Risks in Bitcoin corporate treasury adoption and volatility

Strategy reported a $14.46 billion non-cash unrealized loss in Q1 2026 following Bitcoin price volatility that hit its 818,334 BTC holdings, which have an average cost basis of $75,532 per coin. The firm sold 3,588 BTC to cover preferred stock dividend obligations. This sale marked its first significant transaction. Strategy revenue reached $124.3 million for the quarter, but the firm reported a net loss of $12.54 billion. Strategy also reported a BTC Yield of 9.4% and a BTC Gain of 63,410 coins. Michael Saylor will step down as CEO to become executive chairman to focus on Bitcoin acquisition. Strategy maintains cash reserves of approximately $2.1 billion against $11.68 billion raised through various financing rounds. Tesla produced 464,391 vehicles in Q3 2026 and delivered 486,532. This figure exceeds the 461,974 delivery consensus by 24,558 units. However, Tesla’s energy storage deployment of 13.7 GWh missed the 15.9 GWh consensus mean by 2.2 GWh. You should watch the mNAV premium closely to see if these companies can continue raising capital through equity.

Yen-denominated accumulation and currency risk

Metaplanet holds 43,000 BTC, worth $2.6 billion, after adding 2,823 BTC in Q2 2026. The company uses cheap yen debt and ordinary bonds to fund these purchases. This strategy relies on a weak yen to increase the value of Bitcoin held in yen. Japan and the US conducted a joint currency intervention on July 31, where Japan spent $36.6 billion to support the yen. This intervention undermines the depreciation thesis that drives Metaplanet’s accumulation. Metaplanet’s shares dropped 45% year-to-date and fell more than 85% from its 2025 peak. The company also acquired Tokyo brokerage Siiibo Securities for $13 million in June and launched a study into bitcoin-backed digital corporate bonds under the name Project NOVA.

In June, Metaplanet’s mNAV slipped below 1.0x and fell as low as 0.90x. This compression means the market values the company at less than its Bitcoin holdings. Strategy’s stock fell 82% from its July 2025 peak, while K Wave Media sold its entire 88 BTC holding in May to pay down debt. Metaplanet’s shareholder base grew from under 50,000 to more than 212,000 by late 2025. Japan’s Bank of Japan held rates at 1% in its early-August meeting. This rate increase makes the cost of yen-denominated debt less attractive for treasury companies. Can these regional treasury models withstand a strengthening yen?

Legal investigations and retail volatility

GameStop raised $1.5 billion via a bond offering to fund Bitcoin purchases. The board unanimously approved an update to their investment policy to add Bitcoin as a treasury reserve asset for long-term value preservation. Its shares climbed 18% recently as the market linked the stock to Bitcoin price movements. The GME token gained 50% over the last week. GameStop reported earnings per share of $0.30, which beat analyst expectations of $0.08. The company also confirmed it will receive additional shipments of Nintendo’s upcoming Switch 2, which launches on June 5. Retail sentiment on Stocktwits remains extremely bullish as users expect Keith Gill, also known as Roaring Kitty, to express an opinion on the company.

Semler Scientific faces a class action lawsuit because it allegedly failed to disclose a material investigation by the US Department of Justice into False Claims Act violations. The investigation concerns allegations that defendants issued materially false or misleading statements. The deadline to register for this action is October 28, 2025. The company’s public statements were materially false or misleading during the class period from March 10, 2021, to April 15, 2025. The failed Bitcoin treasury model is clearly dangerous for companies with fixed repayment deadlines.