China News Daily Official TheBitTimes.com

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. Metaplanet deal puts ‘King of Death Spiral Financing’ on both sides Read more: Metaplanet pitches stock buybacks after 96% mNAV decline 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 ...

Crypto exchange BitMart might not be shutting down after all, following this weekend’s announcement of plans to explore a potential “restructuring plan.” BitMart says the plan may involve the phased “resumption of certain operations in an orderly manner alongside distributions to creditors.” Restructuring counsel White & Case has been hired to help BitMart assess its options, while a roadmap detailing its future will be released “no later than September 9, 2026.” Read more: BitMart CPO resigns as insolvency speculation mounts Just over a month ago, on July 26, BitMart announced that it would cease all of its operations by January 31, 2027.  What followed was weeks of panic from users trying and failing to withdraw all of their assets from the exchange.  BitMart’s Chief Product Officer Terence Lee resigned in a post that distanced himself from the crypto exchange’s core operations.  Its CEO Nathan Chow was terminated prior to the...