Metaplanet Acquires 4,279 Bitcoin Worth $451 Million

Metaplanet added 4,279 bitcoin to its balance sheet during the fourth quarter. The company spent about $451 million on this specific purchase, acquiring the coins at an average price of $105,412 per unit. This latest buying spree followed a pause that began in late September, marking the longest break in the firm's acquisition program since adopting its bitcoin treasury strategy.

With these new assets, Metaplanet's total bitcoin holdings have reached 35,102 BTC. The cumulative investment in its treasury strategy stands at approximately $3.78 billion, acquired at an average cost of about $107,600 per bitcoin. The purchase reinforces the firm's position as a major player in the corporate crypto space.

The company's standing in the global market includes:

• One of the largest corporate bitcoin holders in Asia
• The fourth largest among publicly traded companies globally
• A holder of over $3 billion worth of BTC in total value

Metaplanet funds its bitcoin accumulation through a mix of debt and equity. Recent purchases were supported by bitcoin-backed credit facilities totaling approximately $280 million. Additionally, the company utilized proceeds from the issuance of Class B preferred shares, which are convertible into common stock.

The firm indicated that proceeds from the preferred share sale will be directed primarily toward purchasing more bitcoin. A portion of the funds is also allocated for yield strategies and bond redemptions. Unlike some treasury firms, Metaplanet pairs its accumulation with a dedicated income generation business built around derivatives. This unit aims to produce recurring revenue to support the long-term holding strategy, with expectations of generating around $55 million in revenue in the coming fiscal year.

The company measures its performance using a metric called BTC Yield, which tracks bitcoin accretion on a per-share basis. During the fourth quarter, Metaplanet reported a BTC Yield of 11.9%. Year to date, this figure exceeded 500%, aided by rising bitcoin prices and the pace of acquisitions.

Metaplanet's shares ended the year up approximately 8%, closing at 405 yen. However, the stock price remains significantly below the peak reached in June, when it traded near all-time highs. This gap highlights the volatility associated with bitcoin prices and investor caution regarding balance sheets heavily weighted toward a single digital asset.

For shareholders, the strategy offers direct leverage to the potential upside of bitcoin while exposing the company to drawdowns that can occur faster than operating income. The firm has established an ambitious long-term goal of owning 210,000 BTC by the end of 2027. Achieving this target implies a continued reliance on capital markets and credit facilities to fund future purchases.

At the time of the announcement, Bitcoin was trading at $88,590, marking a 1% increase on the day with a market capitalization of $1.76 trillion.