Bitmine Immersion Technologies has kept adding to its Ether stash, extending a buying streak that now stretches 65 consecutive weeks. The company purchased an additional 53,501 ETH last week, a move that arrives as a broader market rebound has supported the value of its digital-asset portfolio even as earlier-cycle drawdowns continue to weigh on reported results.

According to the latest figures cited in DropsTab data, Bitmine’s holdings now total more than 5.9 million ETH. Based on an Ether reference price of $2,511 as of Sunday, the stake is valued at roughly $14.8 billion—placing the company at about 4.9% of Ethereum’s 120.7 million circulating supply and keeping it close to its publicly stated goal of reaching a 5% ownership level.

Key takeaways

• Bitmine added 53,501 ETH last week, maintaining a 65-week consecutive Ether accumulation streak.
• The company’s ETH holdings are now above 5.9 million ETH, roughly $14.8 billion at a $2,511 reference price.
• Bitmine controls about 4.9% of Ethereum’s circulating supply, narrowly below its goal of 5%.
• DropsTab estimates Bitmine is still down about $5.1 billion in unrealized losses on its Ether position.
• Chairman Tom Lee highlighted ETH’s strong relative performance versus major crypto assets since June 30.

Buying streak continues as Ether’s price recovery lifts portfolio marks

Bitmine’s latest acquisition brings a steady cadence of purchases through a period that has been challenging for the asset. The company’s accumulation began during a downturn that started in the fourth quarter of last year, when Ether and the wider crypto market moved sharply lower.

While the new purchases increase the number of ETH held, the impact on investor perception depends on what happens next to Ethereum’s price. The portfolio’s marked value has benefited from the recovery referenced in the report, but the balance sheet still reflects substantial drawdown from earlier purchases.

Using DropsTab’s estimates, Bitmine is currently sitting on approximately $5.1 billion in unrealized losses tied to its Ether holdings. Those paper losses underscore a key dynamic for long-term accumulation strategies: even if weekly buying continues unabated, improvements in market prices may take time to erase declines from the earlier portion of the cycle.

How close Bitmine is to a 5% ownership target

With more than 5.9 million ETH in its treasury, Bitmine is nearing a milestone that it has framed as a strategic objective. The report says the company owns around 4.9% of Ethereum’s 120.7 million circulating supply. That implies only incremental future purchases may be needed to cross its 5% target, assuming circulating supply estimates remain comparable.

For investors, this matters because large, persistent holders can influence how the market interprets supply distribution—especially in a network where the narrative often centers on scarcity and long-term demand. Although Bitmine’s purchases are not described as an attempt to influence short-term price, approaching a specific ownership threshold can become a reference point for sentiment as more institutions evaluate exposure to Ethereum.

Even so, the degree of closeness to the goal should be watched alongside two moving pieces: Ethereum’s circulating supply figures and the pace of Bitmine’s continuing weekly buying. Any changes in either could shift how quickly a 5% stake is reached.

Tom Lee points to relative strength since late June

Bitmine’s chairman, Tom Lee, linked the company’s accumulation narrative to performance across major cryptocurrencies. He said Ether, Bitcoin (BTC), and Solana (SOL) have been the three best-performing major assets since June 30, with ETH leading the gains.

In remarks included in the report, Lee argued that this relative outperformance could encourage institutions to add crypto exposure, especially after the broader market demonstrated strength versus other macro assets during the third quarter.

That framing is relevant for readers because it ties Bitmine’s continued strategy to a macro-to-crypto rotation thesis: if crypto outperforms “other macro assets,” institutions that had been cautious may find it easier to justify increasing allocations. Still, the longer Bitmine sustains its weekly purchases through volatile price periods, the more it may reinforce a perception of conviction—whether or not market observers agree with the timing.

Shares move, but unrealized losses remain a central marker

Following the latest Ether purchase, Bitmine’s NYSE-traded shares (BMNR) were reported up about 1.3% on Monday morning, trading at $24.09, according to Yahoo Finance data. The same source was cited as suggesting the stock is positioned for an almost-40% increase by month-end.

Even with that near-term stock momentum, the report’s emphasis on unrealized losses provides a reminder that equity performance does not directly translate to the economics of the underlying crypto position. A share price can move on expectations about future valuation, while the treasury’s reported gains or losses depend on Ether’s price relative to historical acquisition costs.

