Japanese listed company Metaplanet makes another move in Q4, this time purchasing 4,279 BTC. Currently, the company's total BTC holdings have reached 35,102 coins, with a book value exceeding $3.78 billion.

Interestingly, their average cost basis is $107,606, and this year's unrealized gain rate has already reached 568.2%—a figure that certainly catches the eye. But what’s truly worth paying attention to is not the return rate itself, but what it reflects behind the scenes.

A Japanese listed company consistently and regularly increasing its BTC holdings in large amounts is no small matter. Last year, we saw many institutional investors shift from "maybe understanding" to "seriously allocating" to Bitcoin. Metaplanet’s actions are, to some extent, a microcosm of this trend—where Bitcoin, in the eyes of traditional financial institutions, is gradually transforming from a speculative asset to an asset allocation tool similar to gold.

From the scale of holdings and the pace of continuous accumulation, there are no signs of slowing down. Is this a judgment of long-term value or a grasp of market cycles? Regardless, when large-scale accumulation becomes the norm, individual investors may need to consider whether to follow or observe.