The October market crash has pressured Corporate Bitcoin treasuries, as Bitcoin fell under the average acquisition cost basis of multiple treasury firms.
Metaplanet’s quarterly Bitcoin valuation gains dropped sharply as the aftermath of October’s crypto market crash continues to weigh on corporate Bitcoin treasuries.
Japanese investment company Metaplanet recorded 10.6 billion yen or $1.4 billion in Bitcoin (BTC) valuation gains during the third quarter of the year, down 39% from the 17.4 billion yuan ($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.