That gap between market expectations and treasury accounting is often where volatility can show up for investors in crypto-linked public companies. If Ether continues its rebound, the scale of unrealized losses could narrow; if it falters, the losses could widen again—even as the weekly buying streak continues.

Earlier coverage from Cointelegraph highlighted Bitmine’s push toward the 5% ownership concept and referenced Ether breaking above key levels in the context of the company’s extended purchasing pace. The current update continues that same storyline, but with more concrete progress on total ETH held and the latest week’s accumulation.

As Bitmine remains in the market every week, the next things investors should watch are whether Ether’s price holds above the recent recovery range and how quickly Bitmine closes the remaining distance from 4.9% to its 5% target—alongside any changes in the size of its unrealized loss estimate from week to week.

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Strive, a publicly traded asset manager and Bitcoin treasury company, has accelerated its Bitcoin accumulation by adding 1,800 BTC to its balance sheet over the week of Aug. 24–Aug. 28. The purchases, totaling about $143 million including fees and expenses, pushed the company deeper into the ranks of the largest publicly traded corporate Bitcoin holders.

CEO Matt Cole confirmed the acquisition on Monday, describing the buys as part of an ongoing strategy. According to the company’s reported figures, Strive paid an average of $79,431 per Bitcoin for the latest tranche.

Key takeaways

• Strive bought 1,800 BTC for roughly $143 million between Aug. 24 and Aug. 28, including fees and expenses.
• Holdings rose to 23,156 BTC, up from 21,356 BTC a week earlier.
• The latest week’s accumulation accelerated gains: an adviser to Saturn Credit said the increase represented about 8.4% in five business days.
• Strive moved up the corporate holder rankings, overtaking Bullish to become the fifth-largest publicly traded corporate Bitcoin holder, based on industry tracking.
• Broader buying aligns with market rebound after a US Treasury policy update supported risk assets and helped Bitcoin recover.

Strive’s rapid accumulation lifts corporate ranking

The most recent week’s purchases raised Strive’s total Bitcoin holdings to 23,156 BTC, compared with 21,356 BTC just a week earlier. This continues a pattern of quicker ramp-ups rather than steady, slower additions.

Earlier coverage from Cointelegraph noted that Strive had already bought 1,110 BTC the previous week for roughly $81.5 million, at an average price of $73,409 per coin. Taken together, the two consecutive weeks show the company increasing its weekly pace while Bitcoin’s price moved higher.

Industry adviser Adam Livingston, an adviser to Saturn Credit, said the latest acquisition lifted Strive’s Bitcoin holdings by approximately 8.4% within five business days. That rate matters because it indicates Strive is not only adding to its treasury, but doing so at a speed that changes its relative position among other public corporate buyers.

Strive’s latest tranche also appears to have improved its standing in the corporate Bitcoin ecosystem. According to bitcointreasuries.net, the purchase helped Strive move ahead of Bullish, placing it among the world’s five largest publicly traded corporate Bitcoin holders.

What the timing suggests: policy-driven rebound and risk appetite

Strive’s buying comes during a period when Bitcoin and broader digital asset markets have been rebounding. Cointelegraph reported that the market recovery accelerated after the US Treasury Department announced plans to double the size of certain long-term bond buybacks on Aug. 19. That development helped push Treasury yields lower and supported risk assets.

In that context, Bitcoin rallied more than 23%, reaching a recent high above $81,000, as cited by Cointelegraph’s market coverage. For corporate buyers, such macro shifts can influence both funding conditions and the perceived opportunity cost of waiting for a better entry point.

Strive’s latest purchases—executed across Aug. 24–Aug. 28—therefore landed while the market was already regaining momentum rather than during a deep drawdown. However, the company still averaged $79,431 per BTC for the week, which reflects the ability of treasury-focused firms to deploy capital amid volatility and changing sentiment.

Strive isn’t the only corporate buyer: Strategy resumes after a pause

Strive’s acceleration is part of a wider wave of corporate Bitcoin activity. Cointelegraph noted that Michael Saylor’s Strategy, the largest publicly traded corporate Bitcoin holder, announced Monday that it resumed buying BTC for the first time since June.

Strategy said it purchased 4,603 Bitcoin at an average price of $80,318. The acquisition reportedly lifted its holdings back above 845,000 BTC following four Bitcoin sales since May.

For investors watching corporate treasuries, this is an important contrast: some companies reduce exposure through sales to fund operations or manage balance-sheet priorities, while others treat market dips and rebounds as opportunities to rebuild or expand reserves. Strategy’s decision to restart buying after a sales period aligns with the broader market recovery narrative, while Strive’s continued buildup suggests it is prioritizing steady expansion of its treasury.

