Metaplanet hasn’t bought BTC in almost three months

Metaplanet, one of the most aggressive Bitcoin accumulation companies of 2025, has apparently stabilized its buying behavior.

The company’s last BTC purchase took place almost three months ago, on October 1. Since then, the Tokyo-listed company has kept its positions steady but has completely stopped buying more BTC.

From January to October, the company saw its Bitcoin allocation grow by over 1,036%. On average, Metaplanet increased its crypto inventory by 486 BTC per week, or 2,026 BTC per month. Metaplanet currently owns 30,823 BTC worth approximately $2.7 billion. The company has amassed most of its massive BTC supply this year, which makes this apparent pause all the more striking considering the speed at which it has built up its positions.

The cryptocurrency market is currently vastly different from the way Metaplanet last bought BTC. By then, Bitcoin was trading at $118,457 and was about to take another stab at price discovery.

Since then, however, the market-leading cryptocurrency has fallen by over 26% and is currently trading for around $87,300 per coin.

Although the company with the fourth-largest Bitcoin treasuries stopped buying before the dip, its massive exposure to Bitcoin also left it heavily exposed to the negative fallout. Over the past three months, Metaplanet’s BTC position size has shrunk by approximately $1 billion.

However, Metaplanet’s hiatus seems more tactical than permanent.

MicroStrategy, the largest corporate Bitcoin holder, remains at an unrealized gain of about 16%. However, Metaplanet is struggling with roughly 20% unrealized losses, pushing its adjusted net asset value (mNAV) to its weakest premium in years.

The Japanese company finds itself in a similar scenario, but with even heavier unrealized losses. In light of this, the company has turned to financial engineering – issuing preferred shares, warrants and exploring BTC-backed loans – to shore up capital and prepare for cheaper dip buys rather than upgrading to highs.

Shareholders have already approved plans to expand the treasury to as much as 210,000 BTC by 2027. And at the moment, there are no signs that the company has undergone a change of plan.