Metaplanet Doubles Down on Bitcoin Strategy Despite Market Chaos and Mounting Unrealized Losses
While traditional markets wobble and red ink flows on balance sheets, one company is leaning harder into crypto.
The Bitcoin Bet Gets Bigger
Metaplanet isn't just holding its ground—it's charging forward. The firm is reaffirming an aggressive accumulation strategy for Bitcoin, treating recent stock market declines and paper losses as mere noise in its long-term symphony. This isn't a hedge; it's a conviction play, positioning the digital asset as a core strategic reserve against traditional financial volatility.
Navigating the Paper Storm
Unrealized losses? For Metaplanet, they appear to be a feature, not a bug, of this high-stakes phase. The approach suggests a stark divergence from conventional corporate treasury management, where short-term P&L often dictates strategy. Instead, they're playing a different game, one that looks past quarterly reports to a potential future where crypto assets sit at the center of global finance. It's the kind of move that makes traditional CFOs sweat—or scoff into their spreadsheets.
In a world obsessed with next-quarter earnings, betting the treasury on Bitcoin's decade-long promise is either visionary or recklessly optimistic. Either way, Metaplanet is cutting its own path, bypassing Wall Street's usual playbook entirely. Let the legacy finance guys keep their bonds and buybacks; this is a new playbook being written in real-time, unrealized losses and all.
Metaplanet CEO calls for calm as company shares drop 5.56%
Metaplanet’s shares closed Friday down 5.56% on the Tokyo Stock Exchange at 340 yen. The stock has fallen 18.27% over five days and is down 33.33% over the past month, according to data from Google Finance. Even with losses piling up, the company has promised to continue buying Bitcoin.
The Japan-based digital asset treasury firm is the fourth-largest public corporate holder of Bitcoin globally, trailing only Strategy, MARA Holdings, and Twenty One Capital, per Coingecko data. Metaplanet held 35,102 BTC on its balance sheet at the time of this publication.
The company significantly expanded its holdings during the final quarter of 2025, purchasing $451 million in Bitcoin. According to BitcoinTreasuries.Net, Metaplanet’s average purchase price is $107,716 per Bitcoin, which places the firm at an unrealized loss of about 39% at current prices.
To all our shareholders who continue to support us unwaveringly despite the daily fluctuations, we sincerely thank you from the bottom of our hearts. Your understanding and support are a tremendous source of strength for us.
Metaplanet’s CEO.
BTC’s dreadful price performance since last October has caused losses for every corporate holder, with the software business Strategy taking the largest slice of the stale cake.
The world’s largest public Bitcoin holder reported a $12.4 billion net loss in last year’s fourth quarter. The profit shedding came from Bitcoin’s price slump below the firm’s average purchase price of $76,052.
Strategy’s shares dropped 17% following its earnings call on Thursday, but the company’s lead, Michael Saylor, said there are no major debt maturities scheduled before 2027.
Metaplanet’s management trusts Bitcoin will perform in 2026
As covered by Cryptopolitan last week, CEO Gerovich confirmed that Metaplanet completed an equity financing round that raised 12.2 billion yen, or about $79.5 million, through a share issuance. He mentioned the firm could also collect up to $137 million when stock acquisition rights are included.
The financing included the issuance of 24.53 million new shares at a 5% premium. Metaplanet also issued 25th Series warrants with a 15% premium on future capital inflows that, if exercised, could generate an additional 8.8 billion yen, or $57.3 million.
The warrants have a defined exercise period, exercisable between February 16, 2026, and February 15, 2027.
Gerovich’s statement was against the backdrop of a formal company notice released earlier in the day. That notice detailed the issuance of new shares and stock acquisition rights, conducted through a third-party allotment structure, which its board approved in late January.
According to the notice, about 14 billion yen, or $91.2 million, is earmarked for the acquisition of more Bitcoins. “The acquisition of additional Bitcoin is expected to strengthen the company’s financial foundation and enhance its value preservation function under macroeconomic conditions characterized by fiat currency depreciation and inflationary pressures,” the company said.
Earlier this week, the Tokyo-listed firm revised its full-year fiscal 2025 forecast and released its outlook for fiscal 2026. The revenue for fiscal 2025 reached 8.9 billion yen, exceeding an earlier prediction of 6.8 billion yen by 31%. Meanwhile, operating income went up 34% to 6.3 billion yen during the same period.
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