The company noted that the loss does not impact operational cash flow and is recorded only as a “non-operating expense” in accounting. Following the impairment, Metaplanet reported a consolidated ordinary loss of ¥98.56 billion ($640 million) and a net loss of ¥76.63 billion ($498 million). This translates into a comprehensive loss of ¥54.02 billion ($351 million) attributable to shareholders. Final results are scheduled for release on February 16.

In a statement, the company said, “Short-term accounting volatility is inherent in our business model. Our medium- to long-term BTC accumulation and capital strategy remain on track.”

By the end of 2025, Metaplanet held 35,102 BTC, up from just 1,762 BTC a year earlier. According to CEO Simon Gerovich, the company spent $451.06 million in Q4 2025 at an average price of $105,412 per BTC. Bitcoin traded at around $87,500 on December 31, 2025.

Valuation Losses and Financial Overview

Interestingly, despite these losses, Metaplanet revised its 2025 revenue forecasts upward. The company saw stronger-than-expected returns from bitcoin derivatives and options strategies (Bitcoin Income Generation).

• Revenue: ¥8.9 billion ($57.8 million), up 31% from previous estimate of ¥6.8 billion ($44 million)

• Operating income: ¥6.3 billion ($41 million), up 33.8% from ¥4.7 billion ($30.5 million)

Growth was supported by a new share issuance and a $500 million credit facility. Metaplanet said, “We were able to deploy capital more flexibly than anticipated and allocated more resources to the Bitcoin Income Generation Business.”

For fiscal 2026, Metaplanet expects:

• Revenue: ¥16 billion ($104 million), up 79.7%

• Operating income: ¥11.4 billion ($74 million), up 81.3%

• Bitcoin Income Generation contribution: ¥15.6 billion ($101.3 million)

Metaplanet’s Tokyo-listed shares fell 7.03% to ¥476 today, while its U.S. OTC-traded shares rose 1.56% on Friday to $3.26.

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The newly secured funds will be allocated across three strategic areas:

• New Bitcoin purchases
• Expanding Bitcoin-based revenue and yield operations
• Share repurchases when market conditions are favorable

Metaplanet Deepens Its BTC-Backed Financing Strategy

The move by the publicly listed Japanese firm is seen as an expanded version of one of the largest corporate Bitcoin-collateralized financing models to date. The company positions Bitcoin not merely as a reserve asset but as the core strategic asset of its long-term vision.

For this reason, Metaplanet prefers to generate liquidity by borrowing against its BTC rather than selling it — enabling the company to maintain its aggressively Bitcoin-focused balance sheet strategy. However, current market conditions are challenging. Over the weekend, Bitcoin fell to the $80,000 range, well below Metaplanet’s estimated cost basis of $108,000, creating significant unrealized losses on its holdings.

The “Mercury” Capital Program and the Impact of BTC Declines

The new loan coincides with Metaplanet’s recently announced “Mercury” capital initiative, which targets raising $150 million through the issuance of preferred shares to further increase the company’s Bitcoin reserves. However, the sharp drop in BTC price has complicated this plan:

• Lower BTC prices make raising capital more difficult
• Share issuance increases dilution pressure
• Investor sentiment becomes more fragile

Metaplanet’s stock fell 7.75% on Friday but recovered 2.24% today. Analysts note that if Bitcoin remains at lower levels, a successful capital raise could help reduce the company’s average cost basis.

What Does This Mean for Bitcoin-Focused Companies?

Metaplanet’s decision highlights a growing trend among crypto-aligned corporations: relying on Bitcoin-backed loans instead of selling BTC.

This strategy:

• Preserves long-term bullish expectations
• Generates liquidity without reducing BTC exposure
• Provides financial advantages, especially in low-interest environments

Experts believe this model could be adopted by more global companies in the coming years.

What Comes Next?

All eyes are now on how Metaplanet will navigate the ongoing Bitcoin downturn. The company’s highly leveraged BTC strategy raises key questions:

• Will this become a bold example of innovative treasury management?
• Or will it lead to a stress test of the limits of Bitcoin-collateralized financing?

