Metaplanet is doubling down on its Bitcoin strategy. The Tokyo-listed company has confirmed that it acquired 4,279 BTC during Q4 2025, investing approximately $451.06 million at an average price of $105,412 per bitcoin.
The purchases bring Metaplanet’s total Bitcoin holdings to 35,102 BTC as of December 30, 2025. In aggregate, the company has deployed roughly $3.78 billion into Bitcoin at an average cost basis of about $107,606 per BTC.
The move underscores Metaplanet’s conviction in Bitcoin as a long-term treasury reserve asset, even as prices fluctuated sharply throughout the quarter. During Q4, Bitcoin briefly traded below $100,000, yet the company continued accumulating.
Metaplanet’s strategy is not opportunistic. It is deliberate. The company is positioning Bitcoin at the core of its balance sheet and financial model, signaling a structural commitment rather than a short-term trade.
Details of the Q4 acquisition, yield metrics, and preferred share issuance were shared publicly by Metaplanet’s leadership in a recent update.
Metaplanet has acquired 4279 BTC during Q4 2025 for $451.06 million at ~$105,412 per bitcoin and has achieved BTC Yield of 568.2% YTD 2025. As of 12/30/2025, we hold 35,102 $BTC acquired for ~$3.78 billion at ~$107,606 per bitcoin. $MTPLF $MPJPY pic.twitter.com/AFRldH4hVI
— Simon Gerovich (@gerovich) December 30, 2025
Contents
Bitcoin Yield Surges To 568% Year-To-Date
Metaplanet reports a BTC Yield of 568.2% year-to-date for 2025, a figure driven primarily by appreciation on earlier Bitcoin purchases made at lower price levels.
For Q4 alone, the company generated a BTC Yield of 11.9%, reflecting continued growth in Bitcoin-denominated value despite increased volatility toward the end of the year.
BTC Yield, as defined by Metaplanet, measures the growth of Bitcoin exposure relative to diluted equity. It has become a central performance metric for the company since it adopted its Bitcoin treasury model.
The outsized year-to-date yield highlights the advantage of early positioning. While Q4 purchases occurred at higher prices, gains from earlier acquisitions continue to outweigh short-term fluctuations.
This dynamic reinforces the company’s long-term thesis. Bitcoin accumulation is not judged quarter by quarter. It is measured across cycles.
From Hotels To Bitcoin Treasury Strategy
Metaplanet’s transformation is recent but decisive. The company pivoted from its legacy hotel business in 2024, redirecting its balance sheet and strategic focus toward Bitcoin accumulation and income generation.
The shift aligns Metaplanet with a growing cohort of public companies treating Bitcoin as a treasury reserve rather than a speculative asset. The strategy emphasizes long-term value preservation and capital efficiency.
By exiting a capital-intensive hospitality model, Metaplanet freed itself to pursue a balance-sheet-driven approach. Bitcoin became the anchor.
This repositioning has reshaped how investors view the company. Metaplanet is no longer evaluated on traditional operating metrics alone. Its performance is increasingly tied to Bitcoin exposure, yield generation, and capital structure optimization.
Beyond accumulation, Metaplanet is building a scalable income engine.
The company now generates over $100 million in annualized income, which supports more than $2 billion in preferred share obligations. This income stream underpins the firm’s capital strategy and reduces reliance on equity dilution.
During Q4, Metaplanet issued its first $150 million in notional MERCURY preferred shares, receiving $130 million net in proceeds. This marks a key milestone in its preferred equity program.
With this issuance, Metaplanet’s current preferred amplification stands at 4.8%. Based on existing income levels, the company estimates it could support up to 65% preferred amplification without selling a single common share.
The implication is significant. Metaplanet can scale its capital structure while preserving shareholder equity, using income rather than dilution as the primary lever.
This approach differentiates the company from peers that rely heavily on equity issuance to fund Bitcoin accumulation.
Cost Basis And Unrealized Losses In Context
The primary drawback in Metaplanet’s current position is its cost basis. With an average acquisition price of approximately $107,607 per BTC, the company is sitting on a current unrealized loss of about $509 million.
This figure reflects market conditions at the end of Q4 rather than realized outcomes. The loss is accounting-based, not operational.
Management and long-term investors appear unconcerned. A cost basis near $100,000 is viewed as acceptable within a multi-year Bitcoin thesis. The expectation is that future price appreciation will absorb current drawdowns.
Importantly, Metaplanet has not been forced to sell Bitcoin to meet obligations. Income generation and preferred financing provide flexibility during downturns.
The strategy assumes volatility. It is designed to endure it.
2026 Outlook Points To Scaling And Growth
Looking ahead, expectations for 2026 remain firmly optimistic.
Metaplanet is positioned to expand its income-generating operations, scale its two preferred share offerings, and potentially pursue IPOs tied to its evolving capital structure.
With Bitcoin as the balance-sheet foundation and income as the support mechanism, the company enters 2026 with momentum rather than leverage risk.
If market conditions cooperate, higher Bitcoin prices would not only erase current unrealized losses but amplify BTC Yield further. Even in flat markets, income generation provides downside protection.
Metaplanet’s approach blends conviction with structure. It treats Bitcoin not as a trade, but as infrastructure.
As Bitcoin adoption at the corporate level accelerates, Metaplanet is emerging as one of the most aggressive and structurally prepared participants. For 2026, the company is not retreating. It is scaling.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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