Metaplanet finished 2025 with a Bitcoin treasury of 35,102 BTC after a late-December purchase of 4,279 BTC worth roughly $451M. The buy lifted the company above the 35,000 BTC threshold and raised its average acquisition metrics to about $107,606 per BTC as of year-end, while financing actions underpinned the year’s accumulation.
Metaplanet acquired 4,279 BTC at an average price near $105,412 per coin, bringing its whole-treasury average cost to about $107,606 per BTC as of year-end. The late-December tranche accounted for the $451M headline figure that analysts flagged as a decisive year‑end accumulation and pushed total holdings to 35,102 BTC.
The company financed purchases through a mix of equity and debt. Data from Nasdaq indicates Metaplanet completed capital raises, including preferred-share issuances, and used secured credit to expand its position. The firm accessed a $130M secured facility and had previously drawn a $100M loan, according to market reports, mirroring capital strategies used by earlier corporate accumulators of Bitcoin and allowing the company to scale its treasury while preserving operational liquidity.
Market reaction and implications for Metaplanet
The market responded with volatility, with Metaplanet’s share price falling about 7.95% after some purchases. The company’s market-to-Bitcoin net asset value (mNAV) ratio — which compares market capitalization to the value of on‑balance‑sheet Bitcoin holdings — slipped below 1 in October, meaning equity traded at a discount to the underlying Bitcoin value.
Operationally, Metaplanet’s Bitcoin strategy produced outsized performance metrics in 2025. A company summary reported by TipRanks cites a year‑to‑date BTC yield of 568.2% and a fourth‑quarter yield of 11.9%. Those returns reflect both the timing of purchases and the market rally during the year; they do not isolate realized gains from unrealized ledger revaluations.
Traders should note the tradeoffs implicit in the structure of the buys. Leverage via collateralized loans can enhance purchasing power but raises refinancing and margin risk if BTC price momentum reverses. For corporate treasuries, the mNAV discount signals that market recognition of Bitcoin‑denominated balance sheets can lag behind on‑chain accumulation.
Metaplanet’s $451M late‑December purchase lifted holdings to 35,102 BTC and left the company with a higher average cost and an ongoing funding mix of equity and secured debt.
