Metaplanet to keep accumulating Bitcoin as top holders face paper losses

Metaplanet is pushing ahead with its Bitcoin accumulation plans even as the market downturn has weighed heavily on its stock and driven the value of its holdings into the red.

On Friday, Bitcoin briefly dipped to $60,000 during early Asia trading hours, extending a selloff that has now erased more than 47% from its all-time high. 

Despite the deteriorating market conditions, Metaplanet CEO Simon Gerovich reiterated that the Tokyo-listed firm remains committed to its treasury strategy. 

In a post on X, Gerovich acknowledged the difficult conditions for shareholders but said there would be “no change” in the company’s approach.

“We will steadily continue to accumulate Bitcoin, expand revenue, and prepare for the next phase of growth,” he wrote, pointing to the firm’s long-term conviction in BTC’s role as a store of value.

The company’s stock, however, continued its slide. Shares were down over 5.5% during Friday trading, extending a six-month drawdown to more than 63%. 

Metaplanet, which began building its Bitcoin treasury in April 2024, has amassed 35,102 BTC to date, including $451 million in acquisitions during the final quarter of 2025. 

Its average purchase price sits at approximately $107,716, according to data from Bitcoin Treasuries. 

With Bitcoin now hovering near $63,800, the company is facing a paper loss of over 39% according to data from Bitcoin Treasuries.

Metaplanet is far from alone in navigating the current drawdown.

Strategy (previously known as Microstrategy), the largest corporate Bitcoin holder globally, reported a $12.6 billion net loss for Q4 2025 after Bitcoin’s value dropped sharply from $120,000 to below $89,000 during the quarter. 

The Michael Saylor-led firm has since added to its position, bringing its total to 713,502 BTC at an average cost of $76,052. 

Strategy now sits on more than $9 billion in unrealised losses, according to Artemis data.

Across the digital asset treasury landscape, companies are increasingly contending with valuation stress as crypto prices continue to fall. 

Further, Artemis data shows that more than $25 billion in paper losses are now spread across corporate token holdings, with firms like BitMine Immersion Technologies and Forward Industries also deep in the red on their Ethereum and Solana positions, respectively.

Strategy, Metaplaent, to keep buying

Like Gerovich, Saylor recently downplayed concerns around recent market conditions and reaffirmed the company’s intent to continue buying. 

Saylor also dismissed concerns around forced selling, noting that Bitcoin would need to crash to $8,000 levels last seen in early 2020, before its holdings would no longer cover net debt.

Metaplanet, in the meantime, is preparing a fresh capital raise that would support its accumulation efforts and help manage debt. 

In January, Metaplanet approved a fundraising plan of up to $137 million through a mix of common shares and stock acquisition rights. 

According to the company, the proceeds will be used to buy more Bitcoin, expand its Bitcoin-denominated income businesses, and partially repay borrowings to restore credit flexibility. 

The post Metaplanet to keep accumulating Bitcoin as top holders face paper losses appeared first on Invezz