Why the corporate race matters for the market

The competitive dynamics among publicly traded Bitcoin holders are more than a ranking exercise. When large buyers increase their reserves, it can reinforce confidence in Bitcoin as a reserve asset and add an additional layer of demand that is not directly tied to short-term retail sentiment.

At the same time, the data shows how quickly positions can change. Livingston’s estimate that Strive’s Bitcoin holdings rose by about 8.4% in five business days illustrates how capital deployment pace can quickly alter relative standings. Strive went from holding 21,356 BTC to 23,156 BTC in roughly a week, a magnitude that’s large enough to shift it up the corporate leaderboard.

Still, readers should note that these developments don’t necessarily reveal Strive’s longer-term target or whether the firm plans to keep increasing its pace. The filings and purchase windows in the reporting provide a snapshot of current behavior, but the sustainability of the acceleration depends on future balance-sheet capacity, financing decisions, and how management responds as market conditions evolve.

With Bitcoin back above key levels cited in recent reporting, and corporate buyers reactivating or accelerating purchases, the next thing to watch is whether Strive maintains this speed of accumulation in the weeks ahead—and whether other major publicly traded treasuries follow Strategy’s lead in restarting or extending buy programs.

Bitmine Immersion Technologies extended its Ether buying streak to 65 consecutive weeks, adding 53,501 ETH last week as a broader crypto market recovery lifted the value of its burgeoning digital asset portfolio despite sizable unrealized losses.

The latest purchase brought Bitmine’s holdings to more than 5.9 million ETH, valued at roughly $14.8 billion based on an Ether price of $2,511 as of Sunday. The company now owns 4.9% of Ethereum’s 120.7 million circulating supply, putting it within striking distance of its stated goal of owning 5%.

Bitmine’s chairman, Tom Lee, said Ether, Bitcoin (BTC) and Solana (SOL) have been the three best-performing major assets since June 30, with ETH leading the gains.

“We believe this sets the stage for institutions to add to their crypto holdings given the substantial outperformance of crypto versus other macro assets in 3Q so far,” Lee said.

Following the latest purchase, Bitmine is sitting on roughly $5.1 billion in unrealized losses on its Ether holdings, according to DropsTab data. The paper losses reflect sustained accumulation through the downturn, which began in the fourth quarter of last year and sent Ether and the broader crypto market sharply lower.

The company’s NYSE-traded BMNR shares were up 1.3% on Monday morning, at $24.09 apiece, poised to end the month with an almost-40% increase, according to Yahoo Finance data.

Related: Bitmine extends 14-month ETH buying pace as Ether breaks above $2.5K

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Coinbase has expanded its Webull infrastructure partnership into Canada, adding a fourth market to an agreement that already supports crypto services in the United States, Brazil and Australia.

Coinbase will supply Webull Canada’s crypto infrastructure

Coinbase said in an announcement that Webull Canada will use its Crypto-as-a-Service platform to support digital asset trading and custody. The arrangement gives Webull access to Coinbase’s liquidity and infrastructure while allowing customers to trade without leaving the Webull platform.

Rather than building its own trading and custody system, Webull will connect its Canadian service to technology already used in three other countries. Coinbase will handle the infrastructure behind the offering, while Webull will control the customer-facing investment experience.

Michael Constantino, CEO of Webull Canada, said Canadian clients are seeking access to more asset classes, including digital assets. In his view, Coinbase can provide the capacity and reliability needed to support the service.

“Canadian investors expect access to a growing range of asset classes, and crypto has become an increasingly important part of that mix,” Constantino said. “Our partnership with Coinbase provides the infrastructure needed to deliver this offering with the scale and reliability our clients expect.”

Webull Canada had already announced plans to introduce crypto trading after receiving regulatory approval. In a June statement, the company said the service would support 24-hour trading in assets including Bitcoin, Ethereum, Solana, XRP, Cardano, and Litecoin.

Beta access was expected to begin with selected clients before reaching more users, according to the June announcement. Webull said customers would be able to fund accounts, monitor portfolios, access reports, and trade digital assets within its existing platform.

Canadian crypto ownership has reached 25%

Demand data cited by Coinbase came from the Ontario Securities Commission’s 2025 crypto asset survey, which found that one in four Canadians owned crypto assets or crypto funds. The 25% national ownership rate was up from 10% in 2023.

