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Metaplanet holds course on Bitcoin accumulation despite market rout
Company doubles down as shares tumble
Japan-based Metaplanet said it will keep buying Bitcoin (BTC) even as the broader crypto market downturn has heavily pressured its stock price. The firm disclosed that it purchased roughly $451 million worth of Bitcoin during Q4 2025, bringing its corporate treasury to 35,102 BTC. The purchases came as Bitcoin briefly touched around $60,000 during the Asia trading open, prompting CEO Simon Gerovich to reaffirm the strategy on X.
Gerovich acknowledged shareholder pain caused by recent share-price declines but reiterated that Metaplanet will "steadily continue to accumulate Bitcoin, expand revenue, and prepare for the next phase of growth." The company’s stock has been volatile: shares were down more than 6% at the time of the latest update and have plunged more than 63.4% over the past six months.
Balance sheet and cost basis under pressure
Public treasury data from Bitcoin Treasuries shows Metaplanet’s average acquisition cost is about $107,716 per BTC, putting the company at an unrealized loss near 39% given current market levels. The result is a tough interim picture for shareholders, but Metaplanet’s leadership is treating the pullback as an accumulation opportunity rather than a trigger to sell.
To bolster reserves and reduce leverage, Metaplanet also announced plans to raise up to $137 million via a combination of common shares and stock acquisition rights. That fundraising news temporarily weighed further on the equity, with the stock falling more than 3.5% on the day the plan was disclosed.
Context: corporate Bitcoin holders weathering losses
Metaplanet is not alone in carrying paper losses on corporate Bitcoin positions. Strategy, identified as the largest corporate Bitcoin holder, reported a $12.6 billion net loss for Q4 2025. With an average acquisition cost around $76,052 per BTC, Strategy’s holdings are also in the red, with losses exceeding 13% at current prices. Despite this, Strategy CEO Michael Saylor has similarly vowed to keep buying Bitcoin and downplayed liquidation risks—saying BTC would need to fall to about $8,000 before that scenario becomes material.
What this means for investors and the crypto market
Metaplanet’s continued accumulation underscores a broader trend: several institutional and corporate holders view drawdowns as buying windows rather than exit points. For crypto investors and market watchers, that behavior can signal long-term conviction from corporate treasuries and may influence liquidity and price discovery dynamics in futures and spot markets.
Still, shareholders face real near-term volatility. Metaplanet’s strategy balances additional Bitcoin exposure with a planned capital raise to strengthen the balance sheet — a common approach among corporate BTC acquirers trying to navigate prolonged market turmoil while maintaining strategic reserves.
Investors tracking corporate Bitcoin holdings should watch metrics like average acquisition cost, unrealized gains/losses, and announced funding moves to understand how companies are managing both treasury risk and growth opportunities.
Source: crypto
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