Metaplanet Lifts Bitcoin Treasury to 35,102 BTC After $451 Million Q4 2025 Purchase

Metaplanet, the Tokyo-listed Bitcoin-focused firm, disclosed that it bought 4,279 BTC in Q4 2025 for $451.06 million, raising its total holdings to 35,102 BTC at a cumulative cost of about $3.78 billion. With BTC trading below $90,000, the position is sitting on an unrealized loss of roughly $520 million, while the company’s stock has dropped sharply and its mNAV multiple has compressed toward parity. Metaplanet continues to pursue an income-generating derivatives strategy and fresh equity financing to fund further accumulation, mirroring the steady buying approach of Strategy and other corporate holders in 2025.