Metaplanet Commits $137M to Bitcoin Amid Losses

Japan’s Metaplanet is staying true to its Bitcoin-first strategy, pledging over $130 million more for BTC purchases even as markets tumble.

Key Takeaways

• Metaplanet is raising up to $137 million in new equity financing to expand its Bitcoin holdings in 2026.
• The company’s stock has fallen more than 50% over the past year, including a 20% drop on Feb. 5 alone.
• Despite sitting on deep unrealized losses, Metaplanet plans to continue accumulating BTC.
• The broader crypto market saw over $1.84 billion in long liquidations and $1 trillion in market cap lost in three weeks.

What Happened?

Metaplanet, often referred to as Japan’s MicroStrategy, is doubling down on its Bitcoin commitment despite a brutal market downturn. The firm announced a new equity financing plan to raise approximately $135 to $137 million, most of which will be used to buy more Bitcoin in 2026.

While the company’s Bitcoin position is now deep in the red due to falling prices, leadership remains unfazed. CEO Simon Gerovich confirmed that there is “no change” in strategy and that Metaplanet will continue to accumulate Bitcoin, grow revenue, and prepare for the next phase of expansion.

Market Meltdown Has Hit Hard

Metaplanet’s aggressive Bitcoin stance comes amid one of the worst crypto drawdowns since 2022. Bitcoin has fallen over 50% from its October 2025 all-time high of $126,080, and 22% in just the past week. At current levels, Metaplanet’s 35,102 BTC are well below the company’s average purchase price of $107,716, meaning massive paper losses.

The company’s stock has felt the heat too:

• Fell 5.56% on the Tokyo Stock Exchange.
• Dropped 7% in one trading session this month.
• Plunged 20% on February 5, closing at $1.86.
• Down 50% over the past year.

Despite this, the firm remains the fourth-largest public Bitcoin holder, behind Strategy, MARA Holdings, and Twenty One Capital, according to BitcoinTreasuries.NET.

Pressure Mounts Across Crypto Treasuries

Metaplanet is not alone in the pain. Major Bitcoin treasury holders like Strategy (formerly MicroStrategy) reported $12.4 billion to $12.6 billion in quarterly losses, with its stock falling 17% on earnings day. Ethereum-focused companies like BitMine are also grappling with billions in unrealized losses.

Key market stress indicators include:

• $1.84 billion in crypto long liquidations in one day.
• Nearly $1 billion in net outflows from spot Bitcoin ETFs.
• Crypto Fear & Greed Index plunged to lowest since Terra Luna crash in May 2022.

Broader financial markets are also reacting. Tech-heavy indexes like the NASDAQ 100 have declined for three straight sessions, and stocks like Alphabet and Eli Lilly are trending down. Bitcoin’s sharp fall is being linked to political and macroeconomic events, especially after Donald Trump nominated Kevin Warsh as the next Federal Reserve chair. Warsh’s expected tightening stance is spooking crypto and equity investors alike.

Metaplanet’s Strategy Remains Unshaken

Despite mounting losses, Metaplanet isn’t backing away. On January 29, the company approved a new equity plan to raise 20.7 billion yen (about $135–$137 million) through third-party share allotments and stock acquisition rights. The funds are largely allocated for Bitcoin purchases in 2026.

The firm had already achieved its 30,000 BTC goal ahead of schedule in 2025, and while recent purchases have slowed, the new financing indicates a renewed commitment to long-term BTC accumulation.

CoinLaw’s Takeaway

In my experience watching the crypto sector, this kind of boldness in the face of brutal losses is rare. Metaplanet is bleeding value on paper, yet it’s choosing to go even deeper into Bitcoin, while others are scaling back. I found their consistency oddly admirable. It’s a high-risk play, no doubt, but it signals long-term conviction, not just speculation. If Bitcoin rebounds like it has in past cycles, Metaplanet could come out far stronger. But make no mistake, they’re walking a very fine line.

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