Metaplanet Expands Bitcoin Holdings to 35,102: Are Shareholders Bearing the Risk?

Metaplanet is back on the offensive, resuming its aggressive acquisition strategy for Bitcoin after a temporary halt, which has taken the market by surprise.

Key Takeaways

Metaplanet resumes aggressive Bitcoin buying, increasing its total holdings to 35,102 BTC.
The firm financed acquisitions through equity and Bitcoin-collateralized loans worth $280 million.
Current Bitcoin price levels pose a risk, with unrealized losses exceeding $500 million.
Shareholders face increased dilution and exposure to Bitcoin's price volatility.

In conclusion, Metaplanet's bold move to bolster its Bitcoin inventory raises crucial questions about the implications for shareholders. While the firm emphasizes growth, the risks associated with increasing debt and market fluctuation cannot be overlooked.

Metaplanet adds 4,279 BTC after pause – Are shareholders footing the risk?

On December 30th, the company declared the purchase of 4,279 BTC, valued at ¥69.855 billion, bringing its total Bitcoin holdings to an impressive 35,102 BTC. This positions Metaplanet among the top public holders of Bitcoin in the world. Prior to this recent acquisition, the company maintained its rank as the fourth-largest public Bitcoin treasury firm globally.

Top 100 public companies holding Bitcoin Source: Bitcoin Treasuries

Interestingly, this renewed purchasing spree took place while Bitcoin's price was below the average price at which the firm had acquired its earlier holdings.

Gathering Bitcoin through Equity and Loans

To finance its recent Bitcoin purchases, Metaplanet utilized a mix of equity issuance and Bitcoin-backed credit facilities. In the fourth quarter of 2025, the company secured Bitcoin-collateralized loans worth $280 million. As of December 29th, these loans were completely drawn down and remained outstanding.

Furthermore, Metaplanet raised ¥21.249 billion by issuing 23.61 million Class B preferred shares. This move has been incorporated into the diluted share counts, thereby increasing the dilution faced by existing shareholders, in addition to enhancing their exposure to Bitcoin [BTC].

How Bitcoin Price Affects the Balance Sheet

Bitcoin has now become the focal point of Metaplanet's balance sheet risk dynamics. As of December 30th, the firm’s average Bitcoin purchase price was approximately ¥15,945,691 per BTC. With Bitcoin trading below this value, Metaplanet is confronting unrealized losses exceeding $500 million.

Management has pointed to BTC Yield and BTC Gain as performance metrics to gauge how effectively they are accumulating Bitcoin. However, it is noteworthy that these indicators do not take into account debt obligations or unrealized losses, which could significantly change the financial picture.

Are Shareholders Left to Manage Increased Risk?

While Metaplanet presents its strategy as beneficial for growth, both equity dilution and leverage appear to be mounting. The total shares outstanding experienced a rise to 1.459 billion following the equity issuance and conversion actions. This results in increased exposure to Bitcoin for each share, but it also escalates the risk associated with declining prices over time.

Despite the positive BTC Yield, management has conceded that there are challenges in managing balance sheet risks. Factors like debt servicing, the risk of refinancing, and inherent market volatility could have profound implications for shareholder returns.