Tokyo-listed Metaplanet Inc. purchased 4,279 Bitcoin in the fourth quarter of 2025, bringing its total holdings to 35,102 BTC with a $3.78 billion cost basis. The company reported a 568.2% BTC Yield for 2025, a proprietary metric tracking Bitcoin accumulation per share rather than realized gains.
Metaplanet paid an average of $104,642 per Bitcoin in its latest acquisition, according to CEO Simon Gerovich. The Q4 purchase totaled approximately $451 million, executed through a combination of operating income, capital market activities, and Bitcoin-backed credit facilities. This brings the company's aggregate Bitcoin investment to around ¥559.7 billion.
The BTC Yield metric isolates Bitcoin accumulation from equity dilution effects, showing quarterly yields of 95.6% in Q1, 129.4% in Q2, 33.0% in Q3, and 11.9% in Q4. Despite the headline yield, Metaplanet's portfolio shows an 18.9% unrealized loss in market value terms due to Bitcoin's price volatility throughout 2025.
Metaplanet now ranks as the fourth largest corporate Bitcoin holder globally, trailing only Strategy (672,497 BTC), MARA (53,250 BTC), and Twenty One Capital (43,514 BTC). The company launched its Bitcoin Treasury Operations in December 2024 and has rapidly scaled its position through disciplined accumulation and sophisticated financing strategies.
The acquisition comes amid broader Bitcoin market turbulence, with prices struggling to maintain levels above $90,000. Bitcoin traded around $87,300 on December 30, down over 3% in 24 hours and facing selling pressure from institutional outflows. BlackRock reportedly transferred 2,201 BTC to Coinbase earlier this week, contributing to market uncertainty.
Metaplanet secured $230 million through Bitcoin-backed loans under a $500 million credit facility during Q4, with $270 million remaining available for future draws. The company also completed redemption of its 19th Series Ordinary Bonds, repaying JPY 3.75 billion, and raised JPY 21.2 billion through preferred share issuance in November.
Shareholders approved management proposals allowing additional Bitcoin purchases toward a target of 100,000 BTC by the end of 2026. The company's approach mirrors MicroStrategy's strategy of using Bitcoin as a reserve asset, particularly relevant as the Japanese yen faces depreciation pressures.
Metaplanet's stock closed at 405 JPY on December 30, down nearly 8% amid Bitcoin's price decline. The company emphasizes that its BTC Yield represents a key performance indicator for strategic accumulation rather than traditional financial returns, distinguishing between proprietary metrics and realized gains.
Corporate Bitcoin adoption continues gaining momentum despite market volatility, with publicly listed companies increasingly treating cryptocurrency as strategic treasury assets rather than speculative investments. Metaplanet's rapid accumulation positions it as a significant force in institutional crypto adoption, particularly within Asian markets.
