Metaplanet Inc., the once-obscure Tokyo hotel operator turned Bitcoin (BTC) accumulator, is entering a decisive four-week stretch that could redefine how listed companies handle crypto on their balance sheets.

According to analyst Shanaka Anslem Perera, the firm now sits on a paper loss of around $651 million from its 30,823 BTC bet, even as it posts record profits and prepares a complex preferred-share deal that will test whether this model can actually survive a drawn-out Bitcoin downturn.

Metaplanet Inc., the once-obscure Tokyo hotel operator turned Bitcoin (BTC) accumulator, is entering a decisive four-week stretch that could redefine how listed companies handle crypto on their balance sheets.

According to analyst Shanaka Anslem Perera, the firm now sits on a paper loss of around $651 million from its 30,823 BTC bet, even as it posts record profits and prepares a complex preferred-share deal that will test whether this model can actually survive a drawn-out Bitcoin downturn.