Gerovich firmly rejected these claims, arguing that they misrepresent the company’s practices and overlook information that has already been made available to shareholders.

Metaplanet Bitcoin Purchases and Options Strategy Explained

According to Gerovich, every Bitcoin acquisition has been disclosed at the time it occurred. He also noted that Metaplanet maintains a publicly accessible dashboard that displays wallet addresses and current holdings in real time, reinforcing the company’s commitment to visibility.

Addressing concerns about timing, Gerovich acknowledged that four Bitcoin purchases made in September occurred near local price highs. However, he emphasized that Metaplanet’s strategy is not based on short-term market timing. Instead, the company follows a long-term accumulation approach, viewing volatility as part of a broader investment horizon.

The CEO also clarified the rationale behind the company’s options activity. Specifically, Metaplanet sells put options as a means of generating premium income, effectively lowering the acquisition cost of Bitcoin. For example, selling a put option at a strike price of $80,000 while collecting a $10,000 premium would reduce the effective purchase price to $70,000 if exercised. Gerovich argued that this strategy has provided tangible benefits to shareholders, particularly during periods of heightened volatility.

He further stated that in 2025, the company increased its “Bitcoin per share” metric by more than 500 percent, a figure he described as the primary indicator of performance.

Financial Reporting, Borrowing, and Broader Operations

Gerovich also addressed criticism related to the company’s financial statements. He explained that net profit figures can be misleading for a Bitcoin-centric treasury company due to unrealized valuation fluctuations. Instead, he pointed to a significant year-over-year rise in operating profit as evidence of underlying business strength. Reported losses, he said, largely reflect accounting adjustments on long-term Bitcoin holdings that the company does not intend to liquidate.

Regarding borrowing, the CEO stated that details about credit facilities, drawdowns, and collateral terms were disclosed when implemented. However, the identities of lenders and specific interest rates were withheld at the request of counterparties. He maintained that the terms were favorable and compliant with disclosure standards.

Gerovich also underscored that he is a major shareholder who has invested personal capital in the company. Additionally, he highlighted the firm’s hotel business, which delivered solid revenue and profitability in 2025, as evidence that Metaplanet continues to operate beyond the crypto sector.

He concluded by reaffirming his openness to investor inquiries and his commitment to ongoing, detailed communication.

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Metaplanet CEO Simon Gerovich reiterated that short-term volatility has not derailed the company’s broader vision. According to Gerovich, the firm will continue to accumulate Bitcoin gradually, expand its revenue base, and prepare for the next stage of corporate growth.

A Firm Commitment to a Bitcoin-First Approach

Gerovich emphasized that Metaplanet’s core strategy remains unchanged. The company views Bitcoin not as a speculative trade, but as a long-term strategic asset. While recent price movements have been severe, management believes that reacting to short-term market stress would undermine the long-range objectives of the firm.

These remarks came as Metaplanet shares closed down 5.56% on the Tokyo Stock Exchange, ending the session at 340 yen (approximately $2.16). The decline highlights the disconnect between near-term market sentiment and the company’s longer-term positioning.

Inside Metaplanet’s Bitcoin Treasury

Among publicly listed companies, Metaplanet ranks as the fourth-largest corporate holder of Bitcoin, following Strategy, MARA Holdings, and Twenty One Capital. The company currently holds a total of 35,102 BTC on its balance sheet.

Given current market prices, this position represents a substantial unrealized loss. Metaplanet’s average acquisition cost for its Bitcoin holdings stands at $107,716 per BTC, well above prevailing price levels. Despite this, the company has shown no indication of reducing exposure or liquidating its reserves.

Corporate Bitcoin Treasuries Under Stress

Bitcoin has fallen roughly 50% from its all-time high of $126,080 recorded in October 2025. At the same time, the Crypto Fear & Greed Index has dropped to its lowest level since the Terra Luna collapse in May 2022, reflecting deeply negative market sentiment.

Volatility has also rippled through derivatives markets. Data from Coinglass shows that $1.844 billion worth of long positions were liquidated in a single day, underscoring the intensity of the sell-off.

These conditions have weighed heavily on other corporate holders as well. Strategy reported a $12.4 billion net loss in the fourth quarter of 2025, yet reaffirmed that its capital structure remains resilient, with no major debt maturities before 2027. The company’s recent purchase of an additional 855 BTC further reinforces its long-term stance.

