Metaplanet Ends 2025 With 35,102 BTC After $451M Q4 Buy
Tokyo-listed Metaplanet closed out 2025 by adding 4,279 BTC to its balance sheet in the fourth quarter for 69.855 billion yen, roughly $451.06 million, lifting its treasury to 35,102 BTC according to a new filing with the Tokyo Stock Exchange. Bitcoin traded near $87,000 on Tuesday, down about 3% over 24 hours, so the company chose to size up into a soft year-end tape.
Equity holders paid for the move. Metaplanet stock on the TSE (3350) dropped 7.95% to 405 yen on the day of the announcement, while its U.S. OTC line MTPLF closed 4.26% lower at $2.70 on Monday.
Deal terms and where the BTC stack sits
The filing shows Metaplanet acquired 4,279 BTC in Q4 at an average price of 16,325,148 yen per coin, for a total of 69.855 billion yen. That pushed total holdings to 35,102 BTC, with an aggregate cost basis of 559.726 billion yen and an average purchase price of 15,945,691 yen per BTC.
Market data services translate those figures to roughly $105,412 per bitcoin for the Q4 tranche and $107,606 per bitcoin across the entire stack, for about $3.78 billion invested. At a spot price around $87,256, the new Q4 coins are worth roughly $373 million, about 17% below cost, while the full 35,102 BTC stack sits near $3.06 billion, roughly $720 million under water versus the disclosed cost basis.
The timing matters. Bitcoin printed an all-time high around $126,080 in early October before sliding below $85,000 in the weeks that followed. Metaplanet kept accumulating into that drawdown instead of waiting for clearer momentum.
Debt, preferreds and a BTC-native KPI
The same filing lays out how Metaplanet funded the buying spree. Management tapped a series of bitcoin-backed credit facilities totaling $280 million under a $500 million umbrella and raised 21.249 billion yen through the issuance of 23,610,000 MERCURY Class B preferred shares, each convertible into common stock. The company also retired 3.75 billion yen of outstanding bonds just before year-end, reshaping the liability stack while it expanded the BTC position.
All of that feeds into a metric Metaplanet calls BTC Yield. The filing describes BTC Yield as the percentage change in total bitcoin holdings per fully diluted share over a period, designed to show how much extra BTC accrues to each share after dilution from capital raises. From October 1 to December 30, Metaplanet recorded Q4 BTC Yield of 11.9%, on top of triple-digit quarterly readings earlier in the year.
CEO Simon Gerovich pushed that story to markets on X, telling followers that the firm had achieved BTC Yield of 568.2% for 2025 under its “accelerated Bitcoin strategy.”
Metaplanet has acquired 4,279 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.
That message came directly from Gerovich’s post on X on December 30, which you can view here.
Market reaction and the MicroStrategy comparison
Despite the bullish framing, equity markets pushed Metaplanet’s mNAV multiple toward parity. Coingape reported that the company’s market value relative to its BTC holdings dropped from 1.17 to 1.03 in a single day as traders digested the new debt and dilution required to fund the quarter’s purchases. The Tokyo line closed at 405 yen, while the U.S. OTC line slipped to $2.70, even as BTC itself sat near $87,300.
The move keeps Metaplanet on a trajectory that previously drew the label “Asia’s MicroStrategy.” Strategy, the company formerly known as MicroStrategy, now controls roughly 672,497 BTC on its own balance sheet according to recent U.S. filings, far ahead of any other corporate holder. Metaplanet’s 35,102 BTC leaves a wide gap in absolute terms, but earlier coverage at the 20,000 BTC mark already placed the Japanese firm as the sixth-largest public bitcoin holder worldwide, and this latest quarter pushes it further up that ranking.
That corporate stack does not exist in isolation. This month, Ohio’s public employees retirement system disclosed a $43 million allocation into Strategy stock, explicitly to gain bitcoin exposure through a listed vehicle. Institutions that face constraints on direct spot BTC ownership now have multiple balance-sheet proxies to route around those limits.
Why this Q4 buy matters for 2026
Metaplanet is not simply parking coins. It runs an options-based “Bitcoin Income” unit that the company expects to generate 4.242 billion yen in operating revenue for Q4 alone, according to the TSE notice and follow-up commentary. The firm sells options against a separate BTC pool to pull yen cash flow while it holds the core stack unencumbered for the long term.
Shareholders already signed off on more of the same. In a prior meeting they approved a slate of management proposals that clear the path toward a 100,000 BTC target by the end of 2026, which implies far more issuance, more BTC-backed borrowing or both if current prices hold.
The Q4 numbers show what that path looks like in practice. Metaplanet leaned into a 30% pullback from October’s highs, raised fresh equity, drew on new credit lines and still finished the year with a BTC stack that trades below its average cost. For traders who track corporate flows as a signal, the message is clear enough. One of the fastest-growing public bitcoin treasuries just bought size into weakness again.