Among respondents identified as investors, the ownership rate reached 39%, according to the OSC. About 30% of Canadians had owned crypto at some point, while 74% of current owners held cryptocurrencies directly through an exchange or another platform.

The findings provide the demand backdrop for Webull’s Canadian rollout, although the regulator also identified gaps in investor knowledge. The OSC reported that many owners continued to misunderstand the protections attached to crypto accounts and the risks associated with digital assets.

Webull Canada Crypto Limited is regulated by the Canadian Investment Regulatory Organization as an investment dealer. The company offers order-execution-only services, meaning customers make their own investment decisions without receiving portfolio recommendations from the platform.

While Webull Securities (Canada) Limited belongs to the Canadian Investor Protection Fund, Webull’s disclosures state that crypto assets do not qualify for CIPF coverage. Eligible cash held in a crypto trading account may receive protection within applicable limits and under the fund’s coverage policy, but the protection does not extend to cryptocurrencies themselves.

The distinction matters because CIPF generally covers missing property when a member investment dealer becomes insolvent. It does not insure investors against falling crypto prices, trading losses, or the failure of an asset.

Webull extends a partnership already active in the US

Before entering Canada, Coinbase’s infrastructure supported Webull crypto products in the United States, Brazil and Australia. Webull selected the company based on its available assets, liquidity, pricing, custody services, and ability to operate across several markets, according to Coinbase.

The U.S. part of the partnership gives the Canadian expansion a direct connection to American investors. Webull Corporation trades on Nasdaq under the ticker BULL and operates licensed brokerage businesses across 16 markets, according to the company’s June release.

Webull said it serves more than 27 million registered users globally. Its Canadian brokerage already offers Canadian and U.S.-listed shares, exchange-traded funds and options, along with cash, margin, tax-free savings and retirement accounts.

For Coinbase, the agreement supplies infrastructure to another financial platform without requiring Webull clients to trade directly through the Coinbase application. Crypto-as-a-Service products generally allow brokerages and financial technology companies to add digital asset functions while an external provider handles parts of trading, liquidity, and custody.

The Canadian rollout also builds on Webull’s existing local presence. The company entered Canada in January 2024 after obtaining regulatory authorization in November 2023, initially offering access to Canadian and U.S. equities.

Coinbase adds stocks, tokenized assets and EU services

Outside its work with Webull, Coinbase has continued adding products that combine crypto infrastructure with conventional financial markets. Earlier in August, crypto.news reported on its launch of nearly 4,000 U.S. stocks for eligible customers in the United Kingdom.

The UK service allows trading for 24 hours a day on five weekdays, with purchases funded through pounds or USDC. Coinbase also offers fractional shares starting from £1 and zero-commission trades, although its disclosures warn that currency movements can affect purchases made with pounds and that out-of-hours trading carries added risks.

Orders are routed through Coinbase Capital Markets Corporation and executed by Apex, while Apex Clearing holds the U.S. shares, according to the August report. Fractional shares remain unavailable outside regular U.S. trading hours even though supported whole-share orders can be placed during extended sessions.

Coinbase has also moved into stock-linked derivatives through Deribit. The derivatives exchange plans to offer perpetual contracts tied to companies such as Strategy and Robinhood, placing equity-linked products alongside its existing crypto derivatives business.

Onchain equities form another part of the company’s product expansion. On Aug. 24, Coinbase launched four stock tokens on Base, providing eligible non-U.S. users with exposure to Nvidia, Meta, Apple and Alphabet shares.

Each product initially represents a beneficial interest in one underlying share held through a segregated custody account. Coinbase Onchain SPV Ltd., an Abu Dhabi Global Market company, issues the securities, while U.S.-registered Alpaca Securities acts as the broker and custodian.

Chainlink later added Data Feeds for NVDAc, METAc, AAPLc and GOOGLc, allowing supported Base applications to calculate collateral values and monitor liquidations. Each lending protocol remains responsible for setting its borrowing limits and risk controls.

Coinbase has limited the Base stock tokens to eligible non-U.S. investors under Regulation S. The securities have not been registered under the U.S. Securities Act and are unavailable to U.S. persons, despite representing economic interests in shares of companies listed in the United States.

In Europe, Coinbase opened its Luxembourg hub under the Markets in Crypto-Assets framework in June. Its authorization from Luxembourg’s Commission de Surveillance du Secteur Financier permits the company to provide regulated crypto services across all 27 European Union member states through MiCA passporting rules.