Pressure Extends Beyond Bitcoin

The strain is not limited to Bitcoin-focused treasuries. Ethereum-heavy balance sheets are also feeling the impact. Bitmine, for example, holds approximately 1.17 million ETH while facing more than $8.25 billion in unrealized losses.

Taken together, these developments illustrate a challenging environment for corporate crypto holders. Against this backdrop, Metaplanet’s decision to continue accumulating Bitcoin highlights a deliberate, long-term approach that prioritizes strategic positioning over short-term market fluctuations.

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4,279 BTC Added in Q4 2025

During the fourth quarter of 2025, Metaplanet purchased an additional 4,279 Bitcoin for approximately $375 million. Following this transaction, the company’s total Bitcoin holdings increased to 35,102 BTC. At current market prices, these reserves are valued at roughly $3 billion.

This rapid accumulation has positioned Metaplanet among the largest corporate Bitcoin holders in Asia. The scale and timing of the purchase suggest a high level of confidence in Bitcoin as a strategic asset rather than a short-term investment.

Why Metaplanet Chose Bitcoin

Metaplanet’s pivot toward Bitcoin is the result of a deliberate strategic shift initiated in 2024. The company adopted Bitcoin as a core treasury asset in response to long-term concerns surrounding the Japanese yen and broader monetary conditions.

Bitcoin’s fixed supply, decentralized structure, and independence from political influence play a central role in this strategy. Metaplanet views these characteristics as essential for preserving value over the long term, particularly in an environment where traditional fiat currencies face persistent debasement risks.

By integrating Bitcoin into its balance sheet, the company aims to establish a corporate standard centered on sound, scarcity-based monetary principles.

Exceptional Performance in 2025

The financial impact of this strategy has been substantial. Throughout 2025, Metaplanet recorded a year-to-date yield of 568.2% driven by its Bitcoin-focused treasury approach. This performance underscores how Bitcoin has functioned not only as a hedge but also as a powerful contributor to shareholder value.

Rather than treating Bitcoin as a passive reserve, Metaplanet has actively aligned its corporate structure around the asset, amplifying its balance sheet performance during a volatile market cycle.

What Is Metaplanet?

Metaplanet Inc. is a publicly listed Japanese company trading on the Tokyo Stock Exchange under the ticker 3350. Founded in 1999, the firm has operated across multiple sectors, including finance, trading, and real estate.

In recent years, Metaplanet has redefined its corporate identity by focusing on Bitcoin and digital asset strategies. Its long-term objective is to position Bitcoin as a foundational reserve asset while building complementary business verticals aligned with this vision.

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This structural shift emerged as Bitcoin fell sharply from its early October peak near $126,000 to levels around $80,000. The move triggered a steep decline in risk appetite and siphoned liquidity out of the broader crypto market. The widespread deleveraging event on October 10 intensified the trend, erasing open interest across futures markets and weakening spot liquidity.

From Premiums to Discounts: DAT Equities Enter a New Era

Throughout the summer, many DAT companies traded at substantial premiums to their net asset value (NAV). That dynamic has now reversed. Despite Bitcoin being down only about 30% from its highs, most treasury-focused firms have seen significantly larger declines in their equity prices.

Companies such as Metaplanet and Nakamoto, which once showcased hundreds of millions in unrealized profits, are now facing substantial losses, as their average Bitcoin acquisition cost sits above $107,000. Galaxy points out that the collapse has been especially severe for NAKA, whose share price has dropped more than 98% from its peak — a drawdown the firm likens to the dramatic wipeouts seen in memecoin markets.

Three Scenarios That Could Define the Road Ahead

With the issuance window closing, Galaxy outlines three potential outcomes for DAT firms going forward:

Extended compression: A prolonged period in which equity premiums remain subdued, BTC-per-share growth stalls and DAT stocks carry greater downside risk than holding Bitcoin directly.

Consolidation: Firms that aggressively issued shares at high premiums, accumulated Bitcoin near cycle tops or took on excessive debt may face solvency challenges, potentially leading to acquisitions or restructuring.

Selective recovery: A rebound remains possible if Bitcoin reaches new all-time highs, but only for companies that preserved liquidity and avoided overleveraging during the expansion phase.

Strategy Bolsters Reserves as Dividend Concerns Rise

In response to mounting investor concern, Strategy CEO Phong Le announced the creation of a $1.44 billion cash reserve. Funded through an equity sale, the reserve aims to secure the company’s dividend and debt commitments for at least 12 months, with plans to extend this safety buffer to 24 months.

