Metaplanet actively increases Bitcoin investment portfolio size to a new high

Despite the volatile changes in the cryptocurrency market, Japan's crypto treasury company Metaplanet is expanding against the trend. Entering the last quarter of 2025, the company has accumulated over $451 million worth of Bitcoin, demonstrating a strong commitment to digital gold through concrete actions.

Significant Increase in Bitcoin Holdings, Dual Approach of Financing and Equity Issuance

According to Metaplanet CEO Simon Gerovich, the company purchased a total of 4,279 Bitcoins this quarter, at a cost of approximately $451.06 million. This move has increased its total Bitcoin holdings to 35,102 coins, with a cumulative investment of $3.78 billion.

The funding behind this expansion is quite substantial. The company mobilized multiple financing channels: on one hand, activating the previously announced $500 million credit line; on the other hand, raising funds by issuing new shares to overseas investors. Management stated that although leverage has been used in financing, the company maintains a cautious risk management stance to ensure sufficient collateral buffers even amid market volatility.

Market Fluctuations Cause Paper Losses, Stock Prices Under Pressure

The fourth quarter in the crypto market has been tumultuous. Bitcoin reached a high of $126,080 in October but fell below $85,000 within a few weeks. As of the report, Bitcoin's trading price was approximately $87,400, showing a clear retracement from recent highs. Based on current market prices, the 4,279 newly purchased Bitcoins are valued at about $374 million, representing a 17% paper loss compared to the actual purchase cost.

This market correction has also put pressure on Metaplanet's stock. The company's stock price on the US OTC market (ticker MTPLF) dropped 4.26% this week, closing at $2.70. The Tokyo Stock Exchange performed even worse, with a single-day decline of 7.95%, closing at 405 yen. With an mNAV ratio of 1.02, the market's valuation premium for Metaplanet is very limited, reflecting investors' cautious attitude toward the company's prospects.

Long-term Positioning or Short-term Risks

Metaplanet's aggressive accumulation strategy reflects its firm belief in Bitcoin's long-term value. Even under current market pressure, the company continues to expand. However, from an investment portfolio perspective, such a concentrated Bitcoin exposure combined with leveraged financing also exposes the company to price volatility risks. The future trend of Bitcoin will directly impact Metaplanet's balance sheet health and shareholder returns.