Metaplanet Pauses Bitcoin Purchases Amid MSCI Review and Market Volatility

• Metaplanet’s last BTC acquisition was 2,744 coins on September 29, 2025, boosting holdings to 30,823 BTC when prices hovered around $112,000.

• Bitcoin’s subsequent 30% drop to $89,000 presented buying opportunities, yet Metaplanet held back due to financial constraints.

• The firm’s mNAV dipped below 1x, recovering slightly to 1.01x by early December, amid risks from potential MSCI Japan index exclusion.

Discover why Metaplanet paused Bitcoin buys amid 2025’s market rout and MSCI review. Explore treasury strategies, mNAV challenges, and future plans for crypto investors seeking stability.

What is Metaplanet’s Current Approach to Bitcoin Treasury Management?

Metaplanet Bitcoin treasury management has shifted to a cautious stance in late 2025, with no new acquisitions since September despite favorable dip prices. The Japanese firm, holding 30,823 BTC valued at approximately $2.75 billion at current levels, prioritizes stabilizing its market-to-net-asset-value (mNAV) ratio before resuming purchases. This strategy reflects broader challenges in corporate Bitcoin adoption, including index inclusion risks and market volatility, as reported by data from CryptoQuant.

As Bitcoin prices fell from an all-time high above $126,000 to $89,000—a decline of over 30%—many expected aggressive buying from treasury-focused companies like Metaplanet. Instead, the firm has focused on internal financial health. Experts note that this restraint could signal a maturing approach to digital asset integration in corporate balance sheets, balancing growth ambitions with risk management.

The overall Bitcoin ecosystem continues to evolve, with institutional holders navigating regulatory and market hurdles. Metaplanet’s position as a key player in Asia underscores the global interplay between traditional finance and cryptocurrency.

Source: CryptoQuant

Metaplanet’s journey began modestly in April 2024 with just 97 BTC. By September 2025, it had amassed over 30,000 coins, achieving its annual target ahead of schedule. This rapid accumulation highlights the firm’s commitment to Bitcoin as a core reserve asset, akin to strategies employed by other global corporations.

However, the recent market rout has tested this resolve. With Bitcoin trading at $89,000 as of December 2025, the value of Metaplanet’s holdings has dipped, creating unrealized losses. Despite this, the firm’s debt stands at only $304 million, covered more than ninefold by its Bitcoin assets at current valuations.

How Has Metaplanet’s mNAV Ratio Impacted Its Bitcoin Purchases?

The mNAV ratio, which measures enterprise value against Bitcoin holdings, fell below 1x in late 2025, severely restricting Metaplanet’s ability to raise capital for additional BTC buys. This metric, tracked closely by investors, hit a low of 0.93x before recovering to 1.01x by early December, according to Metaplanet disclosures. Short paragraphs like this aid readability and SEO scanning.

In response, Metaplanet announced a $500 million credit line in late October for stock buybacks aimed at boosting mNAV. By December 5, it drew $50 million from this facility, earmarking funds for repurchases and potential Bitcoin acquisitions. Financial analyst reports from sources like CryptoQuant indicate that such measures are common in treasury firms facing valuation pressures.

Expert commentary from blockchain economists emphasizes that mNAV stability is crucial for long-term Bitcoin strategies. One industry observer stated, “Firms like Metaplanet must prioritize financial resilience during downturns to sustain aggressive accumulation goals.” Data shows that similar ratios in other Bitcoin treasury companies have fluctuated 20-30% in volatile periods, underscoring the need for adaptive planning.

The MSCI index review adds further complexity. Metaplanet joined the MSCI Japan index in February 2025, but exclusion could trigger sell-offs from index funds, pressuring the stock (MTPLF). This risk, paralleling situations at other firms, explains the current pause in Bitcoin activity.

Source: Metaplanet

Despite these challenges, Metaplanet’s Bitcoin treasury remains robust. Holdings of 30,823 BTC represent a strategic bet on cryptocurrency’s long-term value, with the firm maintaining a “never sell” policy under normal conditions. Market data from CryptoQuant reveals that such treasuries have outperformed traditional assets in recovery phases post-rout.

Frequently Asked Questions

What Are Metaplanet’s Bitcoin Holdings and Acquisition History?

Metaplanet holds 30,823 BTC as of December 2025, acquired primarily through strategic purchases starting from 97 coins in April 2024. The latest addition of 2,744 BTC occurred on September 29, 2025, at around $112,000 per coin, meeting the firm’s 2025 target of 30,000 BTC holdings.

Why Might Metaplanet Sell Bitcoin in Response to MSCI Review?

If excluded from the MSCI Japan index, Metaplanet could face forced sell-offs from index-tracking funds, similar to pressures on peer firms. While committed to long-term holding, a severe mNAV drop below 1x might prompt partial liquidations to stabilize finances, though no such action has been confirmed yet.

This scenario highlights the intersection of traditional indexing and crypto treasuries, where external reviews can influence internal strategies. Investors should monitor official announcements for updates.

Source: CryptoQuant (Metaplanet’s unrealized PnL)

At present, Metaplanet’s unrealized losses exceed $500 million due to the price drop, but low debt levels provide a buffer. The stock performance shows resilience, up 28% year-over-year despite a 79% H2 2025 decline, contrasting Bitcoin’s 11% annual loss.

Looking ahead, the firm eyes 100,000 BTC by 2026 and 210,000 by 2027, though market conditions may adjust these timelines. This ambition positions Metaplanet as a leader in Asian corporate crypto adoption.

Key Takeaways

• Strategic Pause: Metaplanet halted Bitcoin purchases post-September 2025 to address mNAV declines, using a $50 million credit draw for stabilization.
• Index Risks: Potential MSCI exclusion threatens holdings, but ninefold debt coverage from BTC assets offers protection against liquidation.
• Future Growth: Having met 2025 goals, focus shifts to 2026 targets; monitor for resumed buys amid recovering markets.

Conclusion

Metaplanet’s Bitcoin treasury strategy exemplifies disciplined corporate adoption in volatile times, navigating mNAV crises and MSCI reviews while upholding long-term holdings. With 30,823 BTC secured and ambitious plans for 100,000 by 2026, the firm remains a pivotal player in crypto finance. As markets rebound, investors should watch for announcements on renewed Metaplanet Bitcoin purchases, signaling confidence in digital assets’ enduring value—stay informed for opportunities in this evolving landscape.