Meanwhile, Bitwise CIO Matt Hougan emphasized that Strategy would not be forced to sell Bitcoin even if its share price declines, calling contrary claims “flat-out wrong.”

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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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New Multi-Million Dollar Financing: Direct Support for Bitcoin Purchases

The newly issued preferred shares will offer a fixed annual dividend of 4.9% and will be used entirely to finance additional Bitcoin acquisitions. Metaplanet’s goal is to position Bitcoin as a larger and more strategic long-term asset on its balance sheet. This financing structure reflects the company’s approach of combining traditional financial tools with the innovation offered by the crypto market.

One of Asia’s Largest Institutional Bitcoin Holders

Already holding more than 30,000 BTC, Metaplanet is considered one of Asia’s largest institutional Bitcoin investors. With this new funding round, the company aims to further expand its Bitcoin reserves and strengthen its long-term treasury strategy.

This approach aligns with the growing trend of companies viewing Bitcoin not just as an investment, but as a store-of-value asset used to reinforce corporate balance sheets.

Japan’s Contribution to Global Bitcoin Adoption

Metaplanet’s latest initiative also highlights the shifting stance of Japan-based institutions toward crypto assets. The company’s increasingly aggressive Bitcoin accumulation strategy reflects rising institutional interest in digital assets across the region.

This move also signals:

• Strengthening confidence among institutional investors in Bitcoin’s long-term value proposition
• Growing interest in Bitcoin as an alternative reserve asset during economic uncertainty
• Continued expansion of institutional ownership within the crypto market

Conclusion

Metaplanet’s issuance of $150 million in perpetual preferred shares underscores just how committed and forward-looking its Bitcoin strategy is. Combining a dividend-bearing traditional financing instrument with an aggressive Bitcoin accumulation plan could elevate Metaplanet’s position among Asia’s top institutional Bitcoin holders. This step also serves as a powerful example of how Bitcoin continues to gain traction as a long-term store of value on corporate balance sheets.

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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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Metaplanet Inc. is a Tokyo-based publicly traded company (TSE:3350). Historically known for hotel development and Web3/metaverse projects, the company shifted its focus to a Bitcoin treasury strategy in 2024. It now officially positions itself as a “Bitcoin Treasury Company,” gaining attention in both Asian and global crypto markets. 

In short, Metaplanet is now a technology and digital asset investment company. Its main goal is to convert its treasury reserves into Bitcoin as a long-term store of value and provide shareholders with returns through this new growth model. 

What Does Metaplanet Do? 

Metaplanet operates in digital asset investments and technology-based solutions. Its core activities include: 

• Bitcoin and digital asset investments: Directing treasury reserves into Bitcoin to create long-term value. 
• Metaverse and Web3 projects: Investing in blockchain-based applications and metaverse initiatives. 
• Financial services: Engaging in strategic fintech and digital banking ventures. 
• Consulting and technology development: Supporting partners with blockchain and crypto-based solutions. 
• These activities allow Metaplanet to play an active role in both investment and technology sectors. 

Bitcoin Strategy 

Company main strategy is to add Bitcoin to its balance sheet, creating a long-term corporate reserve. The company aims to secure its reserves with digital assets while providing shareholders with an alternative growth and value creation model. Following a MicroStrategy-like approach, Metaplanet targets long-term BTC-focused growth. This strategy allows investors to gain direct exposure to Bitcoin while enhancing the company’s market visibility. 

Recent Acquisitions and Total BTC Holdings 

• Last Purchase Date: September 22, 2025 
• BTC Acquired: 5,419 
• Total BTC: 25,555 
• Approximate Value: $632 million 

These acquisitions have positioned Metaplanet as the fifth-largest corporate Bitcoin treasury in the world. 

Board of Directors and Advisors 

Company board of directors includes Simon Gerovich, Representative Director & President; Yoshimi Abe, Director & COO; Drew Edwards and Batara Eto, Independent Directors. The advisory team includes strategic board advisors Eric Trump and David Bailey. 

Comparison with MicroStrategy 

• MicroStrategy: Converted software revenue to BTC over many years. 
• Metaplanet: Aggressive acquisitions in a short time, strengthening its strategy through capital increases. 

This difference makes Metaplanet a higher-risk but potentially faster-growing corporate BTC player. 

