Tokyo-listed Metaplanet is expanding beyond holding BTC into funding, incubating, and granting to companies building bitcoin financial infrastructure.
The venture capital arm will deploy 4 billion yen ($25 million) over the next few years to local bitcoin infrastructure firms.
Metaplanet CEO Simon Gerovich pushed back against online criticism of the company's transparency and bitcoin strategy.
Simon Gerovich defends disclosure standards, options trading model, and hotel operations.
Analysts say Metaplanet’s bitcoin-linked income business is becoming critical to funding expansion while avoiding forced BTC sales.
Metaplanet posted a $619 million FY2025 loss on its bitcoin valuation, while its total holdings jumped to 35,102 BTC and revenue surged.
The company recorded a non-cash bitcoin valuation loss of 102.2 billion yen ($650 million) due to the cryptocurrency’s price drop.
Metaplanet, Asia's largest publicly traded holder of bitcoin, is currently deep in the red, with its average acquisition cost per bitcoin at roughly $107,000.
Bitcoin treasuries are designed to look uncomfortable in drawdowns, because the trade they're running is simple: take a volatile asset, put it on a corporate balance sheet, and finance more of it through capital markets. When Bitcoin drops, the mark-to-market hit is the point, not the punchline. The real question is whether the company can […]
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Metaplanet targets up to $137 million in total potential funding through shares and warrants for its bitcoin treasury plans.
The Tokyo-based bitcoin treasury company secures fresh capital through a share and warrant issuance.
The company forecasts revenue of over $100 million for FY2026, with 97.5% of projected sales coming from its Bitcoin Income Generation business.
Despite the losses, Metaplanet raised its 2025 earnings projection on the back of its bitcoin income generation business.
Arthur Hayes is positioning for a 2026 liquidity rebound, arguing that Bitcoin’s weak 2025 wasn’t a referendum on “crypto narratives” so much as a straightforward dollar-credit story. In his latest essay, “Frowny Cloud,” the Maelstrom CIO says he is adding risk via Strategy (MSTR), Japan’s Metaplanet, and Zcash (ZEC) as he expects US dollar liquidity to inflect higher after a year in which Bitcoin lagged both gold and US tech stocks. Hayes frames 2025 as an awkward year for the standard cross-asset shorthand that treats Bitcoin as either digital gold or a high-beta proxy for US tech. In his telling, Bitcoin behaved “as expected” under tightening conditions, while gold and the Nasdaq 100 rose for different reasons despite falling dollar liquidity. Related Reading: Here’s Why Bitcoin Volatility Sparks Fresh Attention On MicroStrategy He argues gold’s bid is being driven by sovereign balance sheets rather than retail mania, rooted in distrust of US Treasury exposure after prior asset-freeze precedents. “If the US president steals your money, it’s an instant zero. Does it then matter what price you buy gold at?” he writes, casting central banks as price-insensitive buyers. On equities, Hayes leans into an industrial-policy interpretation of the AI trade. His claim is that the US and China have effectively treated “winning AI” as strategic, dulling the usual market discipline and helping explain why the Nasdaq decoupled from his dollar-liquidity index in 2025. That divergence matters because it sets up his core takeaway for 2026: Bitcoin needs expanding dollar liquidity to regain momentum. “Bitcoin and the Nasdaq rise when dollar liquidity expands. The only problem is the recent divergence,” Hayes writes, before returning to the “vicissitudes of dollar liquidity” as the primary driver he wants to track. The Three-Pillar Liquidity Pitch Hayes’ 2026 outlook hinges on a sharp rebound in dollar credit creation. He cites three channels: a growing Fed balance sheet via Reserve Management Purchases (RMP), commercial-bank lending into “strategic industries,” and lower mortgage rates catalyzed by policy-driven demand for mortgage-backed securities. In his account, quantitative tightening faded as a dominant headwind in late 2025, with QT ending in December and RMP beginning as a new, steady buyer. He claims RMP “at a minimum” expands the balance sheet by $40 billion per month, and expects that pace to rise as government funding needs increase. The second leg is bank credit creation, which he says accelerated in 4Q25, with large lenders willing to extend loans where government equity stakes or offtake agreements reduce default risk. The third is housing: Hayes points to Trump-backed directives for Fannie Mae and Freddie Mac to deploy $200 billion toward MBS purchases, arguing that lower mortgage rates could unlock a familiar wealth effect and, by extension, more credit. Related Reading: Bitcoin Accumulation Continues: Strategy Purchases 1,287 BTC Amid Rising Prices He ties the pieces together with a simple conclusion: if liquidity turns, Bitcoin should follow. “Bitcoin … and dollar liquidity bottomed around the same time,” he writes, arguing