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Metaplanet Just Bought $451M in Bitcoin, But Technical Charts Show a Critical Crossroads

MarketDash Editorial Team
2 hours ago
Japan's Metaplanet acquired 4,279 Bitcoin for $451 million in Q4, cementing its position as the world's fourth-largest public holder of the cryptocurrency. But while the company aggressively expands its holdings, the stock charts tell a more precarious story.

Metaplanet Inc. (MTPLF) is making serious moves in the Bitcoin accumulation game. The Tokyo-listed company dropped $451 million on 4,279 Bitcoin (BTC) during Q4, paying an average of $105,412 per coin. That brings their total stash to 35,102 BTC acquired for $3.78 billion at an average purchase price of $107,607.

Here's the thing though: while Metaplanet is aggressively buying Bitcoin, its stock sits precariously at $2.50, down a brutal 80% from the all-time high it touched back in June. The company's shares closed at 405 yen ($2.60), up 8% for the year, but technical charts suggest this price level might be the line in the sand that determines what happens next.

Climbing the Public Bitcoin Holder Rankings

Metaplanet now ranks as the fourth-largest publicly traded Bitcoin holder by volume, trailing only Strategy Inc. (MSTR), Marathon Digital Holdings (MARA), and Riot Platforms (RIOT). The company achieved a BTC Yield of 568.2% year-to-date in 2025 and has set an ambitious target of owning 210,000 BTC by the end of 2027, which would be worth approximately $18.5 billion at current prices.

Unlike some pure Bitcoin treasury companies, Metaplanet has built out a Bitcoin income generation business using derivatives to produce recurring revenue while supporting its long-term holdings strategy. That unit is expected to generate around $55 million in revenue for the full fiscal year 2025, providing some operational cash flow beyond just holding the cryptocurrency.

The company's multiple to net asset value hovers just above 1, meaning it trades roughly in line with its Bitcoin holdings with minimal premium. That's quite different from some of its peers that trade at significant premiums to their underlying crypto assets.

Shareholders Approve Aggressive Expansion Plans

An extraordinary shareholder meeting recently approved all five proposals designed to unlock massive capital for additional Bitcoin purchases, according to Dylan LeClair, Metaplanet's strategy director. The changes give the company substantial financial firepower for continued accumulation.

The board doubled authorized preferred shares from 277.5 million to 555 million for both Class A and Class B categories. Class A shares were amended to include a monthly floating-rate dividend structure called MARS (Metaplanet Adjustable Rate Security), designed to deliver price stability for investors.

Class B shares now pay quarterly dividends and include a 10-year 130% issuer call provision, meaning Metaplanet can buy shares back at 130% of the issuance price. These shares also come with investor put rights if the company fails to complete an IPO within one year, providing downside protection.

Perhaps most significantly, the board approved issuing Class B preferred shares to overseas institutional investors, opening the door to international capital inflows that could fuel further Bitcoin acquisitions.

Technical Picture Shows Critical Support Test

The stock is down 4.26% and showing signs of a potential bottoming formation after a prolonged downtrend from August highs near $9. Metaplanet has been consolidating within a descending channel for five months, with price action recently testing and holding above the psychologically significant $2.5 support level multiple times during November and December.

The SAR indicator at $3.01 represents the immediate hurdle that needs to be cleared for any meaningful upside momentum. A sustained break above this level would open the door toward $3.73 (the 100 EMA), then $4 (the 200 EMA), giving bulls a clear roadmap for recovery.

But here's the risk: failure to hold $2.50 support would trigger a breakdown toward the lower channel boundary around $2.00 to $2.10, representing a 26% downside risk from current levels. That makes this price zone absolutely critical for determining whether Metaplanet's stock can participate in any Bitcoin rally or if it continues its separate path downward.

The disconnect between aggressive Bitcoin accumulation and stock price weakness creates an interesting situation. Either the market is pricing in execution risk, dilution concerns from the capital raises, or general skepticism about Bitcoin treasury strategies. Or the stock is simply beaten down and ready for a technical bounce if it can hold current support levels.

