Metaplanet wrapped up late December with a roughly $451 million Bitcoin buy that pushed its year-end holdings to about 35,102 BTC, finishing 2025 with a clear message: Bitcoin is being treated as a core corporate reserve asset, not a trade.
The company has openly framed the strategy as a long-term treasury program and even compared its ambition to becoming “Asia’s MicroStrategy.” That kind of positioning matters because it signals concentration by design—a decision to accept BTC-driven balance-sheet swings as part of the operating model.
*Notice Regarding the Q4 FY2025 Results and Full-Year Forecast Revision for the Bitcoin Income Business* pic.twitter.com/rKZL5hetrw
— Metaplanet Inc. (@Metaplanet) December 30, 2025
How Metaplanet financed the accumulation
The accumulation didn’t rely on spot purchases alone; it leaned on multiple funding levers. Metaplanet used a $100 million Bitcoin-backed loan in October 2025, followed by a $130 million loan in November 2025, and then a $150 million preferred-share raise that same month. This multi-pronged financing stack gave the company room to keep buying through volatility rather than pausing when markets got choppy.
A Bitcoin-backed loan, as described here, is debt secured by BTC collateral that can be liquidated if collateral thresholds are breached. That structure accelerates accumulation, but it also hardwires collateral-management risk into the treasury strategy.
The payoff and the stress test
Metaplanet’s approach produced eye-catching headline metrics—most notably a 568.2% “BTC-yield” figure for 2025 tied to its volatility and monetization tactics. At the same time, the equity story stayed fragile, with the stock dropping about 10% at the start of Q4 2025 and sitting roughly 70% below a mid-June peak.
At points, the company’s enterprise value reportedly traded below the value of its Bitcoin holdings, which is a market signal in itself. It suggests investors were discounting sustainability and capital-allocation risk, not disputing the size of the BTC position.
Metaplanet’s year-end snapshot is straightforward: a high-conviction Bitcoin treasury strategy scaled through debt and equity, paired with higher equity volatility and real collateral risk as the cost of speed.