Metaplanet Hits BTC Holdings Goal

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Market Snapshot: Overnight Moves

Daily Updates:

• The weekend rally that pushed BTC to $71K has stalled with the token now trading below $68K. 
• Even with that rally, BTC ended up posting its fourth consecutive weekly loss; a clear sign of the current lack of catalysts to push prices meaningfully higher. 
• Since the October liquidation, total crypto market cap has declined by close to $2T. 

• Trading volumes were muted yesterday with US markets closed for the Presidents’ Day holiday and mainland Chinese markets closed for the Lunar New Year holidays.

• Last Friday, a slower-than-expected inflation print from the BLS led to markets repricing the depth of rate cuts that would be delivered by the Federal Reserve. 
• The two-year treasury yield is currently trading at its lowest level since August 2022 (just shy of 3.4%), while overnight index swaps are currently pricing around 64bps of cuts (equivalent to two quarter-point cuts and half of a third cut). That is up from 58bps prior to the inflation release. 

• Headline CPI rose 0.2% on a monthly basis in January according to the report which was below expectations of 0.3% and the smallest gain in the measure since July 2025. 
• Year-over-year, inflation came in at 2.4% for the headline and 2.5% for the core, the smallest rise in core prices since 2021. 
• There were some hints of continued tariff inflation in goods — video and audio products rose 2.2%, computers and smart home assistants rose 3.1%, while apparel prices rose by 0.3%.
• Speaking after the release on Yahoo Finance, Chicago Fed President Austan Goolsbee said “I think rates can go down more, even several cuts more, from where they are today. But that’s conditional on getting inflation back on path to 2%”. He added that “Right now we are not on a path back to 2%. We’re kind of stuck at 3%, and that’s not acceptable.”

• Tokyo-listed Metaplanet announced on Monday, in its fiscal 2025 earnings presentation, that it recorded a net loss of $619M for the year ended Dec. 31, reversing net income of $28.9M a year earlier.
• The result was driven by a $665.8M non-cash valuation loss on its bitcoin holdings. Metaplanet ended the year with 35,102 BTC, up from 1,762 BTC a year earlier (Q4 2024), ranking as the fourth-largest public corporate bitcoin holder.
• The company highlighted an equity ratio of 90.7% and said its balance sheet could withstand an 86% bitcoin price decline, based on the spot price as of Dec 31,2025.
• The company earns revenue primarily from premiums earned by writing bitcoin options. Revenue rose to $58M and operating profit to $41M, supported by this options premium income.

• Zcash Open Development Lab, or ZODL, has announced a new chapter for the project’s development, with the former Electric Coin Company team continuing its work under a revamped structure.
• As part of the transition, the Zashi wallet will be rebranded to Zodl via an upcoming app update.
• ZODL says the shift supports Zcash adoption with a continued focus on privacy and shielded ZEC.

• Wintermute announced yesterday the launch of institutional OTC execution for tokenised gold, offering PAXG and XAUT trading versus USDT, USDC, fiat and major crypto assets.
• CEO Evgeny Gaevoy expects the segment to scale 2.8x to $15B in 2026.
• The firm says demand is rising as gold hovers near record highs, with tokenised rails enabling 24/7 liquidity, faster settlement, real-time hedging and more flexible collateral use.

• deBridge announced on Monday that it has launched a Model Context Protocol server, enabling AI agents and developer tools such as Claude, Cursor and Copilot to execute swaps, bridging and multi-step onchain flows across EVM chains and Solana.
• The protocol says the server offers deterministic, MEV-aware execution with users retaining custody, while abstracting wallet orchestration, chain switching and transaction retries behind a single interface.

• ZeroLend is shutting down after prolonged operating losses, with founder Ryker announcing the closure on Monday in a post on X and citing an increasingly unsustainable DeFi ecosystem.
• TVL has fallen 98% from a roughly $359M peak in November 2024 to about $6.6M, now concentrated on Linea, Ethereum and ZKsync Era, with smaller balances on other chains.

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