Metaplanet increases holdings by 4,279 Bitcoins: The strategic significance of reaching a total holding of 35,102 BTC

Metaplanet repurchased 4,279 Bitcoins in Q4 2025, bringing its total holdings to 35,102 BTC. This buy-in, valued at approximately $451 million, has propelled this publicly listed company, often called “Japan’s MicroStrategy,” into the fourth position among global corporate Bitcoin holders.

As Bitcoin’s price fluctuated around $88,584 on December 31, 2025, Metaplanet’s aggressive strategy is being tested amid market volatility.

01 Key Data Snapshot

Metaplanet’s latest accumulation can be quickly understood through these key figures. These numbers not only reveal the scale of its investment but also reflect the company’s strategic trajectory in Bitcoin investment and the current market situation.

02 A Multi-Dimensional View of the Aggressive Strategy

Metaplanet’s Bitcoin strategy is far from a simple “buy and hold.” It is a complex financial engineering combining financing, leverage, and derivatives gains.

Starting with just 1,762 Bitcoins in early 2024, the company’s holdings surged nearly 20-fold in less than two years. Behind this rapid growth is a disciplined long-term accumulation plan called the “MARS Plan.”

Unlike traditional dollar-cost averaging, Metaplanet’s accumulation is distinctly aggressive. It has continued to buy heavily at market highs, such as at $117,000 and $107,000 levels in 2025.

The core of this strategy is to deeply tie the company’s balance sheet to Bitcoin’s value, almost as a strategic reshaping of the company’s fate.

03 Unique Financing and Revenue Engines

Supporting such massive purchasing power is Metaplanet’s highly aggressive financing approach. The company not only raises funds through issuing stocks and bonds but also, crucially, uses Bitcoin itself as collateral for credit financing.

In Q4, under a $500 million credit framework, it drew $280 million in Bitcoin-backed loans, which were then used to buy more Bitcoin.

Meanwhile, Metaplanet established an independent “Bitcoin Income Generation” division. This division uses derivatives strategies like options to generate recurring income without using core reserve assets.

In 2025, this division generated ¥8.58 billion (about $55 million), far exceeding initial expectations. This dual approach of “holding Bitcoin and making money with Bitcoin” is a key differentiator from traditional Bitcoin holding companies.

04 Market Reactions and Risk Realities

Market reactions to Metaplanet’s strategy are polarized. In 2025, the company’s stock soared over 345%, far surpassing Bitcoin’s own roughly 100% increase.

This performance reflects investor enthusiasm for its Bitcoin-first strategy. On social platforms like X, the crypto community praised the company’s “astonishing” accumulation ability and predicted its 2026 holdings could reach 100,000 Bitcoins.

However, real risks cannot be ignored. Based on Bitcoin’s price of approximately $87,428.60 on December 30, Metaplanet’s Bitcoin holdings are currently unrealized losses of about $708.75 million, with an 18.75% loss ratio.

This dramatic shift from unrealized gains to losses highlights the double-edged sword of high leverage and a single-asset strategy amid volatile markets.

05 Strategic Insights for the Crypto Market

The case of Metaplanet offers multiple lessons for both the crypto market and traditional enterprises. It demonstrates that publicly listed companies can fully adopt Bitcoin as a core reserve asset and manage it through innovative financial instruments.

The company’s “Bitcoin Yield Rate” indicator reached an astonishing 568.2%, though this is not a traditional price appreciation return.

This metric reflects the growth of Bitcoin holdings relative to share dilution, including Bitcoin earned through options premiums but excluding unrealized gains or losses from Bitcoin price fluctuations. This new performance indicator could provide a reference framework for more companies adopting Bitcoin strategies in accounting and disclosure.

Metaplanet has set an ambitious goal to hold 210,000 Bitcoins by the end of 2027. Based on current holdings, this requires adding approximately 175,000 Bitcoins over the next two years—five times its current position.

Executing this plan will test the company’s financing capacity and strategic resolve amid market volatility.

Future Outlook

At market close in Tokyo, Metaplanet’s stock price was 405 yen, with an annual increase of about 8%. Meanwhile, its 35,102 Bitcoins quietly rest in cold storage, their value fluctuating with every global market movement.

From unrealized gains exceeding $120 million to unrealized losses over $700 million, the company’s Bitcoin strategy’s balance sheet acts like a mirror. It not only reflects a listed company’s courage to embrace digital assets but also reveals the real volatility and challenges faced when deeply tying company fate to cryptocurrency prices.