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Metaplanet’s CEO Simon Gerovich doubled down on the company’s Bitcoin-first strategy as the wider crypto market suffered one of its harshest drawdowns since 2022.
“[T]here 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 post.
Metaplanet’s stock on the Tokyo Stock Exchange closed Friday down 5.56% at 340 yen (about $2.16).
The corporate crypto whale is ranked fourth among public Bitcoin (BTC) treasury companies behind Strategy, MARA holdings and Twenty One Capital. Metaplanet held 35,102 on Friday, according to BitcoinTreasuries.NET.
Metaplanet’s stock has been tumbling since mid-January. Source: Japan Exchange GroupRelated: Metaplanet approves $137M overseas raise to buy Bitcoin and repay debt
Bitcoin treasuries are sitting on unrealized losses
As of Friday, Bitcoin was down about 50% from its all-time high of $126,080 set in October, 2025. The Crypto Fear & Greed Index, a gauge of market sentiment, fell to its lowest reading since the Terra Luna crash in May 2022.
According to Coinglass, $1.844 billion of crypto long positions were liquidated on Thursday.
Corporate Bitcoin whales were also displaying losses on their balance sheets. Strategy, the largest public holder of Bitcoin, logged 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.
Strategy’s shares had dropped 17% on its Thursday call, even as the company said that its capital structure remained “stronger and more resilient” and that it had no major debt maturing until 2027.
Bitcoin treasuries are sitting on unrealized losses
Strategy’s latest disclosure showed it bought another 855 BTC on Monday, worth about $75 million.
Like Strategy, Metaplanet hasn’t signaled plans to unwind its exposure or sell its Bitcoin holdings. Metaplanet’s average cost for its Bitcoin holdings is $107,716, according to BitcoinTreasuries.NET.
Crypto treasuries based on assets other than Bitcoin are feeling the pressure as well. Ethereum treasury Bitmine held around 1.17 million Ether (ETH), while sitting on more than $8.25 billion in unrealized losses.
Big questions: Would Bitcoin survive a 10-year power outage?
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