Strive has purchased 1,800 Bitcoin for about $143 million, raising its treasury to 23,156 BTC and moving past Bullish into fifth place among public corporate holders.

Strive Bitcoin holdings reach 23,156 BTC

The U.S. Securities and Exchange Commission Form 8-K filing, submitted on Aug. 31, showed that Strive acquired 1,800 BTC between Aug. 24 and Aug. 28 at an average price of $79,431 per coin, including fees and expenses.

At the reported average price, the transaction cost approximately $143 million. Strive ended the period with 23,156 BTC, up from 21,356 BTC one week earlier.

BitcoinTreasuries.net data placed the Dallas-based company ahead of crypto exchange Bullish, which holds 22,000 BTC. The new balance made Strive the fifth-largest publicly traded corporate Bitcoin holder, behind Strategy, Twenty One Capital, Metaplanet, and MARA Holdings.

At a Bitcoin price of roughly $76,400, Strive’s holdings were worth about $1.77 billion. Market values can change with the price of BTC, while the filing did not disclose the company’s combined acquisition cost for its full treasury.

Chief executive Matt Cole confirmed the purchase in an Aug. 31 post on X.

“Strive acquired an additional 1800 BTC for $143M at an average cost of $79431 per bitcoin, bringing total holdings to ₿23156,” Cole wrote.

The acquisition followed another filing one week earlier in which Strive disclosed a purchase of 1,110 BTC for $81.5 million. As previously reported by crypto.news, the company paid an average of $73,409 per coin between Aug. 17 and Aug. 21, lifting its balance from 20,246 BTC to 21,356 BTC.

Across the two reporting periods, Strive acquired 2,910 BTC for approximately $224.5 million. Its average purchase price rose during the second week as Bitcoin moved through the upper-$70,000 range.

Share sales financed the Bitcoin purchase

Strive has used two Nasdaq-listed securities to raise money for its Bitcoin strategy: ASST common stock and SATA preferred stock. Both operate through at-the-market programs, which allow appointed sales agents to issue shares gradually instead of completing one large underwritten offering.

The latest filing showed that Strive’s outstanding Class A common shares increased by 3.58 million during the week, rising from 79.89 million to 83.47 million. Its Class B share count remained unchanged at 9.79 million.

Effective common shares outstanding consequently reached 93.26 million, while the assumed fully diluted count increased by 3.57 million to 96.52 million. The latter figure includes options and unvested employee awards but excludes 26.6 million shares tied to traditional warrants.

SATA issuance also continued, with the number of preferred shares climbing by 803,099 to 9.07 million. The security carries a $100 liquidation preference, placing its implied aggregate liquidation value at about $907.4 million.

Although Strive did not divide the purchase funding between the ASST and SATA programs, the simultaneous increase in both share counts showed that the company continued using common and preferred equity to support its treasury activity. Its filing also identified dilution from new ASST and SATA issuance as a risk for investors.

In June, Strive disclosed plans to add $2.1 billion of capacity to each program, creating up to $4.2 billion in possible new fundraising. The fundraising expansion gave the company more room to issue securities when market demand and pricing allowed.

For U.S. investors, ASST and SATA offer different exposure to Strive’s Bitcoin balance sheet. Common shareholders own the remaining equity after senior claims and can experience dilution as Strive sells more shares, while SATA holders have priority for declared dividends but do not own a direct claim on a fixed amount of Bitcoin.

SATA is a perpetual preferred security without a scheduled maturity date. Strive has maintained a 13% annualized dividend rate and began paying declared cash dividends every business day in June.

Strive’s cash position rises despite $143M purchase

Alongside its Bitcoin acquisition, Strive increased cash and cash equivalents by $11.6 million, from $171.9 million on Aug. 21 to $183.5 million on Aug. 28.

The company also continued holding 505,000 shares of Strategy’s STRC preferred stock. Although the number of shares did not change during the week, their reported fair value rose by $581,000 to $49.15 million.

Cash and STRC together had a reported value of approximately $232.65 million at the end of the period. Strive has used both assets as part of the reserves supporting its preferred-stock obligations.

Earlier in August, the company reported that it had retired all outstanding short- and long-term debt. Its second-quarter results showed a GAAP net loss of $257.6 million, including $234 million linked to declines in the fair value of Bitcoin and STRC during the quarter.

