Metaplanet Buys Another $448M in Bitcoin Despite Market Pullback

Source: Coindoo Original Title: Metaplanet Buys Another $448M in Bitcoin Despite Market Pullback Original Link: Metaplanet has doubled down on its Bitcoin strategy with another sizable purchase, even as the market trades well below the company’s average entry price.

Metaplanet confirmed it acquired an additional 4,279 Bitcoin during the quarter, spending roughly $448 million. The purchase was made at an average price of about $104,679 per BTC, according to the company’s latest disclosure.

Key Takeaways

• Metaplanet purchased 4,279 BTC for roughly $448 million at an average price above $104,000
• Total Bitcoin holdings now stand at 35,102 BTC, valued at about $3.08 billion
• The company is facing over $500 million in unrealized losses at current prices
• Management continues to focus on Bitcoin yield rather than short-term profitability

This latest accumulation brings Metaplanet’s total Bitcoin holdings to 35,102 BTC, cementing its position as one of the most aggressive corporate Bitcoin accumulators outside the United States.

Holdings now exceed $3 billion, but losses remain unrealized

At current market prices near $87,600 per Bitcoin, Metaplanet’s total BTC stack is valued at roughly $3.08 billion. However, the company’s average purchase price across all holdings stands at approximately $102,246 per BTC.

Metaplanet now holds 35,102 BTC ($3.08B) with an average purchase price of $102,246, and is currently sitting on over $504M in unrealized losses.

As a result, Metaplanet is currently sitting on more than $500 million in unrealized losses. Despite this, the company has shown no sign of slowing its accumulation strategy, continuing to buy even as prices remain below its cost basis.

Yield-focused strategy mirrors aggressive accumulation models

In its filing, Metaplanet emphasized Bitcoin yield as a core performance metric, measuring how effectively the company increases Bitcoin holdings relative to shareholder dilution. The company reported exceptionally high BTC yield figures earlier in its accumulation cycle, with triple-digit gains during late 2024 and early 2025, followed by more moderate but still positive yields in recent quarters.

The firm also noted that part of its Bitcoin acquisition strategy involves targeted buying and options-related activity, suggesting a more active treasury management approach rather than simple spot purchases alone.

What this signals for the market

Metaplanet’s continued buying, even at prices well above current market levels, reinforces a longer-term conviction view on Bitcoin rather than a short-term trading mindset. The strategy closely resembles high-conviction treasury models that prioritize asset accumulation over near-term price performance.

At the same time, the growing unrealized losses highlight the risk inherent in aggressive accumulation during volatile market phases, especially as Bitcoin remains below recent cycle highs.