Metaplanet buys $451M more BTC in 2025; holdings exceed 35,100 BTC
Tokyo-listed investment firm Metaplanet resumed large-scale Bitcoin accumulation in Q4 2025, purchasing 4,279 BTC (~¥69.855 billion / $448M) at an average price of about ¥16.325 million (~$105k) per BTC. The buy increases the company’s treasury to 35,102 BTC (portfolio value roughly $3.0B at recent prices) and follows earlier 2025 purchases that brought full-year acquisitions to ¥559.726 billion (~$3.59B) at an average cost near ¥15.946 million (~$102k) per BTC. Funding for the buys came from a mix of debt (a $500M credit facility with $280M drawn in BTC-backed loans), equity issuance (23.61M Class B convertible preferred shares raising ¥21.249 billion) and options strategies managed by its Bitcoin Income Generation unit. That unit reported option-pool revenue of ¥8.58 billion (~$55M) in 2025 and helped the company report a 2025 “Bitcoin Yield” (BTC held per share change) of 11.9% for Q4 and 568.2% YTD in earlier reporting. Recent purchases averaged ~$105k while BTC trades materially lower (around ¥13.77M / ~$88k), producing paper losses on the latest tranche but leaving strong unrealized gains from earlier buys. Metaplanet’s holdings now represent roughly 0.17% of total BTC supply. Market factors to watch include yen volatility (about ¥156 per USD) and potential regulatory scrutiny in Japan. For traders: the renewed corporate accumulation from a non‑U.S. public company strengthens institutional demand narratives, may tighten available secondary-market supply, and could amplify volatility near BTC price moves and JPY exchange-rate events.
Bullish
Metaplanet’s renewed large-scale BTC purchases and sizable year-to-date accumulation signal sustained institutional demand from a public, non‑U.S. buyer. The purchase of 4,279 BTC and a total treasury of ~35,102 BTC (about 0.17% of supply) can tighten available supply on secondary markets and supports bullish narratives around institutional adoption. In the short term, price impact may be limited or mixed: the latest tranche was bought above current market prices, which can increase volatility as traders react to realized or unrealized losses and to JPY/USD moves tied to funding. However, persistent buying by a public company typically underpins positive sentiment and can attract additional flows, contributing to a medium-term bullish bias. Risks that could mute the effect include yen volatility, regulatory scrutiny in Japan, and the company’s use of leverage (BTC-backed loans), which could force selling under stress. Overall, the net effect on BTC price is expected to be bullish due to demand concentration and strengthened institutional narrative.