Metaplanet resumes its aggressive buying of Bitcoin after a period of pause, and the size of its purchases has surprised the markets.
On December 30, Metaplanet announced the purchase of 4,279 BTC, worth ¥69.855 billion. The acquisition increased the company’s total Bitcoin holdings to 35,102 BTC, making it among the largest public holders worldwide.
Despite the earlier pause, Metaplanet still ranks fourth among public Bitcoin treasury companies worldwide.
Source: Bitcoin Treasuries
The renewed purchase occurred while Bitcoin was trading below the company’s average acquisition cost.
Bitcoin accumulation through equity and debt
Metaplanet financed his Bitcoin purchases through share issuance and Bitcoin-backed credit facilities.
During the fourth quarter of 2025, the company took out Bitcoin-backed loans totaling $280 million. These facilities have been fully drawn down and remained outstanding as of December 29.
In addition, Metaplanet raised ¥21.249 billion through the issuance of 23.61 million preferred B shares. These shares were fully reflected in the diluted share count, which also increased shareholder dilution Bitcoin [BTC] exposure.
Sensitivity of the balance sheet to Bitcoin price movements
Bitcoin was now central to Metaplanet’s balance sheet risk profile.
As of December 30, Metaplanet’s average Bitcoin purchase price was ¥15,945,691 per BTC. With BTC trading below that level, the company faced more than $500 million in unrealized losses.
Management highlighted BTC Yield and BTC Gain as performance indicators for accumulation efficiency. However, these statistics debt obligations expressly excluded and unrealized fair value losses.
Is Metaplanet asking shareholders to absorb the growing downside risk?
Metaplanet described its strategy as accretive, but dilution and leverage continued to increase.
Fully diluted shares outstanding increased to 1.459 billion as a result of the issuance and conversion of shares. This meant that exposure to Bitcoin per share increased, but also increased sensitivity to long-term price declines.
While BTC yields remained positive, management recognized the limitations in absorbing balance sheet risks. Debt service, refinancing risk and market volatility can materially affect shareholder outcomes.
Final thoughts
- Metaplanet’s renewed Bitcoin accumulation reflected long-term conviction, but increased exposure to price volatility, leverage and dilution risks.
- Stockholder outcomes were now heavily dependent on Bitcoin’s ability to recover above the company’s average acquisition cost.