Metaplanet expands Bitcoin to 35,102 – acquisition strategy drives challenges for investors

After resuming operations, Metaplanet returned to aggressive Bitcoin accumulation. An announcement on December 30 revealed the purchase of 4,279 BTC worth 69.855 billion yen, increasing the company’s total holdings to 35,102 BTC. This position placed the Japanese company among the four largest publicly traded Bitcoin holders in the global market.

Acquisition Financing – Share Issuance and Leverage

Metaplanet’s strategy was based on two main sources of financing. First, the company issued 23.61 million Series B preferred shares, raising 21.249 billion yen. Second, it took out $280 million in Bitcoin-secured loans in Q4 2025. All these loans remained outstanding at the end of December, forming a stable component of the company’s capital structure.

Balance Sheet Pressure – When Price Fell Below Cost

As of December 30, Bitcoin’s value fell below the average acquisition cost. Metaplanet paid an average of 15,945,691 yen per BTC, while the market valued the currency below that level. This meant unrealized losses exceeded $500 million. The management reported BTC Yield and BTC Gain metrics, but these metrics deliberately excluded debt obligations and fair value losses.

Share Dilution – What It Means for Shareholders

The issuance of Series B shares led to a sharp increase in the number of shares outstanding—up to 1.459 billion after dilution. This change meant that while Bitcoin exposure per share increased, sensitivity to prolonged price declines also grew. This was accompanied by increased refinancing and debt servicing risks.

Market Fluctuation Sensitivity of the Strategy

Bitcoin accumulation strategies—though based on a long-term vision—introduced new operational challenges. Price volatility, refinancing requirements, and leverage dynamics could dramatically impact stock profitability. Bitcoin’s ability to rebound above the average acquisition cost became a key indicator of the overall operation’s success.

Summary

Metaplanet’s intense Bitcoin acquisition reflected long-term beliefs in the currency’s future, but simultaneously transferred significant risk to shareholders. Future performance was entirely dependent on Bitcoin price dynamics in the market.