📅 December 30 | Tokyo
While much of the institutional market reduces exposure and seeks liquidity after one of the most volatile quarters of the cycle, Metaplanet decided to go in the opposite direction. In an environment marked by sharp declines, occasional panic, and punished stocks, the Japanese bitcoin treasury firm executed one of the most aggressive corporate purchases of the year.
📖CEO Simon Gerovich, Metaplanet acquired 4,279 BTC during the fourth quarter, allocating a total of $451.06 million at an average price of $105,412 per bitcoin. With this purchase, the company raises its total treasury to 35,102 BTC, accumulated at a combined cost of $3.78 billion, which puts its historical average price at $107,606 per BTC.
The context for these acquisitions was particularly complex. During the fourth quarter, Bitcoin went from an all-time high near $126,080 to lows below $85,000 in a matter of weeks, reflecting an environment dominated by liquidations, macroeconomic stresses, and a tightening of risk appetite.
At the time of writing this report, the cryptocurrency was trading around $87,400, with a daily drop of approximately 2.4%.
At current prices, the purchases made by Metaplanet in the quarter have an approximate value of $374 million, which implies a discount of close to 17% compared to the invested capital.
Overall, the company's total treasury is valued at around $3.06 billion, a figure lower than the acquisition cost, but consistent with a strategy explicitly designed to withstand prolonged cycles of volatility.
Topic Opinion:
Buying aggressively when the market punishes prices and stocks requires conviction, access to capital, and a risk tolerance that few companies are willing to assume. In the short term, the decision seems uncomfortable, with latent losses and evident stock market pressure. However, if Bitcoin consolidates its role as a global strategic asset, these types of moves could redefine which companies survive the next cycle and which are trapped by reacting too late.
💬 Would you buy shares of a company so exposed to Bitcoin in this context?
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