Metaplanet Reaches 35,102 Bitcoin With Late December Purchase
Tokyo-listed Metaplanet added 4,279 Bitcoin for approximately $451 million in late December. The acquisition brought total holdings to 35,102 BTC, worth around $3 billion. According to Cointelegraph, the company filed details on Tuesday.
The firm also reported revenue from its Bitcoin Income Generation business reached 8.58 billion Japanese yen. That equals about $54 million for 2025. This business uses options-based strategies to create cash flow from Bitcoin holdings. The company keeps a separate pool for these activities.
Revenue grew at a quarterly compounded rate of 57 percent since Q4 2024. The income arm generated approximately $4.3 million in Q4 2024. By Q4 2025, that figure reached $26.5 to $27 million.
Corporate Adoption Gains Momentum Despite Valuation Pressures
Metaplanet's approach resembles Strategy's accumulation model. CoinDesk reports Strategy purchased 1,229 Bitcoin last week for $108.8 million. The formerly named MicroStrategy now holds 672,497 BTC. That total was acquired for $50.44 billion at an average price of $74,997 per coin.
We previously documented how nations are building Bitcoin reserve strategies, showing sovereign and corporate accumulation moving in parallel. Both strategies treat Bitcoin as a primary treasury asset. Strategy funds purchases through equity and debt issuance. Metaplanet combines treasury accumulation with active income generation.
The Japanese company's market to Bitcoin net asset value ratio dropped below 1 in October. This means the company's equity traded at a discount to its Bitcoin holdings value. That pressure affects multiple Bitcoin treasury firms. CNBC notes many Digital Asset Treasury companies now trade below net asset value.
Industry Faces Valuation Reset and Strategic Choices
Bitcoin treasury companies hold significant market influence despite representing less than 1 percent of total crypto markets. Public companies now control over 700,000 BTC according to research data. That concentration creates both opportunity and risk for the sector.
Companies trading below net asset value face difficult choices. Issuing new shares becomes dilutive when stock prices fall below Bitcoin holdings value. Some firms have paused equity programs. Others shifted from accumulation to defense strategies.
The viability of this business model depends on maintaining equity premiums above net asset value. When premiums disappear, the accumulation mechanism breaks down. Companies must then choose between selling holdings, seeking acquisition, or increasing leverage.
Market conditions in 2025 tested these strategies. Bitcoin prices declined approximately 25 percent from October highs. Many treasury firms saw their stock prices fall even more sharply. Strategy's shares, for example, dropped more than 50 percent during this period.
Metaplanet stated it is reviewing the impact of Bitcoin Income Generation results on consolidated earnings. The company plans to update guidance once the assessment completes. The income strategy distinguishes Metaplanet from pure accumulation models. It generates cash flow while maintaining core holdings.
Industry observers expect consolidation among Bitcoin treasury companies in 2026. Firms with strong capital structures and liquidity planning may weather current pressures. Late entrants without clear strategies face greater risk. The sector's next phase will separate companies with durable models from those lacking coherent asset management capabilities.
