Metaplanet CEO Simon Gerovich reiterated the company’s Bitcoin-first approach as the cryptocurrency market suffered a steep pullback. In a post on X, Gerovich said the firm will continue to accumulate Bitcoin, focus on revenue growth and prepare for future expansion.
Shares of Metaplanet on the Tokyo Stock Exchange closed Friday down 5.56% at 340 yen (about $2.16). According to BitcoinTreasuries.NET, the company held 35,102 BTC as of Friday, making it the fourth-largest public holder of Bitcoin treasuries behind Strategy, MARA Holdings and Twenty One Capital.
(The company recently approved a $137 million overseas capital raise to buy more Bitcoin and repay debt.)
The crypto market downturn has left public Bitcoin treasuries with significant unrealized losses. Bitcoin is down roughly 50% from its all-time high of $126,080 reached in October 2025, and market sentiment has collapsed—the Crypto Fear & Greed Index hit its lowest reading since the Terra Luna crash in May 2022. Coinglass reported about $1.844 billion in long-position liquidations on Thursday.
Large holders have reported heavy paper losses. Strategy disclosed 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 an earnings call, even as the company said its capital structure remained resilient with no major debt due until 2027. Despite the drawdown, Strategy added roughly 855 BTC on Monday, about $75 million at the time.
Metaplanet has not signaled any intention to sell its Bitcoin holdings; its average cost per coin is estimated at $107,716. Other crypto treasuries are similarly stressed—for example, Ethereum-focused Bitmine holds about 1.17 million ETH and faces more than $8.25 billion in unrealized losses.
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