Metaplanet Keeps Buying Bitcoin Despite Heavy Paper Losses
Metaplanet, a Tokyo-listed firm and one of the world’s largest public bitcoin holders, said it will continue steady BTC accumulation under its long-range “555 Million Plan” despite steep declines in bitcoin’s price and large unrealized impairments. The company holds 35,102 BTC but reports an average acquisition cost near $107,000 per coin, producing substantial non-cash impairment charges and heavy paper losses that have weighed on reported earnings and its share price. Management reiterated targets of 100,000 BTC by end-2026 and 210,000 BTC by 2027, and said it will expand revenue streams while buying in stages. To support purchases and reduce leverage the company plans a financing package including up to ¥21bn via a share sale and warrants; the firm carries about ¥40bn of debt. For traders, key takeaways are continued corporate accumulation (a potential demand floor), significant unrealized losses that raise liquidation or selling risk if markets worsen, and potential dilution from equity issuance. Monitor Metaplanet’s staged buybacks, financing progress, BTC price action and broader corporate-treasury flows for short-term liquidity impacts and medium-term institutional demand signals.
Neutral
Metaplanet’s ongoing accumulation is a constructive signal for BTC demand: a committed buyer targeting large volumes can provide a medium-term demand anchor. That supports bullish fundamentals. However, the company’s large unrealized losses (average cost far above market), significant debt and planned equity raise introduce near-term downside risks. If BTC falls sharply, Metaplanet could face balance-sheet stress or be forced to alter strategy, which could add selling pressure. The equity issuance also risks diluting shareholders and could be perceived negatively by markets. Short-term impact: potentially neutral-to-bearish volatility depending on financing execution and market moves. Medium-term impact: mildly bullish if the firm continues steady accumulation without forced selling, as it signals persistent institutional demand. Overall, opposing forces (continued buying vs. heavy paper losses and leverage) produce a neutral net price outlook.