Metaplanet’s approach will be closely watched by the market as a potential indicator of how corporate Bitcoin strategies evolve in the future.

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Metaplanet is known for implementing a secure and transparent Bitcoin accumulation strategy, particularly for institutional investors. The drop below MNAV is not merely a result of short-term price fluctuations; it also signals potential strategic opportunities for investors. This situation provides a chance to buy shares below intrinsic value, explore potential entry points, and reassess long-term portfolio strategies.

Bitcoin Accumulation Strategy and Previous Premium Period

Metaplanet began its $BTC accumulation strategy in April 2024. During this period, the company systematically increased its Bitcoin holdings, while share prices traded at a significant premium relative to the underlying asset value. In other words, investors were paying more than the market value of the company’s Bitcoin holdings for the shares.

Although shares reached an all-time high in mid-June, subsequent market volatility and the broader crypto downturn led to an approximate 70% decline. This drop reflects both short-term profit-taking and Bitcoin price volatility.

MNAV Ratio Falls to 0.99

According to the latest data released by Metaplanet, the MNAV ratio, which measures the company’s market value and debt relative to its Bitcoin assets, fell to 0.99 on Tuesday.

• What Is MNAV? – MNAV (Market Net Asset Value) represents the ratio of a company’s total market capitalization to its net assets (including Bitcoin and cash).
• What Does MNAV Below 1 Mean? – A ratio below 1 indicates that shares are now trading at a discount to the company’s net asset value, potentially creating a buying opportunity for investors.

Analysts note that the decline in MNAV also reflects market caution toward the company’s shares, suggesting that short-term volatility may remain high.

A Critical Period for Metaplanet Investors

These developments signal both risk and opportunity for Metaplanet investors. Experts emphasize that the company’s Bitcoin accumulation strategy could create long-term value, but short-term price fluctuations require caution.

• Strategic Opportunity: MNAV falling below 1 provides investors the chance to buy shares below intrinsic value.
• Risk Warning: Volatility in Bitcoin prices and uncertainty in the crypto market may impact share value in the short term.
• Market Perspective: Metaplanet’s long-term strategy serves as a model for institutional Bitcoin investors, and the company’s financial transparency supports investor confidence.

Key Opportunities and Risks for Investors

With Metaplanet’s MNAV ratio at 0.99, investors face both a potential buying opportunity and a cautionary signal. While the company’s Bitcoin accumulation strategy and market positioning may increase share value over the long term, short-term volatility necessitates careful attention.

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Details of the Bitcoin Purchase and Portfolio Size

Metaplanet executed its latest purchases at an average price of approximately $116,870 per BTC. With this strategic move, the company’s total Bitcoin holdings have reached 30,823 BTC, with a total portfolio value of around $3.33 billion as of October 1, 2025.

This purchase highlights Metaplanet’s confidence in Bitcoin and its long-term investment vision. By placing Bitcoin—often regarded as digital gold—at the center of its portfolio, the company aims to both build resilience against market fluctuations and achieve maximum returns.

Performance Since the Beginning of the Year and Strategic Insight

Since the beginning of 2025, Metaplanet’s Bitcoin investments have increased by 497.1%. This outstanding performance highlights the success of the company’s strategic timing in acquisitions and underscores the growth potential of the Bitcoin market.

This approach sends a strong signal of confidence to investors. Large-scale Bitcoin purchases provide key indicators regarding future price movements and institutional investor interest.

Market Impact and Investor Perspective

Metaplanet’s substantial purchase not only increases liquidity in the crypto market but also draws attention from other investors. The interest of institutional players in Bitcoin reaffirms that digital assets are increasingly viewed as a long-term safe haven and store of value.

This move also serves as a reference point for other investors and funds to evaluate market dynamics. Metaplanet’s strategic acquisitions are an important development for analyzing both portfolio management and broader market trends.

Overall Assessment

Metaplanet’s recent purchase can be seen as a clear indicator of institutional confidence in Bitcoin and long-term investment strategies. The move demonstrates that the Bitcoin market is entering a period of strong institutional demand while providing other investors with critical data to assess strategic buying opportunities.

