Investing 69.855 billion yen to increase BTC holdings, Metaplanet's holdings rise to 35,102 coins. Is the risk being transferred to shareholders?

After a brief pause, Japanese publicly listed company Metaplanet has once again made significant Bitcoin purchases, drawing high market attention. On December 30, Metaplanet announced it had bought 4,279 Bitcoins for approximately 69.855 billion yen, increasing its total BTC holdings to 35,102 coins, continuing to rank among the largest publicly traded Bitcoin holders globally, currently in fourth place.

It is noteworthy that this additional purchase occurred when Bitcoin’s price was below the company’s historical average purchase cost. Data shows that as of December 30, Metaplanet’s average BTC cost was approximately 15,945,691 yen per coin, while the current market price has fallen below this level, resulting in unrealized losses exceeding $500 million, further increasing the company’s balance sheet sensitivity to Bitcoin price fluctuations.

Regarding financing structure, Metaplanet mainly accumulates Bitcoin through equity dilution and debt leverage. In Q4 2025, the company secured approximately $280 million in Bitcoin-backed loans, all of which had been fully drawn before December 29 and remain unpaid. Additionally, the company issued 23.61 million Class B preferred shares, successfully raising 21.249 billion yen. All these shares are included in fully diluted share count, directly diluting existing shareholders’ equity and significantly amplifying exposure to BTC price volatility.

Bitcoin has become a core variable in Metaplanet’s balance sheet risk. Although management emphasizes Bitcoin yield and BTC returns as key indicators of accumulation efficiency, these metrics do not account for debt costs, refinancing pressures, or unrealized fair value losses, leading to certain limitations in risk assessment.

With multiple rounds of equity issuance and the implementation of convertible instruments, the fully diluted number of shares has risen to 1.459 billion. While this increases the per-share Bitcoin exposure on paper, it also significantly enhances the company’s vulnerability to a prolonged downward cycle in Bitcoin prices.

Overall, Metaplanet continues to pursue a high-leverage, high-exposure Bitcoin strategy. As Bitcoin price volatility intensifies and debt pressures accumulate, the market is beginning to question: Is this aggressive Bitcoin accumulation action gradually shifting the increasing downside risks onto ordinary shareholders?