Overview
- Metaplanet purchased 4,279 BTC in Q4 at an average price of about $105,412, spending roughly $451 million to expand its stack to 35,102 BTC.
- The firm reports total bitcoin spending of about $3.78 billion at an average cost of roughly $107,606 per BTC after resuming buys following a late-September pause.
- It completed payment for 23.61 million Class B MERCURY preferred shares, raising over ¥21 billion (over $136 million) for additional bitcoin purchases, yield strategies, and bond redemptions.
- Management highlights a 568.2% year-to-date BTC Yield, a KPI tracking bitcoin per fully diluted share, as its bitcoin income unit generated about $54–$55 million via derivatives.
- With bitcoin near $88,000, the portfolio sits on roughly $500 million in unrealized losses and trades near mNAV of 1.0 as the company pursues a 210,000 BTC target by end-2027.