Metaplanet actively allocates in cryptocurrency portfolios, adding $450 million worth of Bitcoin holdings in Q4.

Metaplanet, a Bitcoin treasury company in Japan, launched a large-scale investment portfolio expansion plan in Q4 2025, channeling significant funds into the crypto market through diversified financing avenues. This strategic move, amid increasing global macroeconomic volatility, has made Metaplanet’s asset structure, financing strategy, and stock performance key focuses for investors. The company’s portfolio adjustment reflects a firm confidence in the long-term value of Bitcoin.

Q4 Bitcoin Holdings Grow, Portfolio Reaches New High

According to official disclosures from Metaplanet CEO Simon Gerovich, the company purchased a total of 4,279 BTC in Q4, spending approximately $451 million. This results in an average purchase price of about $105,412 per Bitcoin. After this increase, Metaplanet’s total holdings reached 35,102 BTC, with a total investment of around $3.78 billion, and an average acquisition cost of $107,606 per Bitcoin.

The funding sources for the portfolio expansion are diversified. The company’s $500 million credit line announced in October played a key role in this purchase, supporting both the existing share repurchase plan and providing liquidity for Bitcoin accumulation. Additionally, the company raised some funds through new share issuance targeting offshore investors. Management emphasized that the borrowing scale is set with rational limits, ensuring sufficient collateral buffers during market volatility and reducing liquidity risk.

Market Volatility Applies Downward Pressure, Short-term Challenges for Portfolio

During Q4, Bitcoin experienced intense price fluctuations. The leading cryptocurrency soared to a high of $126,080 in October, then rapidly retraced to around $85,000 within weeks. As of the report, Bitcoin’s trading price was approximately $87,400. As of mid-March 2026, Bitcoin’s price had further declined to $69,620, with a 24-hour drop of 1.46%.

This means that, based on the purchase prices at the time, the market value of the Bitcoin assets acquired in Q4 has shrunk to about $374 million, a decline of over 17% from the actual invested amount of $451 million. Calculations based on today’s prices show even more significant accumulated losses. The market correction in cryptocurrencies has also put pressure on Metaplanet’s stock. The company’s OTC stock in the US, ticker MTPLF, fell 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.

Portfolio Quality Assessment and Limited Market Premium Space

According to data released by Metaplanet, the current mNAV (market Net Asset Value ratio) is 1.02, indicating that the market’s valuation of the company’s portfolio is quite rational. Compared to the actual value of Bitcoin holdings, the market only assigns a 1.02x premium, suggesting limited confidence in the company’s business model and management capabilities. This also implies that the market’s understanding of crypto treasury companies as a new asset class is still in the exploration stage.

Metaplanet’s portfolio expansion strategy faces short-term tests from market price fluctuations, but from a long-term strategic perspective, the company is building its competitive advantage as an institutional-grade crypto asset manager through continuous Bitcoin accumulation. The growth of the portfolio, optimization of financing structures, and the execution of Bitcoin faith will be key indicators in assessing the company’s long-term value.