that the next major leg depends less on sentiment than on renewed credit expansion. MSTR, Metaplanet, And ZCash Hayes describes himself as a “degen speculator” and says Maelstrom is already “nearly fully invested,” but he still wants “MOAR risk” to capture upside convexity if Bitcoin reclaims higher levels. Rather than using perpetuals or options, he says he’s long Strategy and Metaplanet for levered exposure via corporate balance sheets. His timing argument is valuation-relative: he compares each company’s “DAT” to Bitcoin priced in the relevant currency (yen for Metaplanet, dollars for Strategy) and says those ratios sit near the low end of the past two years, after being “down substantially” from mid-2025 peaks. He adds a key condition: “If Bitcoin can retake $110,000, investors will get the itch to go long Bitcoin through these vehicles. Given the leverage embedded in the capital structure of these businesses, they will outperform Bitcoin on the upside.” He also flags continued accumulation of Zcash. Hayes argues the departure of developers at Electric Coin Company (ECC) is not bearish: “We continue to add to our Zcash position. The departure of the devs at ECC is not bearish. I firmly believe they will ship better, more impactful products within their own for-profit entity. I’m thankful for the opportunity to buy discounted ZEC from weak hands.” At press time, MSTR traded at $179.33. Featured image from YouTube, chart from TradingView.com
Metaplanet shares approached the 637 yen trigger that reactivates the company’s moving strike warrants and unlocks hundreds of millions for new bitcoin purchases.
Select bitcoin treasury equities gained after MSCI removed near-term index exclusion risk.
The company's total BTC holdings now stand at 35,102 BTC, which is valued at $3.06 billion at current market prices.
Metaplanet's bitcoin income generation business generated about $55 million in annual revenue for 2024.
Over the past quarter, the most notable market signal from Japan-based Metaplanet was not a single Bitcoin purchase, but a pause. The Tokyo-listed firm, which spent much of 2025 aggressively acquiring Bitcoin, has not issued a “Notice of Additional Purchase” since Oct. 1. While retail observers feared a loss of conviction, the silence masked a […]
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The sponsored level I ADR listing strengthens U.S. investor access, settlement quality and market credibility, the company said.
Norges Bank, which holds a 0.3% stake in Metaplanet voted in favor of for all five proposals ahead of the Dec. 22 EGM.
Bitcoin rebound and equity momentum push Metaplanet valuation multiple to 1.17 to highest level since October.
MSTR executive chairman shuts down idea of near term expansion of perpetual preferreds in Japan.
Bitocin treasury companies continue to accumulate a significant amount of BTC despite current market conditions and now control around 5% of the total BTC supply. These companies are led by Michael Saylor’s Strategy and Metaplanet, which have recently raised fresh capital to buy the dip. Bitcoin Treasury Companies Now Hold Over 1 Million In BTC Bitcoin Treasuries data shows that the top 100 public Bitcoin treasury companies currently hold 1,058,929 BTC, while all public companies combined hold 1,061,697. Notably, Strategy is the largest public Bitcoin holder with 650,000 BTC. Michael Saylor’s company yesterday announced another 130 BTC purchase for $11.7 million. Related Reading: Strategy’s Crash Rumors Intensify, CEO Reveals When $46 Billion In Bitcoin Will Be Sold Meanwhile, the second-largest Bitcoin treasury company is BTC miner MARA holdings, which holds 53,250 BTC. Tether-backed Twenty One Capital, Metaplanet, and Bitcoin Standard Treasury Company complete the top 5, with 43,514, 30,823, and 30,021 BTC, respectively. Meanwhile, companies like Coinbase, Bullish, and Trump Media are among the top 10 largest BTC treasury companies. It is worth noting that these public companies account for only a part of the Bitcoin treasuries. Further data from Bitcoin Treasuries shows that there is currently 4 million BTC in treasuries as a whole, including the coins held by governments, private companies, exchanges, DeFi platforms, and ETFs. BlackRock is currently the second-largest Bitcoin holder, only behind Satoshi Nakamoto. Strategy is third on the list, while Binance and the U.S. government complete the top 5, with BTC holdings of 628,868 and 323,588, respectively. The 4 million BTC held by these treasury companies as a group accounts for 19% of the total Bitcoin supply. Bitcoin treasury companies such as Strategy and Metaplanet have raised new capital amid the recent crash to buy more BTC. Saylor’s company recently raised $836 million from its STRE offering, which it used to buy 8,178 BTC. Meanwhile, Metaplanet raised $130 million to expand its BTC treasury. More Companies Set To Adopt Bitcoin More Bitcoin treasury companies are set to emerge as $10 trillion asset manager, Vanguard, will start offering BTC ETFs from today. Notably, some companies gain BTC exposure through