Metaplanet Collapses 78% From Its Peak as Bitcoin Strategy Unravels

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 BTC purchases.

We have seen this over and… pic.twitter.com/yZh3fZ6Ylb

— Ted (@TedPillows) November 6, 2025

But that’s not even the worst part.

In what looks like a page from a risky playbook, Metaplanet just secured a $100 million Bitcoin-backed loan.

The goal: buy more Bitcoin.

Yes, they’re doubling down while already underwater.

Borrowing against Bitcoin has never ended well. It’s the same trap that crushed several miners and funds during past downturns. Once Bitcoin dips, collateral ratios fall, and lenders start calling in margin.

If Bitcoin treasury companies are this fragile with prices above $100K, what happens if BTC slides back to $90K or $80K?

The math gets ugly fast.

Metaplanet isn’t a small player. The company holds 30,823 BTC, bought at an average of $108,000 per coin, a staggering $3.3 billion position.

At current prices, that stash is worth closer to $3.1 billion, a paper loss of over $150 million.

The firm was once celebrated as “Japan’s MicroStrategy.” Today, it’s the latest reminder that leverage and conviction can be a dangerous mix.

Instead of cutting losses like a cautious trader, Metaplanet is trying to average down by buying more Bitcoin with borrowed cash. Analysts say the move is either reckless or genius, depending on where Bitcoin goes next.

Some market watchers think Metaplanet’s new loan might be part of a bigger play. By buying large amounts of BTC, the firm could be trying to engineer a short squeeze, pushing prices up and forcing traders who bet against Bitcoin to cover.

It’s a bold idea. But timing matters.

And right now, Bitcoin’s volatility is rising, not falling.

In traditional finance, companies avoid adding leverage during uncertainty. In crypto, apparently, that’s the moment to take out a nine-figure loan.

While Metaplanet is busy doubling down, BlackRock seems to be taking chips off the table.

On-chain trackers spotted the world’s largest asset manager moving $673 million in Bitcoin and Ethereum to Coinbase wallets, a signal that immediately sparked market chatter.

Here’s the breakdown of what was transferred:

•  4,652.87 BTC (≈ $478.5 million)
•  57,455 ETH (≈ $194.9 million)

That’s a combined $673 million, and traders noticed.

Some believe the move is just operational, ETF rebalancing or fund allocation.

Others think it’s a prelude to a massive selloff.

Within hours, rumors started flying.

“BlackRock just started dumping Bitcoin on Coinbase ahead of Trump’s huge announcement,” on-chain analyst @danny_crypton wrote. “Over the last 48 hours, they’ve sold roughly $3 billion in BTC and ETH.”