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New Bitcoin treasuries expand globally 

Three new treasuries were launched during the period. A Dutch company secured 1,000 BTC through a $147 million funding round. Chinese-listed CIMG Inc entered with 500 BTC. US-based Hyperscale Data joined with an initial 3.6 BTC. Together, these firms accounted for 1,503 BTC. 

Future commitments showed strong momentum. Canada’s Universal Digital announced a $100 million Bitcoin strategy in Japan through ReYuu. Japan’s Star Seeds pledged ¥1 billion ($6.8 million). In Australia, InFocus Group allocated AUD 2.5 million ($1.6 million) for a Bitcoin ETF. FiscalNote Holdings, Yoshiharu Global, and Sadot Group also revealed treasury preparation plans. 

Existing companies accelerate Bitcoin purchases 

Michael Saylor’s Strategy led the week with a major purchase, taking its stash above 636,500 BTC. Marathon Digital added 1,838 BTC, while Metaplanet acquired 1,009 BTC and surpassed 20,000 BTC in total. American Bitcoin increased its treasury with 502 BTC. 

Meanwhile, miners and firms added in smaller amounts. Cipher Mining bought 195 BTC, CleanSpark secured 124 BTC, Convano added 155 BTC, and Cango acquired 150 BTC. Sequans, Bitdeer Technologies, and DMG Blockchain Solutions made modest allocations. Altogether, 24 companies added 8,339 BTC during the week. 

Future purchase approvals highlighted even larger sums. Metaplanet received approval for a ¥555 billion ($3.8 billion) raise. Japanese firm S-Science lifted its cap to ¥9.6 billion ($65.3 million). The UK’s Smarter Web Company struck a subscription deal worth £24 million ($32.4 million). Hyperscale Data announced a $20 million ATM-based Bitcoin plan, while Convano pledged ¥2.5 billion ($17 million). 

Institutional participation is also widening. Sora Ventures launched a $1 billion Bitcoin treasury fund. American Bitcoin debuted on Nasdaq under the ticker $ABTC. DDC Enterprise expanded its treasury through Gemini, while Empery Digital executed a share repurchase to add Bitcoin. BlackRock recently purchased $290 million worth of BTC. 

Corporate Bitcoin holdings have now exceeded 1 million BTC. This milestone reinforces Bitcoin’s role as a strategic reserve asset for global enterprises. 

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The company made this purchase at an average unit price of $118,622. CEO Simon Gerovich stated that the average cost of all the company’s Bitcoin acquisitions to date is $101,030. This average demonstrates how disciplined the firm’s Bitcoin strategy has been. 

According to Bitcointreasuries data, this move has made Metaplanet the seventh-largest public company in terms of Bitcoin holdings. The company is ranked just below Trump Media & Technology Group. 

*Metaplanet Acquires Additional 780 $BTC, Total Holdings Reach 17,132 BTC* pic.twitter.com/0gw3HwpUCH

— Metaplanet Inc. (@Metaplanet_JP) July 28, 2025

Target for 2027: 210,000 BTC, or 1% of Total Supply 

Metaplanet launched its Bitcoin accumulation strategy in April 2024 and updated it last month with a new goal. By the end of 2027, the company aims to hold 210,000 BTC — equivalent to 1% of the total Bitcoin supply. 

This bold strategy is not limited to portfolio size. The firm has also generated strong revenue from its Bitcoin-focused business model. In Q2 2025, Metaplanet reported revenue of 1.1 billion yen (approximately $7.6 million), marking a 42.4% increase compared to the previous year. 

Moreover, this financial growth has been reflected in the company’s share performance. Following the news, Metaplanet’s stock price rose by 5.6% to 1,247 yen. As of midday Monday, the stock has gained 258.3% year-to-date, delighting investors. 

Bitcoin Price Surge Multiplied Gains 

Since the beginning of 2025, Bitcoin’s price has risen more than 60%, reaching $119,404. As a result, Metaplanet’s return on BTC investments has soared to 449.7%. The total cost of the company’s BTC purchases stands at around $1.73 billion, yet the current value exceeds $2 billion. 

