Metaplanet significantly increased its Bitcoin holdings at the end of last year, with strategic considerations for a crypto portfolio exceeding 350,000 coins

Headquartered in Japan, Bitcoin treasury company Metaplanet announced a large-scale crypto asset allocation in Q4 2025, purchasing over $451 million worth of Bitcoin, further strengthening its substantial investment portfolio. This proactive market deployment not only reflects the company’s long-term confidence in digital assets but also serves as an important case study for market observers analyzing strategic layouts of crypto asset companies.

Year-End Purchase Scale and Capital Mobilization

According to publicly disclosed information from CEO Simon Gerovich, Metaplanet bought a total of 4,279 Bitcoins in Q4, spending approximately $451.06 million. The average purchase price was $105,412 per Bitcoin, bringing the company’s total Bitcoin holdings to 35,102 coins. The accumulated cost of these holdings over the years is about $3.78 billion, with an average acquisition cost of $107,606 per Bitcoin, demonstrating a carefully constructed long-term investment strategy.

Funding for this quarter’s purchases came from diversified sources, including credit financing and a new share issuance targeting overseas investors. The company utilized the $500 million credit line announced in October to support share buybacks and increase Bitcoin holdings. Management emphasized that leverage remains within conservative limits; even amid market volatility, the company maintains sufficient collateral buffers, highlighting professional risk control.

Cost Analysis Amid Market Adjustments

The crypto market experienced significant adjustments in Q4 2025. Bitcoin, which peaked at $126,080 in October, sharply retreated below $85,000. As of the latest data, Bitcoin’s trading price is approximately $70,880, down 2.52% in the past 24 hours. At current prices, the market value of the newly acquired assets this quarter is about $304 million, representing a roughly 33% reduction compared to the actual invested amount, underscoring the volatility characteristic of crypto markets.

This market correction also exerted pressure on the publicly disclosed stock holdings. Metaplanet’s stock traded on the US OTC market under the ticker MTPLF, falling 4.26% this week to $2.70. On the Tokyo Stock Exchange, the stock dropped 7.95% in a single day, closing at 405 yen, reflecting market reassessment of risks associated with crypto asset companies.

Stock Performance and Portfolio Premium Rate

Despite adverse market conditions, the relationship between Metaplanet’s portfolio composition and its stock valuation warrants attention. According to official company data, the mNAV ratio (market net asset value ratio) is 1.02, indicating that the market’s valuation of Metaplanet shows limited premium over its Bitcoin holdings. Investors primarily price the company based on the value of its Bitcoin portfolio. Under these circumstances, the correlation between the company’s stock price and crypto asset price movements becomes a key driver, highlighting the importance of strategic asset allocation for crypto treasury companies.