Overview
- The quarter’s 4,279 BTC purchase averaged about $105,412 per coin, bringing cumulative spend to roughly $3.78 billion at an average cost near $107,606.
- Metaplanet completed payment for 23.61 million Class B “MERCURY” preferred shares, raising over ¥21 billion (about $136 million) for further BTC purchases, yield strategies, and bond redemptions.
- At recent prices near $87,000–$88,000, the BTC stack is valued around $3.08 billion versus a $3.78 billion cost basis, implying unrealized losses exceeding $500 million and a decline of roughly 18–19% versus cost.
- Management reported a 568.2% BTC Yield for 2025, a KPI that measures bitcoin accretion per fully diluted share rather than mark-to-market gains or losses.
- The bitcoin income business generated about $54–55 million in 2025, while the company ranks among the largest public corporate holders and maintains a target of 210,000 BTC by end-2027.