Bitcoin bet backfires?
Metaplanet just reported a staggering $605 million full-year loss after Bitcoin pulled back sharply from its October highs — and the scale of the position is turning heads.
The company built a massive $2.4 billion BTC position, accumulating at an average price of $107,000 per coin. With Bitcoin retracing, that aggressive strategy has resulted in significant paper losses.
But they’re not stepping away from the trade.
Management says they plan to lean into options-writing strategies to generate yield and help cushion volatility — essentially trying to monetize the position while waiting for the next move.
It’s a high-conviction approach: • Big exposure
• Big volatility
• Big upside — or downside
Now the real debate begins:
Is this just a temporary drawdown ahead of the next rally?
Or is it a reminder that concentration risk can look a lot like confidence — until the market turns?
What do you think? Smart long-term positioning… or leverage dressed up as strategy?
