In late 2025, Japanese listed company Metaplanet announced a major acquisition after a three-month hiatus, spending nearly 70 billion yen to purchase 4,279 bitcoins, solidifying its position as the world's fourth-largest publicly traded company with bitcoin reserves. This purchase was primarily financed through bitcoin-backed loans and the issuance of preferred shares, demonstrating the company's continued commitment to a "Bitcoin-based" financial strategy. However, the significant difference between its purchase cost and current market prices, coupled with a substantial correction in the company's share price from its peak, has led to close market scrutiny of the stability of its financial leverage and net asset value ratio (mNAV).
Metaplanet buys coins again after a three-month hiatus.
Metaplanet, the Japanese micro-strategy platform, has finally announced its renewed Bitcoin purchases before the year-end, after a three-month hiatus. Metaplanet acquired 4,279 Bitcoins for a total cost of 69.855 billion yen, at a cost of 16,325,148 yen (US$105,412) per Bitcoin. As of December 30, 2025, the company's total Bitcoin holdings will reach 35,102, with a total cumulative investment cost of 559.726 billion yen and an average cost of US$107,606 per Bitcoin.
Although this is Metaplanet's only announced Bitcoin purchase since September 30, it has added 33,000 Bitcoins since 2025.
Metaplanet's diversified financing strategy and funding sources
Metaplanet's funding sources for this round are:
- Bitcoin-backed loans: In the fourth quarter of 2025, the company entered into a series of credit lines secured by Bitcoin, totaling $280 million in loans.
- Issuance of Preferred Stock: Through the third-party allotment resolved on November 20, 2025, the company issued Class B convertible preferred stock (MERCURY), successfully raising 21.249 billion yen, which was paid on December 29.
- Operational strategy: In addition to direct purchases, this acquisition also included targeted purchases through the sale of Bitcoin options.
Metaplanet's stock price is sluggish, and its mNAV is close to 1.
Metaplanet currently holds 35,102 bitcoins, making it the world's fourth-largest publicly traded company with a bitcoin reserve, after Strategy, MARA Holding, and Twenty One Capital.
However, after reaching a record high of 1,930 yen in June, Metaplanet's stock price has been declining to around 400 yen. It took three months before it announced another purchase of cryptocurrency, indicating that it encountered difficulties in fundraising.
The $105,412 cost of Metaplanet's Bitcoin purchase is significantly higher than the current price of Bitcoin at $88,000. ABMedia previously analyzed its purchase cost, suggesting that Metaplanet was using its Bitcoin options to bolster its financial statements, increasing its premium income while simultaneously raising its purchase cost. Its mNAV (current share price to the value of its Bitcoin holdings) has been hovering around parity at 1.01 for some time. Without a renewed surge in Bitcoin's price, Metaplanet's share price is unlikely to improve.
( What hidden risks are lurking behind Metaplanet's reliance on Bitcoin option premiums for revenue? )
This article, "Metaplanet Adds 4,000 Bitcoins After a Three-Month Resurgence, Stock Price Slump and mNAV Facing Challenges," first appeared on ABMedia, a ABMedia .
