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