Metaplanet increases its Bitcoin holdings by 4,000 coins after three months, with the stock price sluggish and facing challenges from MNAV

Japanese listed company Metaplanet announced a large-scale buyback action at the end of 2025, after a three-month hiatus, spending nearly 70 billion yen to purchase 4,279 bitcoins, solidifying its position as the fourth-largest publicly traded Bitcoin reserve company globally. The acquisition was mainly financed through Bitcoin-backed loans and the issuance of preferred shares, demonstrating the company’s continued commitment to a “Bitcoin-backed” financial strategy. However, the purchase cost significantly deviates from the current market price, and coupled with the sharp correction in the company’s stock price from its peak, the market is closely watching the stability of its financial leverage and asset net value ratio (mNAV).

Metaplanet Buys Bitcoin Again After Three Months

Japanese Strategy Metaplanet, after a three-month hiatus, finally announced at the end of the year that it would buy Bitcoin again. This time, Metaplanet purchased 4,279 bitcoins at a total cost of 69.855 billion yen, with a cost basis of 16,325,148 yen (105,412 USD) per bitcoin. As of December 30, 2025, the company’s total Bitcoin holdings reached 35,102 coins, with a total investment cost of 559.726 billion yen, averaging about 107,606 USD per bitcoin.

Although this is the only buyback measure announced by Metaplanet since September 30, 2025, its Bitcoin holdings have increased by 33,000 coins since 2025.

Metaplanet’s Diversified Financing Strategy and Funding Sources

The funding sources for this purchase include:

Bitcoin-backed loans: In Q4 2025, the company signed a series of Bitcoin-collateralized credit lines, totaling $280 million in loans.

Issuance of preferred shares: Through a third-party allotment resolution on November 20, 2025, the company issued Class B convertible preferred shares (MERCURY), successfully raising 21.249 billion yen, which was paid on December 29.

Operational Strategy: In addition to direct purchases, this acquisition also involved targeted buying through the sale of Bitcoin options.

Metaplanet’s Stock Price Is Low, and mNAV Is Close to 1

Currently, Metaplanet holds 35,102 bitcoins, making it the fourth-largest Bitcoin reserve listed company in the world, behind Strategy(, MARA Holding, and Twenty One Capital.

However, Metaplanet’s stock price has been declining since reaching a historic high of 1,930 yen in June, falling to around 400 yen. It was only after three months that it announced another buyback, indicating difficulties in fundraising.

The cost basis for this Bitcoin purchase at 105,412 USD is far from the current Bitcoin price of 88K USD. Previously, Chain News analyzed its purchase costs, suggesting that Metaplanet uses Bitcoin options to enhance financial reports, increasing premium income while also raising its Bitcoin purchase costs. Its current mNAV ) and stock price, relative to the value of its Bitcoin holdings, have been hovering around the parity level of 1.01 for some time. As Bitcoin fails to regain momentum, Metaplanet’s stock price is unlikely to improve.

(What hidden risks are behind Metaplanet relying on Bitcoin options premiums as income?)

This article about Metaplanet increasing its Bitcoin holdings by 4,000 coins after three months, with a sluggish stock price and facing mNAV tests, first appeared on Chain News ABMedia.