Tokyo-listed Metaplanet has added 4,279 BTC in the fourth quarter, spending around $451 million at an average price of $105,412 per coin, the company said in a post on X. The purchase brings its total bitcoin holdings to 35,102 BTC, ranking it as the fourth-largest corporate bitcoin treasury. The firm aims to accumulate 210,000 BTC by 2027.
Since starting its accumulation strategy, Metaplanet has spent roughly $3.78 billion at an average price of $107,607 per bitcoin. Its shares have gained 8% this year to close at 405 yen ($2.60), though they remain about 80% below their June all-time high.
The company has also developed a derivatives-based bitcoin income business designed to generate recurring revenue while supporting long-term holdings. Metaplanet expects the unit to produce approximately $55 million in revenue for 2024.
Metaplanet’s multiple to net asset value (mNAV)—enterprise value plus debt divided by bitcoin net asset value—currently sits just above 1, indicating its market valuation relative to its bitcoin reserves.