Preferred dividends also affect the amount available to common shareholders. Strive recorded $26.2 million in SATA dividends within its adjusted second-quarter loss attributable to common stockholders.

The company reported 6,236 BTC of purchases during the second quarter and 12,237 BTC during the first six months of 2026. An additional 303 BTC acquired through Aug. 7 brought the treasury to 20,167 BTC before several purchases later in the month.

Strive then bought 79 BTC for about $5 million between Aug. 10 and Aug. 14, followed by 1,110 BTC the next week and 1,800 BTC during the latest reporting period. The three transactions added 2,989 BTC in 15 days.

Back in May, a 1,109 BTC purchase had raised Strive’s holdings to 16,500 BTC and pushed the company ahead of Coinbase and Riot Platforms in the public-company ranking at the time.

ASST stock extends its August rally

ASST shares rose more than 5% during Monday trading after closing at $21.74 on Aug. 28. Market data showed the stock opened at $22.54 and traded between $21.95 and $23.46 during the session.

At approximately $23.16, ASST was up 6.5% on the day and had gained about 95% during August. Trading volume exceeded 5.2 million shares during the session, compared with an average near 5.18 million.

The stock’s rise followed a sharp increase in Strive’s Bitcoin balance and continued issuance under its common-stock program. ASST shareholders, however, remained exposed to Bitcoin price changes, preferred dividend costs, and further share issuance listed in the company’s SEC disclosures.

SATA traded near its $100 liquidation preference after falling below par the previous week. The preferred stock’s price matters to Strive because issuing shares well below $100 requires more units to raise the same capital, which adds to the company’s continuing dividend obligation.

Bitcoin traded near $78,000 during the same period after moving between approximately $77,161 and $79,346 over 24 hours. The cryptocurrency remained below Strive’s latest average purchase price of $79,431 but above the $73,409 average paid for the company’s preceding 1,110-BTC acquisition.

Metaplanet has paid over $45 million to operate a bitcoin (BTC) treasury company that has a $1 billion unrealized loss from investing in BTC.

The Japanese company that emulated Michael Saylor’s Strategy loaded its purchases far higher than Strategy’s $75,385 cost basis. It paid 36% more, to be precise.

Indeed, Metaplanet has paid $4.41 billion to buy 43,000 BTC at an average cost basis of $102,502 per coin.

Read more: Metaplanet pitches stock buybacks after 96% mNAV decline

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For context, BTC closed Friday near $77,600. That simple reality means that the company has lost 24% on its BTC investment, underperforming even a corporate treasury of idle cash in a bank account.

Since Metaplanet started purchasing BTC in April 2024, its fiscal reports disclose at least ¥7 billion (USD$45 million) worth of expenses to operate its treasury operations: ¥4.5 billion of issuance costs, ¥1.9 billion of interest to service its BTC-collateralized credit facility, ¥298 million of dividends to preferred shareholders who provided capital to buy BTC, and ¥4.8 billion of SG&A (selling, general, and administrative costs).

Those expenses are at least $45 million and, depending on the attribution of SG&A across BTC investment activities relative to other business operations, could rise above $70 million.

Although Metaplanet’s common stock has roughly tripled in price since management made particularly heavy purchases of BTC for the first time in October 2024, shareholders have experienced a rollercoaster ride. Shares have appreciated since 2024, yet closed this weekend down 82% from their June 2025 high.

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After issuing traditional, coupon-bearing bonds to fund its BTC purchases in the summer of 2024, by late that year and into 2025, Metaplanet pivoted to more exotic, $0 coupon bonds coupled with moving-strike warrants as it increased its financial leverage. 

As the company increased its BTC purchases without increasing literal cash obligations to bondholders, common shareholders increasingly shouldered financing costs via an overhang of dilutive convertibles.

Eventually, the trick of low cash outlays reversed as Metaplanet returned to traditional borrowing. By June 30, 2026, it had drawn a dangerous 83% of its available credit line: $414 million from its $500 million BTC-backed facility.

As the company rushed to make sure it had enough cash, its interest burden rose quickly. In the first quarter of 2026 alone, interest expense reached ¥934 million — more than 300 times higher than its ¥3 million interest expense during the first half of 2025.

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With rising interest costs and waning appetites from common shareholders to shoulder additional dilution, all to service an investment that is more than $1 billion underwater, Metaplanet’s stock price has understandably declined 14% year to date, 61% over the past 12 months, and 82% from its June 2025 high.

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