Metaplanet burned through 83% of a $500 million credit line to build 43,000 BTC, and now it wants investors to fund the next leg

Metaplanet moved over 5,000 Bitcoin (worth about $322 million) this week, triggering market speculation that the firm might be liquidating a portion of its corporate reserves.On Aug. 12, CEO Simon Gerovich shut down the rumor and explained that the transfer was a routine custody operation, with no Bitcoin sold and total holdings unchanged at 43,000 BTC. Network fees for moving the hundreds of millions of dollars in value totaled about $8.While the physical reserves remain untouched, the company's newly released financial disclosures reveal a sweeping structural pivot beneath the surface.During the first half of the year, the company recorded a ¥182.77 billion net loss, driven almost entirely by a steep ¥184.30 billion valuation loss reflecting the declining yen-denominated value of its treasury.Despite generating ¥3.33 billion in operating profit and ¥4.94 billion in revenue over the six months ending June 30, the severe non-cash charge highlights the volatility embedded in the Bitcoin-heavy corporate balance sheet. The filings show that sustaining the company's purchasing momentum now requires a complex mix of collateralized borrowing, zero-interest bonds and other financing as it...