Metaplanet’s CEO Simon Gerovich reaffirmed the company’s Bitcoin-first strategy as the crypto market endured one of its steepest pullbacks since 2022. On X, Gerovich said there is no change to the firm’s approach: Metaplanet will continue to accumulate Bitcoin, grow revenue and prepare for future expansion.
Metaplanet’s shares on the Tokyo Stock Exchange closed Friday down 5.56% at 340 yen (about $2.16). The company is the fourth-largest public holder of Bitcoin treasuries, behind Strategy, MARA Holdings and Twenty One Capital, with 35,102 BTC as of Friday, according to BitcoinTreasuries.NET.
Related: Metaplanet approves $137M overseas raise to buy Bitcoin and repay debt
Bitcoin treasuries are sitting on unrealized losses
Bitcoin has fallen roughly 50% from its all-time high of $126,080 reached in October 2025. Market sentiment has plunged—the Crypto Fear & Greed Index hit its lowest level since the Terra Luna crash in May 2022. Coinglass reported $1.844 billion in long-position liquidations on Thursday.
Public Bitcoin treasuries have shown large unrealized losses. Strategy reported a $12.4 billion net loss in Q4 2025 after BTC fell below its average purchase price of $76,052, and its shares dropped about 17% following a company call, even as Strategy said its capital structure remained resilient with no major debt due until 2027. Despite the drawdown, Strategy added another 855 BTC on Monday, about $75 million at the time.
Metaplanet has not indicated any plan to sell its holdings; its average cost per Bitcoin is estimated at $107,716. Other crypto treasuries are also under pressure—for example, Ethereum-focused Bitmine holds roughly 1.17 million ETH and faces more than $8.25 billion in unrealized losses.
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