data.
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