Metaplanet (3350) CEO Simon Gerovich has ramped up the company’s Bitcoin buying strategy despite falling shares of Asia’s largest publicly traded holder of the cryptocurrency.
Gerovich said in an X post on Friday that Metaplanet will “steadily continue to accumulate Bitcoin, expand revenue, and prepare for the next phase of growth.” He thanked shareholders who have continued to support the company despite Bitcoin’s downward trend: since hitting an all-time high in October, the largest cryptocurrency has lost more than 47% of its value, down 14% on Thursday alone.
Metaplanet’s stock price, like Bitcoin, has struggled, ending the week at 340 yen ($2.16), down about 82% from its June high of 1,930 yen. On Friday, the stock fell 5.6% following Bitcoin’s plunge following the Asian trading session the previous day.
The Tokyo-based company’s “555 Million Plan” aims to reach 100,000 BTC by the end of 2026 and 210,000 BTC by 2027. Its Bitcoin holdings have climbed from 1,762 BTC at the end of 2024 to 35,102 BTC currently, worth approximately $2.5 billion at current prices.
According to its analytics page, the investment was heavily loss-making, with the average acquisition cost per Bitcoin being approximately $107,000 and the current price being $66,270. The company has approximately $280 million in outstanding debt, according to the dashboard.
Globally, Metaplanet is the fourth largest publicly traded Bitcoin holder. According to data from bitcointreasuries.net, Strategy Inc. (MSTR) ranks first with 713,502 Bitcoins, MARA Holdings (MARA) ranks second with 53,250 Bitcoins, and Twenty One Capital (XX1) ranks third with 43,514 Bitcoins.
Metaplanet announced on January 29 that it plans to raise up to 21 billion yen to fund additional Bitcoin purchases and pay down debt. The company plans to raise funds by issuing 24.53 million new common shares at 499 yen per share, as well as warrants to certain investors.