Meanwhile, Metaplanet’s aggressive strategy is attracting attention across traditional investment circles. Interest from Nasdaq, Wall Street firms, and innovative crypto players signals a broader transformation underway.

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US Expansion Anchored in Florida: Targeting Institutional Capital

Announced on May 1, the new entity will be fully owned by Metaplanet and headquartered in Miami. This move is designed to strengthen the company’s presence in North America and connect more directly with US institutional investors.

Metaplanet highlighted Florida’s reputation as a Bitcoin-friendly state, emphasizing its progressive financial environment and supportive regulatory approach. The expansion will also allow the firm to operate across multiple time zones, enhancing its global efficiency.

Florida’s Growing Role in the Bitcoin Ecosystem

Florida continues to establish itself as a crypto innovation hub. In April, the state’s House Insurance and Banking Committee approved legislation enabling the State Treasury to invest in Bitcoin — a significant shift in policy aimed at embracing digital assets.

Political support for cryptocurrency is also strong in the state. Two recently elected Republican representatives who received a combined $1.5 million in backing from crypto-aligned PACs will soon take office in the US House, reinforcing the industry’s growing influence.

Earlier in the year, reports indicated that the Florida Retirement System’s investment board held $46 million worth of MicroStrategy shares, a company widely known for its substantial Bitcoin holdings. Metaplanet is seen as a rising peer in this space, following a similar accumulation strategy.

Bitcoin Holdings See Substantial Growth

According to the company’s website, Metaplanet currently holds 5,000 BTC, valued at around $475 million. This marks a sharp increase from the 1,762 BTC it held at the start of 2025 — a growth rate of 184%.

In April alone, the company made three major purchases:

• 696 BTC acquired for approximately $67 million (10.2 billion JPY),

• 330 BTC added for $28.2 million at an average of $85,605 per Bitcoin,

• And another 145 BTC secured for around $13.4 million toward the end of the month.

These purchases brought Metaplanet’s total Bitcoin holdings to a round figure of 5,000 BTC.

Long-Term Goal: Strengthening Presence in the US Market

Establishing a US-based subsidiary signals Metaplanet’s commitment to deepening its engagement with the American financial sector. By tapping into domestic capital flows, the firm aims to accelerate its Bitcoin acquisition strategy and expand its operational reach.

The move also sets the stage for future international growth, as Metaplanet positions itself as a key player in the institutional Bitcoin investment landscape.

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Metaplanet Continues to Grow with Bitcoin Strategy

Japan-based company Metaplanet has announced the acquisition of an additional 160 Bitcoin, increasing its total holdings to 4,206 BTC. According to the company’s April 2 statement, the latest purchase was made at an average price of ¥12.49 million ($80,063) per Bitcoin, totaling ¥1.998 billion ($13.39 million). This acquisition is part of Metaplanet’s ongoing Bitcoin treasury strategy and has significantly contributed to the company’s growth.

Metaplanet revealed that in Q1 2025, it acquired 696 BTC by selling cash-secured Bitcoin options. Of this, 50 BTC came from premiums, and 645.74 BTC was obtained through option exercises. The total cost for these acquisitions was ¥10.152 billion ($91.7 million). The company continues to raise capital from investors to fund more purchases.

Metaplanet’s Bitcoin Strategy: Aiming for 21,000 BTC by 2026

On March 31, the company raised ¥2 billion ($13.22 million) by issuing its 10th Series of Ordinary Bonds, which will be entirely allocated for Bitcoin purchases. Since adopting a Bitcoin-focused strategy, Metaplanet’s stock has surged by over 3,000%, reflecting strong investor interest.

The company aims to generate ¥3.0 billion (~$27.5 million) from its Bitcoin program by the end of 2025. This revenue will help the company achieve its total revenue target of ¥3.4 billion (~$31.3 million) for the year. Metaplanet uses BTC Yields (Bitcoin Yield) as a key performance indicator to assess the success of its Bitcoin acquisition strategy. This metric measures the percentage change in total Bitcoin holdings relative to fully diluted shares. The Bitcoin yield rose to 309% in Q4 2024, and 95% in Q1 2025.