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Metaplanet Just Bought $451M in Bitcoin, But Technical Charts Show a Critical Crossroads

MarketDash Editorial Team
2 hours ago
Japan's Metaplanet acquired 4,279 Bitcoin for $451 million in Q4, cementing its position as the world's fourth-largest public holder of the cryptocurrency. But while the company aggressively expands its holdings, the stock charts tell a more precarious story.

Metaplanet Inc. (MTPLF) is making serious moves in the Bitcoin accumulation game. The Tokyo-listed company dropped $451 million on 4,279 Bitcoin (BTC) during Q4, paying an average of $105,412 per coin. That brings their total stash to 35,102 BTC acquired for $3.78 billion at an average purchase price of $107,607.

Here's the thing though: while Metaplanet is aggressively buying Bitcoin, its stock sits precariously at $2.50, down a brutal 80% from the all-time high it touched back in June. The company's shares closed at 405 yen ($2.60), up 8% for the year, but technical charts suggest this price level might be the line in the sand that determines what happens next.

Climbing the Public Bitcoin Holder Rankings

Metaplanet now ranks as the fourth-largest publicly traded Bitcoin holder by volume, trailing only Strategy Inc. (MSTR), Marathon Digital Holdings (MARA), and Riot Platforms (RIOT). The company achieved a BTC Yield of 568.2% year-to-date in 2025 and has set an ambitious target of owning 210,000 BTC by the end of 2027, which would be worth approximately $18.5 billion at current prices.

Unlike some pure Bitcoin treasury companies, Metaplanet has built out a Bitcoin income generation business using derivatives to produce recurring revenue while supporting its long-term holdings strategy. That unit is expected to generate around $55 million in revenue for the full fiscal year 2025, providing some operational cash flow beyond just holding the cryptocurrency.

The company's multiple to net asset value hovers just above 1, meaning it trades roughly in line with its Bitcoin holdings with minimal premium. That's quite different from some of its peers that trade at significant premiums to their underlying crypto assets.

Shareholders Approve Aggressive Expansion Plans

An extraordinary shareholder meeting recently approved all five proposals designed to unlock massive capital for additional Bitcoin purchases, according to Dylan LeClair, Metaplanet's strategy director. The changes give the company substantial financial firepower for continued accumulation.

The board doubled authorized preferred shares from 277.5 million to 555 million for both Class A and Class B categories. Class A shares were amended to include a monthly floating-rate dividend structure called MARS (Metaplanet Adjustable Rate Security), designed to deliver price stability for investors.

Class B shares now pay quarterly dividends and include a 10-year 130% issuer call provision, meaning Metaplanet can buy shares back at 130% of the issuance price. These shares also come with investor put rights if the company fails to complete an IPO within one year, providing downside protection.

Perhaps most significantly, the board approved issuing Class B preferred shares to overseas institutional investors, opening the door to international capital inflows that could fuel further Bitcoin acquisitions.

Technical Picture Shows Critical Support Test

The stock is down 4.26% and showing signs of a potential bottoming formation after a prolonged downtrend from August highs near $9. Metaplanet has been consolidating within a descending channel for five months, with price action recently testing and holding above the psychologically significant $2.5 support level multiple times during November and December.

The SAR indicator at $3.01 represents the immediate hurdle that needs to be cleared for any meaningful upside momentum. A sustained break above this level would open the door toward $3.73 (the 100 EMA), then $4 (the 200 EMA), giving bulls a clear roadmap for recovery.

But here's the risk: failure to hold $2.50 support would trigger a breakdown toward the lower channel boundary around $2.00 to $2.10, representing a 26% downside risk from current levels. That makes this price zone absolutely critical for determining whether Metaplanet's stock can participate in any Bitcoin rally or if it continues its separate path downward.

The disconnect between aggressive Bitcoin accumulation and stock price weakness creates an interesting situation. Either the market is pricing in execution risk, dilution concerns from the capital raises, or general skepticism about Bitcoin treasury strategies. Or the stock is simply beaten down and ready for a technical bounce if it can hold current support levels.