Metaplanet added 4,279 bitcoin during the fourth quarter of this year, spending about $451 million and lifting its total holdings to 35,102 BTC, the company Tuesday.

The purchase reinforces the Tokyo-listed firm’s position as one of the largest corporate bitcoin holders in Asia and the fourth largest among publicly traded companies globally.

The bitcoin was at an average price of $105,412 per coin, according to the company. Metaplanet has now spent roughly $3.78 billion accumulating bitcoin at an average cost of about $107,600. 

The firm has set an ambitious target of owning 210,000 BTC by the end of 2027, a goal that implies continued reliance on capital markets and credit facilities to fund future purchases.

Metaplanet’s shares ended the year up about 8% at 405 yen, though they remain far below the peak reached in June, when the stock traded near all-time highs. 

The gap reflects both the volatility of bitcoin prices and investor unease around balance sheets that are tightly linked to a single asset. For shareholders, the strategy offers that can move faster than operating income.

Metaplanet’s bitcoin accumulation via consistent revenue 

Unlike some bitcoin treasury firms, Metaplanet has paired accumulation with a separate income generation business built around derivatives. The unit aims to produce recurring revenue while supporting long-term bitcoin holdings. 

The company expects this business to generate around $55 million in revenue in the coming fiscal year, a figure that helps frame its strategy as .

BREAKING: Japan's metaplanet just bought 4,279 worth $451 million They now own over $3 billion worth of BTC

— Bitcoin Magazine (@BitcoinMagazine)

During the quarter, Metaplanet reported a BTC Yield of 11.9%, a metric it uses to measure bitcoin accretion on a per-share basis. 

Year to date, the company reported BTC Yield of more than 500%, helped by rising bitcoin prices and the pace of purchases. 

The fourth-quarter buying spree followed a pause that began in late September, the longest break in Metaplanet’s acquisition program since it adopted a bitcoin treasury strategy. 

Funding for recent purchases has included bitcoin-backed credit facilities totaling about $280 million and the issuance of Class B preferred shares convertible into common stock. 

The company said proceeds from the preferred share sale will be used largely to buy more bitcoin, with a portion set aside for yield strategies and bond redemptions.

Bitcoin currently at $88,590, up 1% on the day, with $36 billion in volume and a $1.76 trillion market cap as it hovers near recent weekly highs.

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