On February 6, news broke that despite experiencing the most severe correction in the cryptocurrency market since 2022, Japanese publicly listed company Metaplanet remains committed to the “Bitcoin First” strategy. CEO Simon Gerovich stated on social media that current market volatility will not change the established strategy; the company will continue to steadily increase its Bitcoin holdings while expanding revenue streams to prepare for the next phase of development.
Dragged down by market sentiment, Metaplanet’s stock price closed down 5.56% on the Tokyo Stock Exchange that day, at 340 yen. Despite the pressure on its stock price, the company remains among the top publicly traded Bitcoin treasury companies globally, ranking fourth by holdings, behind Strategy, MARA Holdings, and Twenty One Capital. Latest data shows that Metaplanet currently holds 35,102 Bitcoins.
The price of Bitcoin has fallen about 50% from its all-time high of $126,080 in October 2025, currently hovering around $65,000. Sentiment indicators also declined, with the Fear and Greed Index dropping to lows not seen since the Terra event in 2022. The derivatives market experienced intense volatility as well, with daily long liquidation amounts exceeding $1.8 billion, further amplifying downward pressure.
Major Bitcoin holding companies are generally experiencing unrealized losses. As the largest holder, Strategy recorded a net loss of approximately $12.4 billion in Q4 2025, with an average purchase price higher than the current price. Nevertheless, the company continued to buy 855 Bitcoins this week, demonstrating unwavering long-term confidence.
Similarly, Metaplanet has not signaled any intention to reduce holdings. Its average cost basis is around $107,716, with significant unrealized losses on paper, but management emphasizes a focus on long-term value and the inflation-hedging properties of asset allocation.
Not only Bitcoin, but Ethereum treasury companies are also under pressure. Bitmine holds about 1.17 million ETH, with unrealized losses exceeding $8 billion. The choices made by many companies indicate that, despite short-term volatility, institutional confidence in cryptocurrencies as long-term strategic assets remains intact.
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