Metaplanet Solidifies Position as Japan’s Bitcoin Behemoth with Massive Q4 Acquisition

Tokyo-listed Metaplanet, often hailed as “Japan’s MicroStrategy,” has significantly bolstered its Bitcoin reserves with a substantial acquisition of 4,279 BTC in the fourth quarter. This strategic move, valued at approximately ¥69.855 billion (around $448 million USD), propels the company’s total Bitcoin holdings to an impressive 35,102 BTC, now worth an estimated $3 billion.

*Metaplanet Acquires Additional 4,279 BTC, Total Holdings Reach 35,102 BTC* pic.twitter.com/Bkas5kCZGY

— Metaplanet Inc. (@Metaplanet) December 30, 2025

According to company disclosures, the recent Bitcoin purchases were executed at an average price of ¥16.325 million (approximately $105,000) per coin. Metaplanet’s robust funding strategy for these acquisitions leveraged a combination of debt financing, strategic equity issuance, and innovative options strategies, demonstrating a sophisticated approach to capital deployment.

A Transformative Year: Unprecedented Growth in Bitcoin Holdings

The year 2025 marked a period of profound transformation for Metaplanet. Its aggressive Bitcoin accumulation strategy saw holdings surge from a modest 1,762 BTC at the close of 2024 to over 33,000 BTC by year-end. The company’s full-year acquisitions totaled a staggering ¥559.726 billion (approximately $3.59 billion USD), with an average cost of ¥15.946 million (about $102,000) per Bitcoin. A key performance indicator, the “Bitcoin Yield,” which measures the growth of holdings relative to share dilution, stood at an impressive 11.9% for Q4 ending December 30, underscoring the efficiency of its capital allocation.

Beyond mere accumulation, Metaplanet’s innovative “Bitcoin Income Generation” division has proven exceptionally successful. This segment employs sophisticated options strategies leveraging an independent Bitcoin pool, generating recurring revenue without impacting the company’s core strategic reserves. In 2025, this division significantly exceeded expectations, contributing ¥8.58 billion (approximately $55 million USD) in revenue. The company’s overall quarterly revenue also experienced exponential growth, skyrocketing from around ¥680 million (about $4.3 million USD) in Q4 2024 to over ¥4.2 billion (about $27 million USD) by the end of 2025, marking a remarkable 57% compound annual growth rate. This strategic focus was further cemented on December 18, 2024, when Bitcoin reserve operations were officially integrated into Metaplanet’s core business activities.

Strategic Financing and Market Impact

To underpin its aggressive acquisition strategy, Metaplanet deployed a multi-faceted financing approach. In Q4, it drew $280 million from a $500 million Bitcoin-collateralized credit facility. Further capital was secured in late December through the issuance of 23.61 million Class B convertible preferred shares, raising ¥21.249 billion. The company also demonstrated strong financial management by redeeming the remaining ¥3.75 billion of its 19th series ordinary bonds on December 29. These strategic financial maneuvers mirror the tactics of its American counterpart, MicroStrategy, which itself added over 225,000 BTC in 2025, bringing its colossal holdings to 672,497 BTC. Metaplanet’s rapid and calculated expansion in the Asian market has undeniably ignited significant investor enthusiasm.

The market has responded with fervent optimism to Metaplanet’s bold Bitcoin strategy. Shares of Metaplanet (TSE: 3350) have surged by over 345% year-to-date, dramatically outperforming Bitcoin’s own impressive 100% gain, even amidst a pullback from BTC’s October high of over $126,000. On the X platform, the crypto community has lauded the company’s “astounding” accumulation prowess, with many speculating that Metaplanet could target a staggering 100,000 BTC in its reserves by 2026.

Outlook and Potential Headwinds

Despite Bitcoin currently trading below $90,000, the average acquisition price for Metaplanet’s latest tranche was $105,000. This strategic positioning solidifies Metaplanet’s status as a leading corporate Bitcoin holder outside the United States, with its current reserves accounting for approximately 0.17% of Bitcoin’s total circulating supply. While the recent acquisitions show a temporary paper loss as Bitcoin hovers around ¥13.77 million (approximately $88,000), the company’s earlier accumulated positions still boast substantial unrealized gains. Analysts remain bullish on Metaplanet’s potential for continued expansion, though they highlight potential headwinds such as Japanese Yen volatility, particularly with the exchange rate remaining near ¥156 to $1 USD, and evolving regulatory scrutiny within Japan.