Metaplanet, the Japan-listed technology and investment firm, disclosed a fresh, large-scale Bitcoin purchase Tuesday, underscoring how some public companies continue to treat BTC as a cornerstone of corporate treasuries despite heavy market turbulence.
CEO Simon Gerovich said the company bought 4,279 BTC in the fourth quarter of 2025 for roughly $451 million, an average of about $105,412 per coin, bringing Metaplanet’s total Bitcoin holdings to 35,102 BTC as of December 30, 2025. The company reported a total cost basis for that stash of approximately $3.78 billion and said its 2025 Bitcoin yield reached an eye-catching 568.2%.
Those headline numbers sound impressive, but they sit against a softer Bitcoin market at the end of 2025. Using the prevailing spot price on December 30, about $87,160, Metaplanet’s 35,102 coins would be worth roughly $3.06 billion, or about $720 million below the company’s stated cost basis, a paper loss of roughly 19%. That gap reflects price swings since much of Metaplanet’s accumulation earlier in the year.
Gerovich and Metaplanet have been explicit that the firm’s Bitcoin activities are not limited to simple buy-and-hold treasury accumulation. Metaplanet has been building an income-generating business around Bitcoin, including derivatives and other yield strategies, and the company says those operations helped it exceed full-year forecasts and produce the 568.2% BTC yield figure it reported for 2025. That distinction helps explain how the company can report very strong yield metrics even while the market value of its Bitcoin holdings has softened.
Active Yield Strategies
Metaplanet’s move comes as other corporate Bitcoin treasuries and crypto-focused public companies face a tougher environment. 2025 was a volatile year for BTC: the token reached records earlier in the autumn but slid sharply afterward amid macro shocks and policy noise that punctured investor enthusiasm. Analysts have warned that many companies that used share-price premiums to fund further accumulation now face a vicious cycle if markets cool: lower BTC prices can shrink equity premiums, making it harder to raise financing for more purchases.
Still, not every corporate treasurer is pausing. Some heavyweights continued to add to their positions in December, and market-watchers point out that firms using active strategies can show very different headline returns versus simple mark-to-market valuations. Whether Metaplanet’s campaign will pay off depends on several moving parts: Bitcoin’s path in early 2026, the sustained performance of any derivatives or income-generation arms, and broader investor appetite for balance-sheet crypto exposure.
Market technicians and traders watching the charts say Bitcoin’s late-2025 weakness has a few identifiable drivers: forced liquidations tied to large macro events, rotating risk appetites as AI and other sectors reprice, and geopolitical frictions that disrupted flows. Still, some strategists continue to flag structural demand from spot ETFs, corporate treasuries and new institutional entrants as potential support if volatility eases.
For shareholders and observers, Metaplanet’s disclosure offers a clear snapshot of where the company stands: aggressive accumulation through 2025, a heavy cost basis relative to year-end spot prices, and a portfolio backed by active income strategies that have, according to the company, produced substantial yield. Whether investors view that as a sensible conviction or an elevated risk bet will be decided by Bitcoin’s performance and by how transparently Metaplanet reports the results of its revenue-generating operations in the coming quarters.
