Simon Gerovich, CEO of Metaplanet (3350), doubled down on the company’s bitcoin buying strategy even as shares of Asia’s largest publicly traded holder of the cryptocurrency fell.
In a Friday post on X, Gerovich said Metaplanet would “continue to steadily accumulate bitcoins, expand revenue and prepare for the next phase of growth.” He thanked shareholders who continued to support the company despite bitcoin’s downward trend – the largest cryptocurrency has lost more than 47% of its value since hitting a record high in October and fell 14% on Thursday alone.
Metaplanet shares have struggled along with bitcoin, ending the week at 340 yen ($2.16) after falling about 82% from a high of 1,930 yen in June. On Friday, stocks fell 5.6% after bitcoin fell after Asian trading hours the previous day.
The Tokyo-based company’s “555 Million Plan” aims to reach 100,000 BTC by the end of 2026 and 210,000 BTC by 2027. Its bitcoin holdings have increased from 1,762 BTC at the end of 2024 to 35,102 BTC now, worth around $2.5 billion at current prices.
The investment is in the red, with an average acquisition cost of around $107,000 per bitcoin, according to its analysis page, and a current price of $66,270. The company has approximately $280 million in outstanding debt, according to the panel.
Globally, Metaplanet ranks as the fourth largest publicly traded bitcoin holder. Strategy Inc. (MSTR) is in first place with 713,502 BTC, MARA Holdings (MARA) is in second place with 53,250 BTC, and Twenty One Capital (XX1) is in third place with 43,514 BTC, according to bitcointreasuries.net.
Metaplanet announced on January 29 that it planned to raise up to 21 billion yen to fund additional bitcoin purchases and pay down debt. It plans to raise funds by selling 24.53 million new common shares at 499 yen each, along with stock warrants aimed at select investors.
