Metaplanet CEO Simon Gerovich reaffirmed the company’s Bitcoin-first strategy even as the broader crypto market endured one of its steepest pullbacks since 2022.
“There is no change to Metaplanet’s strategy. We will continue to steadily accumulate Bitcoin, grow revenue, and prepare for the next phase of expansion,” Gerovich said in a post on X on Friday, according to a machine translation.
Metaplanet shares closed down 5.56% on the Tokyo Stock Exchange on Friday, ending the session at 340 yen (around $2.16).
The firm ranks as the fourth-largest public Bitcoin treasury holder, behind Strategy, MARA Holdings, and Twenty One Capital. As of Friday, Metaplanet held 35,102 Bitcoin, according to BitcoinTreasuries.NET.
Bitcoin treasuries face mounting unrealized losses
As of Friday, Bitcoin was trading about 50% below its October 2025 all-time high of $126,080. Market sentiment has deteriorated sharply, with the Crypto Fear & Greed Index falling to its lowest level since the Terra Luna collapse in May 2022.
Data from Coinglass shows that $1.844 billion in crypto long positions were liquidated on Thursday alone, underscoring the severity of the sell-off.
Corporate Bitcoin holders are also feeling the strain. Strategy, the largest publicly listed Bitcoin holder, reported a $12.4 billion net loss in the fourth quarter of 2025 after Bitcoin fell below its average purchase price of $76,052.
Strategy’s shares slid 17% following its Thursday earnings call, even as the company emphasized that its capital structure remains “stronger and more resilient,” with no significant debt maturities until 2027.
Despite the downturn, Strategy continues to add to its holdings. Its latest disclosure shows the company purchased an additional 855 BTC on Monday, valued at roughly $75 million.
Like Strategy, Metaplanet has given no indication it plans to reduce its Bitcoin exposure. The company’s average purchase price stands at $107,716 per Bitcoin, according to BitcoinTreasuries.NET.
Treasuries holding other crypto assets are also under pressure. Ethereum-focused treasury firm Bitmine holds approximately 1.17 million Ether and is currently sitting on more than $8.25 billion in unrealized losses.
