Metaplanet CEO Simon Gerovich affirmed the company’s commitment to its Bitcoin-first strategy on Friday, even as the Tokyo-listed corporate crypto whale faces mounting losses on both its stock price and balance sheet amid a severe crypto market downturn.
“There is no change to Metaplanet’s strategy. We will steadily continue to accumulate Bitcoin, expand revenue and prepare for the next phase of growth,” Gerovich said Friday on X, according to a machine translation of his statement.
Metaplanet’s stock on the Tokyo Stock Exchange closed Friday down 5.56% at 340 yen, approximately $2.16 per share. The decline reflects broader weakness in the cryptocurrency and equities markets, which have experienced significant losses in recent weeks.
As of Friday, Bitcoin was trading approximately 50% below its all-time high of $126,080 set in October 2025. The Crypto Fear & Greed Index dropped to its lowest reading since the Terra Luna crash in May 2022, signaling extreme market pessimism.
The corporate crypto treasury company holds 35,102 Bitcoin as of Friday, positioning it as the fourth-largest public Bitcoin holder behind Microstrategy, Marathon Holdings, and Twenty One Capital, according to BitcoinTreasuries.NET. Metaplanet’s average cost basis for its Bitcoin holdings stands at $107,716, meaning the company is currently underwater on a substantial portion of its treasury.
Market-wide liquidations accelerated Thursday, with $1.844 billion in crypto long positions liquidated in a single day, according to Coinglass data. The broader crypto market deterioration has impacted other corporate Bitcoin accumulators as well.
Microstrategy, the largest public Bitcoin holder, reported a $12.4 billion net loss in the fourth quarter of 2025 as Bitcoin dropped below the firm’s average purchase price of $76,052. Despite substantial unrealized losses, Microstrategy’s management continued accumulating Bitcoin, purchasing 855 BTC on Monday valued at approximately $75 million.
Neither Metaplanet nor other major corporate Bitcoin treasuries have signaled plans to liquidate their holdings or reduce exposure to the cryptocurrency. Metaplanet has previously secured funding for continued Bitcoin purchases, including a $137 million overseas raise approved to buy Bitcoin and repay debt obligations.
Ethereum treasury holder Bitmine reported holding approximately 1.17 million Ether while carrying over $8.25 billion in unrealized losses, indicating that losses extend beyond Bitcoin-focused treasuries to other digital asset holdings as well.
Corporate treasuries have emerged as significant players in the Bitcoin market over the past several years, with some public companies allocating material portions of their balance sheets to the leading cryptocurrency as a store of value and corporate strategy.
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