Metaplanet’s long-term goal is to hold 21,000 BTC by 2026 and surpass 10,000 BTC by the end of 2025, positioning itself as one of the largest corporate Bitcoin holders in Asia.

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New Financing Move for Bitcoin Accumulation

According to an official filing on March 31, the company allocated these bonds through its Evo Fund to generate capital for Bitcoin purchases. The newly issued securities can be redeemed at full face value by September 30.

Metaplanet CEO Simon Gerovich stated on X that the company is taking advantage of Bitcoin’s recent price dip. The announcement came as Bitcoin was trading around $82,000, down 25% from its all-time high of $109,000.

Asia’s Largest Corporate Bitcoin Investor: Metaplanet

According to BitcoinTreasuries data, Metaplanet is the largest corporate Bitcoin investor in Asia and ranks among the top 10 globally. The company currently holds 3,200 BTC, valued at approximately $1.23 billion.

Asia’s MicroStrategy

Metaplanet is often referred to as the “MicroStrategy of Asia” due to its Bitcoin accumulation strategy mirroring that of the U.S.-based firm. MicroStrategy holds over 500,000 BTC worth $82 billion, controlling more than 2% of Bitcoin’s total supply.

Following a similar path, Metaplanet aims to accumulate 21,000 BTC by 2026. Earlier this month, the company purchased 150 Bitcoin, adding to its growing portfolio. At the beginning of March, Metaplanet made a $44 million Bitcoin investment, which resulted in a 19% surge in its stock price within a single day.

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Japanese Investment Firm Metaplanet Expands Its Bitcoin Holdings

Japanese investment firm Metaplanet has increased its Bitcoin holdings by acquiring an additional 150 BTC. The company purchased the Bitcoin at an average price of ¥12.57 million (approximately $83,000) per BTC.

This latest acquisition cost a total of ¥1.886 billion ($12.1 million), bringing Metaplanet’s Bitcoin reserves to 3,350 BTC. Across all purchases, the company’s average acquisition price stands at ¥12.60 million ($80,200) per BTC.

Metaplanet Becomes Asia’s Largest Corporate Bitcoin Holder

By making Bitcoin a core part of its corporate strategy, Metaplanet has emerged as Asia’s largest corporate Bitcoin holder.

The company has been utilizing innovative financing methods, such as stock acquisition rights via EVO FUND and the issuance of zero-coupon bonds, to fund its Bitcoin purchases without relying on traditional debt.

In March, Metaplanet redeemed ¥2 billion ($12.8 million) in bonds ahead of schedule while simultaneously raising an equivalent amount through a new bond issuance. This approach has enabled the company to expand its Bitcoin treasury while avoiding interest-bearing liabilities.

Metaplanet has set a target of accumulating 10,000 BTC by the end of 2025 and has already acquired over 1,400 BTC in the first 12 weeks of the year.

The company tracks its performance using a proprietary metric called BTC Yield, which measures the growth in BTC holdings relative to its fully diluted shares. This metric surged 309.8% in Q4 2024 and has already reached 68.3% in Q1 2025.

Investor confidence in Metaplanet’s Bitcoin strategy is evident, with the company’s share price skyrocketing by over 3,000% since initiating its BTC accumulation strategy.

Metaplanet Appoints Eric Trump to Newly Formed Advisory Board

Last week, Metaplanet announced the formation of a strategic advisory board, with Eric Trump as its first member.

Eric Trump, the second son of U.S. President Donald Trump, has been a longtime advocate for cryptocurrencies. Recently, he warned Wall Street to embrace crypto or risk becoming obsolete.

Metaplanet stated that the advisory board will include influential voices, speakers, and thought leaders from the industry. CEO Simon Gerovich praised Trump’s business acumen and strong support for Bitcoin, calling his appointment a major step toward Metaplanet’s goal of becoming one of the world’s top Bitcoin treasury companies.

Eric Trump is also actively involved in his family’s crypto venture, World Liberty Financial, which recently completed its second token sale, bringing its total funding to $550 million.

His personal crypto portfolio includes Bitcoin, Ether, Solana, and Sui.

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