Japan's MicroStrategy makes another move, Metaplanet buys BTC aggressively in Q4, surpassing 35,000 holdings

Metaplanet invests nearly 70 billion JPY in Bitcoin again in Q4, pushing holdings to 35,102 coins, and creating a “Japanese MicroStrategy” model through debt, equity, and options strategies.

“Japanese MicroStrategy” Metaplanet purchased 4,279 Bitcoin in Q4, costing approximately 69.855 billion JPY (about $448 million), bringing its total holdings to 35,102 coins, valued at around $3 billion.

Image source: X/@Metaplanet

According to disclosed company information, these purchases were executed at an average price of 16.325 million JPY (about $105,000) per Bitcoin, funded through debt financing, equity issuance, and options strategies.

This Tokyo-listed company is often called “Japan’s MicroStrategy” due to its aggressive Bitcoin accumulation strategy. The company reported a “Bitcoin Yield” of 11.9% for Q4 ending December 30, a key performance indicator measuring growth relative to share dilution. This marks a milestone for the ongoing transformation—Metaplanet’s holdings surged from 1,762 at the end of 2024 to over 33,000, with total acquisitions in 2024 reaching 559.726 billion JPY (about $3.59 billion), at an average cost of 15.946 million JPY (about $102,000) per coin.

Metaplanet’s “Bitcoin Income Generation” division uses independent pool options strategies to generate recurring income without using core reserve assets. In 2025, this division generated 8.58 billion JPY (about $55 million), exceeding initial expectations. Quarterly revenue rose from approximately 680 million JPY (about $4.3 million) in Q4 2024 to over 4.2 billion JPY (about $27 million) by the end of 2025, a compound growth rate of 57%. The company officially listed Bitcoin reserves as an operational business on December 18, 2024.

To support these purchases, Metaplanet drew down $280 million in Bitcoin-backed loans within a $500 million credit framework in Q4; additionally, in late December, it raised 21.249 billion JPY by issuing 23.61 million Class B convertible preferred shares. The company also redeemed the remaining 3.75 billion JPY of Series 19 ordinary bonds on December 29. These moves echo the approach of US peer Strategy, which increased its Bitcoin holdings by over 225,000 coins in 2025, reaching a total of 672,497 coins. Despite this, Metaplanet’s expansion in Asia continues to attract investor enthusiasm.

Metaplanet (Tokyo Stock Exchange code: 3350) has seen its stock price soar over 345% this year, far surpassing Bitcoin’s 100% increase, even as Bitcoin retreated from its high of over $126,000 in October. On the X platform, community reactions to the announcement have been enthusiastic, praising the company’s “amazing” ability to attract capital, and predicting its holdings could reach 100,000 coins by 2026.

Despite Bitcoin falling below $90,000, the recent purchase average price remains at $105,000. This strategy makes Metaplanet the leading corporate Bitcoin holder outside the US, with holdings accounting for about 0.17% of the total Bitcoin supply. As Bitcoin trades near 13.77 million JPY (about $88,000), recent acquisitions are showing paper losses, but early accumulated positions still hold substantial unrealized gains. Analysts believe there is still potential for continued expansion, though risks include yen volatility and Japanese regulatory scrutiny, especially with the yen around 156 to 1 USD.

• This article is reprinted with permission from: 《Block Guest》
• Original title: 《Metaplanet Perfectly Wraps Up 2025! Invests $448 million to Increase Bitcoin Holdings, Surpassing 35,000 Coins》
• Original author: Xun