Metaplanet increased its Bitcoin holdings to 35,102 BTC after purchasing 4,279 BTC on Dec. 30 for ¥69.855 billion, according to a company disclosure. The transaction places the Tokyo-listed firm among the largest public companies globally holding Bitcoin as a treasury asset.
Bitcoin Trades Below Metaplanet’s Average Purchase Price
The purchase came at a sensitive moment, with Bitcoin trading below the company’s average acquisition cost, meaning the new buying immediately increased paper losses rather than strengthening the balance sheet.
Metaplanet said its average Bitcoin purchase price stands at ¥15.95 million per BTC. When Bitcoin trades below this level, the gap represents unrealized losses. This reduces balance-sheet strength and limit financial flexibility unless prices recover.
At current levels, the company faced more than $500 million in unrealized losses, showing how closely its financial position now tracks Bitcoin’s price rather than operating performance.
Metaplanet funded the latest Bitcoin accumulation through a mix of Bitcoin-backed borrowing and equity issuance, a structure that directly affects shareholders.
During the fourth quarter of 2025, Metaplanet entered Bitcoin-collateralized credit facilities totaling $280 million and fully drew the loans, which remained outstanding as of Dec. 29. In simple terms, this means the company used Bitcoin itself as collateral, making loan risk directly tied to BTC price movements.
Fully Diluted Share Count Rises to 1.459 Billion
In parallel, Metaplanet raised ¥21.249 billion by issuing 23.61 million Class B preferred shares. This pushed fully diluted shares outstanding to 1.459 billion, increasing the total number of shares over which the company’s assets are spread.
While issuing shares allows Metaplanet to buy more BTC, it also dilutes existing shareholders. It means each share represents a smaller claim on the company’s assets unless BTC prices rise enough to offset the expansion.
As a result, shareholders now face a structure where:
Bitcoin exposure per share has increased
Sensitivity to prolonged BTC weakness has also risen
Management pointed to internal metrics such as BTC Yield and BTC Gain to show progress in accumulating Bitcoin. However, these measures exclude unrealized losses and debt obligations. It means that they track the volume of BTC added rather than the overall financial impact.
This distinction matters because BTC Yield can remain positive even when falling prices and leverage weaken the balance sheet.
With Bitcoin now the dominant asset on its balance sheet, Metaplanet’s financial health is increasingly tied to BTC’s price direction. If BTC remains below the company’s average cost for an extended period, unrealized losses persist, debt remains outstanding, and dilution becomes permanent.
