Metaplanet, Japan’s biggest Bitcoin treasury, snapped up $451 million worth of Bitcoin between October and December.
In an official filing, Metaplanet said it paid an average of $105,412 per coin, taking its total Bitcoin holdings to $3.78 billion.
The firm also estimated its Bitcoin income business, which offers Bitcoin derivative-related services, generated $55 million in revenue last year, “exceeding” its expectations.
Digital asset treasuries are experiencing a resurgence after a disappointing end to 2025, with Metaplanet’s share price rising by 21% over the past five days in Tokyo. The upturn appears to be linked to rising crypto prices, with Bitcoin climbing above $93,000 on January 7.
In the US, share prices in the two leading DATs, Strategy and MARA, are up 1.6% and 8.5% respectively over the same period.
The resurgence comes despite stark warnings from experts about the long-term viability of DAT business models.
“The initial hype is over,” Brian Huang, co-founder of investment platform Glider, told DL News last week.
Macro analyst Alex Kruger concurred, calling DAT models an “abomination.”
Bitcoin stocks rising
Metaplanet is the world’s fourth-largest corporate Bitcoin holder, per BitcoinTreasuries data. The firm plans to buy 210,000 Bitcoin, 1% of the total supply, by 2027.
Smaller Japanese DATs have also seen their share prices rise quickly in Tokyo over the past few days. The nail salon franchise Convano saw its stock rise by over 16% in the last five days, with the energy firm Remixpoint experiencing an 11% increase. The video game developer Gumi’s stock rose by 6%.
Like Metaplanet, originally a hotel operator, these Tokyo Stock Exchange firms have all reinvented themselves as DATs in recent years, unveiling a plethora of Bitcoin-related business plans.
Scores of other Japanese firms have jumped on board the Bitcoin-buying bandwagon, including cosmetic surgery providers, kimono makers, and fashion brands.
Metaplanet’s average Bitcoin purchase price to date is around $102,00 per coin. It currently holds 35,102 Bitcoin, worth around $3.3 billion.
Late last year, the Metaplanet board of directors approved a plan to buy more Bitcoin by leveraging the equity markets and allowing overseas investors to buy shares in the company.
