This is an excerpt from CoinDesk newsletter 'Daybook.'
Tokyo-listed Metaplanet (3350) revealed a paper loss of $1.5 billion on its 43,000 BTC as of end-June. Last month, Strategy (MSTR), the world’s largest public digital asset treasury (DAT) company, reported a comparable paper loss of $8.2 billion. Combined, that’s nearly $10 billion.
To put the scale into perspective: If these losses were tokenized, the resulting “Loss Token” would be the 11th largest digital asset by market value, just behind dogecoin (DOGE) and well ahead of tokenized Treasury coins such as ONDO, privacy leaders like ZEC and DeFi giant AAVE.
This trend underscores the extreme financialization of bitcoin and the concentration of risk in a single token. Compounding the issue, many DAT firms have consistently favored issuing debt to fund purchases of BTC. That strategy raises the question of how different they are from governments that borrow heavily to fund investments that fail to generate adequate returns.
For now, however, the market doesn’t appear to be worried about these dynamics. BTC continues to trade between $62,000 and $66,000, as it has for weeks.
