Metaplanet has made a dramatic return to aggressive Bitcoin accumulation, solidifying its position among the world's largest public holders and reigniting market discussions about its ambitious yet high-stakes strategy. This renewed commitment to the digital asset comes with significant financial maneuvers and heightened balance sheet sensitivity.
Renewed Aggression in Bitcoin Accumulation
After a brief pause, Metaplanet significantly ramped up its Bitcoin holdings with a substantial acquisition of 4,279 BTC, valued at ¥69.855 billion, on December 30th. This purchase propelled the firm's total Bitcoin treasury to an impressive 35,102 BTC, firmly placing it among the top public holders globally. Notably, this aggressive buying spree occurred even as Bitcoin traded below Metaplanet's average acquisition cost, underscoring the company's long-term conviction despite short-term market fluctuations.
Funding Strategy and Associated Risks
Metaplanet financed these large-scale Bitcoin purchases through a combination of equity issuance and Bitcoin-backed credit facilities. During Q4 2025, the company secured and fully drew $280 million in Bitcoin-collateralized loans. Additionally, it raised ¥21.249 billion by issuing 23.61 million Class B preferred shares, which contributed to an increase in shareholder dilution. These funding methods centralize Bitcoin at the core of Metaplanet's balance sheet, making its financial health directly susceptible to the volatile movements of the cryptocurrency market. As a consequence of its strategy, Metaplanet now faces considerable financial exposure. With Bitcoin trading below its average purchase price of ¥15,945,691 per BTC, the company reported over $500 million in unrealized losses. While management points to metrics like "BTC Yield" and "BTC Gain" as indicators of accumulation efficiency, these explicitly exclude crucial factors such as debt obligations and fair-value losses, potentially understating the true balance sheet risks. The increasing leverage and shareholder dilution mean that Metaplanet's future shareholder outcomes are now heavily contingent on Bitcoin's ability to recover above its average acquisition cost.
