Metaplanet Expands Its Crypto Portfolio With Strategic Bitcoin Purchases

Details of Fourth Quarter Bitcoin Purchases

The scope of Metaplanet’s fourth-quarter Bitcoin acquisitions was clarified with information shared by CEO Simon Gerovich. The company purchased 4,279 BTC during this period, spending approximately $451.06 million. The average purchase price was recorded at $105,412 per Bitcoin, increasing Metaplanet’s total Bitcoin holdings to 35,102 BTC.

The total cost of these holdings is approximately $3.78 billion, with an average acquisition price calculated at $107,606 per Bitcoin. The main sources of financing for these acquisitions were credit facilities and new share issuances targeting foreign investors. The company utilized a $500 million credit line announced in October for both share buyback programs and Bitcoin acquisitions. Management emphasized that borrowing levels were limited to provide sufficient collateral buffers even amid sharp price volatilities.

Current Market Overview

The fourth quarter experienced high volatility in Bitcoin prices. The leading cryptocurrency fell from an October peak of $126,080 to below $85,000 within weeks. At the time of reporting, Bitcoin was trading around $87,400, reflecting a 2.4% decline in the last 24 hours. Considering current prices, Metaplanet’s quarterly acquisitions amount to a market value of approximately $374 million, indicating a 17% discount compared to the amount spent.

The pullback in Bitcoin and other major cryptocurrencies has also created selling pressure on the shares of crypto treasury companies. Metaplanet’s shares, traded under the symbol MTPLF on the OTC Markets in the US, ended the week down 4.26% at $2.70. On the Tokyo Stock Exchange, the shares declined 7.95% in a single day, dropping to 405 yen. According to the company’s official data, the mNAV ratio stands at 1.02. This suggests that the market is pricing Metaplanet with a limited premium relative to its Bitcoin holdings.