Metaplanet is leaning hard into a Bitcoin-first treasury identity, and the numbers it put on the table for 2025 are designed to make that unmistakable. The company reported a 568.2% year-to-date BTC yield for 2025 and disclosed total holdings of 35,102 BTC, putting it among the largest publicly declared corporate holders. The same update also puts a spotlight on the trade-offs: funding complexity, leverage sensitivity, and a stock market that has not rewarded the strategy consistently.
Metaplanet’s accumulation has been both fast and mechanical, driven by large purchases layered across the year. In Q4, it added 4,279 BTC for roughly $451 million at an average price of $105,412, while reporting an average cost of about $107,606 across the full 35,102 BTC position. Earlier milestones reinforce the pace: 25,555 BTC on September 22 after a separate $632 million acquisition, and 30,823 BTC by October 1.
*Metaplanet Acquires Additional 4,279 BTC, Total Holdings Reach 35,102 BTC* pic.twitter.com/Bkas5kCZGY
— Metaplanet Inc. (@Metaplanet) December 30, 2025
Funding the stack: debt, facilities, buybacks, and preferred shares
The strategy isn’t funded by operating cash flow alone—it’s built on a capital-structure toolkit. Metaplanet has layered BTC-backed loans and facilities, including a $100 million loan in early November, a $130 million loan later that month, and access to a $500 million BTC-backed facility. On top of that, it announced a ¥75 billion ($500 million) share buyback and floated dividend-paying preferred shares (the “Mars” and “Mercury” classes), alongside a $150 million preferred equity structure, with management saying proceeds will support further BTC accumulation and income-generation projects.
The ambition behind all of this is explicit and unusually large for a public company. Metaplanet has stated a target of 210,000 BTC by the end of 2027—about 1% of total supply—with interim goals of 10,000 BTC for 2025 and 21,000 BTC for 2026. In other words, this isn’t a tactical treasury hedge; it’s a multi-year capital allocation identity.
Market reality check: valuation pressure and stress sensitivity
Equity investors have treated the plan as high-octane—and high-risk. The stock reportedly fell about 70% from its June 2025 peak and roughly 54% since mid-June, with analysts flagging valuation and liquidity concerns. Reported valuation signals were also blunt: enterprise value fell below the market value of the company’s BTC holdings, and its market-adjusted net asset value multiple turned negative.
mNAV matters here because it frames whether the equity market is pricing the corporate wrapper above or below the BTC it holds—and an mNAV below 1 is being read as stressed pricing versus reserves. Add in the disclosure of a potential floating loss of $70.875 million tied to BTC price movement, and the key tension becomes clear: the strategy amplifies upside when conditions are favorable, but it can look fragile when price, liquidity, or funding terms tighten.
Metaplanet keeps getting compared to MicroStrategy because the playbook is familiar, but the market response is not identical. The “Asia’s MicroStrategy” label fits the structure, yet the stock’s drawdown and the scrutiny around the durability of yield and income streams show a more skeptical investor base.