Summary
This is an excerpt from CoinDesk newsletter ‘Daybook.’ Sign up here, if you haven’t already.
Talk about the concentration of risk.
The two largest publicly listed bitcoin BTC$63.417,11 treasury firms alone are sitting on paper losses big enough to rival the market value of major cryptocurrencies with strong utilize cases.
Early Thursday, 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$0.06996 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.