Conclusion 

Metaplanet Inc. has transformed from traditional hotel and technology projects into a Bitcoin-focused corporate treasury company, quickly becoming one of the leading publicly traded crypto firms. With 25,555 BTC in its reserves, Metaplanet remains on investors’ radar, and future capital increases, BTC acquisitions, and regulatory developments will keep it in focus. 

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According to the company’s official announcement on September 22, the coins were purchased at an average price of $116,724 per BTC. This latest acquisition boosted its quarter-to-date Bitcoin return to 10.3%. 

Metaplanet has acquired 5419 BTC for ~$632.53 million at ~$116,724 per bitcoin and has achieved BTC Yield of 395.1% YTD 2025. As of 9/22/2025, we hold 25,555 $BTC acquired for ~$2.71 billion at ~$106,065 per bitcoin. $MTPLF pic.twitter.com/CBhZi2X9lE

— Simon Gerovich (@gerovich) September 22, 2025

A $3 Billion Bitcoin Treasury with Unrealized Gains 

The company’s total Bitcoin stack, acquired at an average cost of $106,065 per BTC, amounts to about $2.71 billion. Following the latest purchase, Metaplanet holds an unrealized gain of nearly $290 million. 

CEO Simon Gerovich highlighted the move on social media, noting that since the start of 2025, the company has achieved a 395.1% return on its accelerated Bitcoin strategy. In addition, Metaplanet has established new subsidiaries in the U.S. and Japan to expand its Bitcoin revenue-generating business. This followed the closure of a $1.4 billion funding round earlier this year. 

Stock Price Drops as Bitcoin Pulls Back 

Despite the milestone, Metaplanet’s stock slipped 0.50% to 605 JPY as Bitcoin extended its recent decline. The stock traded between 599 and 650 JPY in the past 24 hours, with trading volume falling below the 46 million average. 

Yahoo Finance data shows that short-selling pressure from major financial institutions such as Morgan Stanley, Jefferies, and UBS contributed to a monthly decline of over 27%. Still, Metaplanet’s U.S.-listed shares (MTPLF) closed at $4.09 on Friday, marking an 83% year-to-date increase. 

Meanwhile, Bitcoin was trading at $114,685 at press time, down more than 1% over the last 24 hours. Daily trading volume rose 36%, while derivatives data from CoinGlass indicated cautious buying activity across CME and Binance futures markets. 

Key Highlights 

• Metaplanet now holds 25,555 BTC, valued at nearly $3 billion. 
• The company surpassed Bullish exchange to rank fifth in corporate Bitcoin holdings. 
• Shares fell 0.50% to 605 JPY as Bitcoin dropped to $114K. 

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Capital Group’s Bitcoin Strategy 

Instead of buying Bitcoin directly, Capital Group prefers Bitcoin treasury companies. These firms accumulate BTC on their balance sheets, giving institutional investors indirect exposure. Moreover, Capital Group’s portfolio manager, Mark Casey, cites Benjamin Graham and Warren Buffett as key influences on his investment approach. 

Casey treats Bitcoin as a commodity and structures the portfolio accordingly. Capital Group stands out with its 12.3% stake in Strategy (formerly MicroStrategy). This investment is now worth about $6.2 billion thanks to the stock’s significant value increase. Additionally, Capital Group holds positions in Metaplanet and Mara Holdings, further diversifying its BTC exposure. 

Strategy and Metaplanet Investments 

Strategy transformed from a software company into a BTC-focused firm under Michael Saylor’s leadership. The company currently holds 636,505 BTC on its balance sheet. Capital Group’s $500+ million investment gives it a significant share in Strategy. 

Additionally, the firm acquired 5% of Japan-based Metaplanet, enhancing portfolio diversification. Shares in mining company Mara Holdings further strengthen Capital Group’s corporate Bitcoin exposure. By investing across multiple BTC-focused sectors, the firm spreads its risk effectively. 

Corporate Bitcoin Treasuries and Future Trends 

Currently, corporate treasuries hold over 1 million BTC, worth roughly $117 billion. Strategy remains the largest Bitcoin holder, while Mara Holdings and other firms are growing rapidly. 

Looking ahead, companies like Metaplanet and Semler Scientific plan aggressive Bitcoin accumulation. Metaplanet targets 210,000 BTC, and Semler Scientific aims for 105,000 BTC, signaling continued institutional interest in BTC. 

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