these ETFs rather than buying Bitcoin directly. On-chain analytics platform Arkham Intelligence revealed that the largest U.S. bank, JPMorgan, holds $300 million worth of BlackRock’s BTC ETF. Related Reading: Analyst Who Predicted Bitcoin Price Action With Chinese Astrology Shares When Prices Will Surge Meanwhile, it is worth mentioning that Bitcoin treasuries such as Strategy are coming under immense pressure amid the current market downtrend. Strategy’s CEO, Phong Le, admitted that they might have to sell Bitcoin as a last resort to fund dividend payments if their mNAV drops below 1x and they can no longer raise capital. At the time of writing, the Bitcoin price is trading at around $87,000, up in the last 24 hours, according to data from CoinMarketCap. Featured image from Pngtree, chart from Tradingview.com
Metaplanet, often dubbed Japan’s MicroStrategy for its adoption of Michael Saylor’s Bitcoin investment strategy, is nearing a critical juncture as Bitcoin (BTC) retraces below 30% of its all-time highs in under a month. Metaplanet Bitcoin Holdings Plummet As of November 26, Metaplanet ranks as the fourth largest public Bitcoin treasury company, holding just over 30,000 BTC valued at approximately $2.7 billion, with an average acquisition cost of around $108,000 per coin. Currently, Bitcoin is trading at approximately $87,700, placing the firm at a nearly 17% loss on its investments. The company finds itself about $640 million underwater, compounded by a steep drop in its stock price, which has plummeted 81% from June highs of ¥1,935 to its current valuation of ¥366 per share on the Tokyo Stock Exchange. Related Reading: Has The Bitcoin Price Hit Its Bottom? Key On-Chain Data Signals Potential Rebound Ahead Recently, Metaplanet borrowed an additional $130 million to bolster its Bitcoin holdings, a decision disclosed in a filing on November 21 under a previously established $500 million credit facility announced in late October. This loan is structured with a floating interest rate that renews daily, allowing for repayment at any point. Importantly, the loan is fully secured by the company’s Bitcoin reserves. However, market expert Shanaka Anslem has raised concerns on social media platform X (formerly Twitter) about the implications of these maneuvers for Metaplanet’s short-term stability. Key Dates Approach Anslem highlighted two pivotal dates that the market should closely monitor: December 18, when the Bank of Japan (BoJ) will decide on interest rates, and December 22, when Metaplanet shareholders will vote on a proposed $135 million fundraising initiative. The outcomes of these events are intertwined. The expert asserts that if the Bank of Japan opts for tighter monetary policy, resulting in a strengthened yen, Bitcoin prices may decline, potentially collapsing Metaplanet’s stock premium and jeopardizing the fundraising vote. Conversely, should the central bank maintain its loose policies, leading to a weakened yen but stable Bitcoin prices, the vote may pass, allowing the company to survive. Related Reading: Monad (MON) Price Skyrockets 80%, Emerges As Best Performer Among Top 100 Cryptos This situation holds significance beyond Metaplanet itself. Japan currently lacks a Bitcoin exchange-traded fund (ETF), making Metaplanet the sole avenue for Japanese investors to gain exposure to Bitcoin via the stock exchange. This factor contributed to a 4,000% increase in the company’s stock value in 2024; however, the price plunged 81% when Bitcoin dropped by 30% over the past month amid rising selling pressure that has prompted fears of a new bear market among investors. Leverage further amplifies the existing risks. For Metaplanet to break even, Bitcoin must reach $108,000. For their investment model to function effectively, however, BTC must surpass $130,000. If Bitcoin falls below $70,000, Metaplanet may have to sell assets to meet collateral requirements. Anslem further noted: For now, Metaplanet stands as neither triumph nor failure but as the most consequential experiment in corporate Bitcoin allocation currently running… The hotel company that bet everything on Bitcoin approaches its moment of truth. The world should be watching. Featured image from DALL-E, chart from TradingView.com
The Japanese company executed new borrowing as part of its expanding bitcoin focused funding strategy.
Investors long paid premiums for Digital Asset Treasury firms, seeing them as practical substitutes for holding Bitcoin when direct access was limited. That approach worked when regulated channels were scarce and corporate balance sheets offered the closest approximation to holding the asset itself. But according to Matt Hougan, chief investment officer at Bitwise Asset Management, […]
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Metaplanet plans to raise ¥21.25 billion (about $135 million) through the new Class B preferred share issuance.
MARS and MERCURY preferred shares define a two tier equity stack as Metaplanet raises new capital.
Bitcoin leads gains above $106,000, yet a CME gap hints at potential short-term volatility.