Japanese bitcoin treasury firm Metaplanet significantly expanded its crypto holdings in the fourth quarter, investing more than $450 million in bitcoin during a period marked by sharp market swings.
The company acquired 4,279 bitcoin between October and December, spending $451.06 million at an average price of $105,412 per coin, according to a statement shared by CEO Simon Gerovich on X. The latest buying spree brings Metaplanet’s total bitcoin reserves to 35,102 BTC.
Overall, the firm has spent about $3.78 billion building its bitcoin treasury, with an average acquisition price of $107,606 per bitcoin. At current market prices, those holdings are valued at roughly $3.06 billion.
Metaplanet has acquired 4279 BTC during Q4 2025 for $451.06 million at ~$105,412 per bitcoin and has achieved BTC Yield of 568.2% YTD 2025. As of 12/30/2025, we hold 35,102 $BTC acquired for ~$3.78 billion at ~$107,606 per bitcoin. $MTPLF $MPJPY pic.twitter.com/AFRldH4hVI
— Simon Gerovich (@gerovich) December 30, 2025
Buying Through a Volatile Quarter
Metaplanet’s purchases came during a turbulent stretch for bitcoin. After reaching a record high of $126,080 in early October, the cryptocurrency fell sharply, dipping below $85,000 within weeks. At the time of writing, bitcoin was trading near $87,400, down about 2.4% over the past 24 hours.
Because of the downturn, the bitcoin Metaplanet bought in the fourth quarter is now worth an estimated $374 million, about 17% less than the amount the company paid. Still, the firm has continued to frame bitcoin as a long-term strategic asset rather than a short-term trade.
Impact on Shares and Market Valuation
The broader decline in crypto prices also weighed on companies with large bitcoin treasuries. Metaplanet’s U.S.-listed shares (MTPLF) closed down 4.26% on Monday at $2.70 on OTC Markets, well below their peak above $15 in May. In Japan, the company’s Tokyo-listed stock fell 7.95% on Tuesday to close at 405 yen.
Despite the sell-off, Metaplanet’s own data shows its modified net asset value (mNAV), which compares the company’s market value to the value of its bitcoin holdings, stands at 1.02. This suggests the stock is trading at a slight premium to its underlying bitcoin treasury.
Financing Strategy and Risk Management
In October, Metaplanet announced a $500 million credit facility aimed primarily at funding a share buyback program, designed to address what the company viewed as a discount between its share price and its bitcoin holdings. Part of that facility was also used to fund additional bitcoin purchases.
The firm has emphasized that its borrowing is tightly controlled. It has said its bitcoin holdings provide substantial collateral coverage relative to the size of the loan and that its internal policies limit leverage to ensure buffers remain even during periods of severe price volatility. Metaplanet has also raised capital through new share issuances to overseas investors, while stating that the financial impact of the loan would be minimal by year-end.
A Long-Term Bet on Bitcoin
Metaplanet’s aggressive accumulation strategy places it among a growing group of companies treating bitcoin as a core treasury asset. While recent price declines have reduced the paper value of its holdings and pressured its share price, the company appears committed to its long-term thesis.
As bitcoin continues to test investor confidence with sharp moves in both directions, Metaplanet’s approach highlights the risks and conviction involved in building a corporate balance sheet around digital assets.
