Greed

Metaplanet

Bitcoin

Terra

Metaplanet’s CEO Simon Gerovich doubled down on the company’s Bitcoin-first strategy as the wider crypto market suffered one of its harshest drawdowns since 2022.
“[T]here is no change to Metaplanet’s strategy. We will steadily continue to accumulate Bitcoin, expand revenue and prepare for the next phase of growth,” Gerovich <a href="https://x.com/gerovich/status/2019591312052523185" rel="noopener noreferrer nofollow">said</a> Friday on X, according to a machine translation of his post.
Metaplanet’s stock on the Tokyo Stock Exchange <a href="https://www2.jpx.co.jp/tseHpFront/StockSearch.do?callJorEFlg=1&amp;method=topsearch&amp;topSearchStr=3350" rel="noopener noreferrer nofollow">closed</a> Friday down 5.56% at 340 yen (about $2.16).
The corporate crypto whale is ranked fourth among public Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) treasury companies behind Strategy, MARA holdings and Twenty One Capital. Metaplanet held 35,102 on Friday, according to <a href="https://bitcointreasuries.net/public-companies/metaplanet" rel="noopener noreferrer nofollow">BitcoinTreasuries.NET</a>.
<figure><img alt="Japan, Bitcoin Price, Markets" src="https://s3.cointelegraph.com/uploads/2026-02/019c31d3-4dce-7e69-92bb-a25c2c0f2a1c.jpg" title="">
 <figcaption>Metaplanet’s stock has been tumbling since mid-January. Source: <a href="https://quote.jpx.co.jp/jpxhp/main/index.aspx?f=e_stock_detail&amp;disptype=chart&amp;qcode=3350" rel="noopener noreferrer nofollow">Japan Exchange Group</a>
 </figcaption>
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Related: <a href="https://cointelegraph.com/news/metaplanet-137m-overseas-raise-bitcoin-debt" rel="noopener noreferrer nofollow">Metaplanet approves $137M overseas raise to buy Bitcoin and repay debt</a>
<h2 id="bitcoin-treasuries-are-sitting-on-unrealized-losses">Bitcoin treasuries are sitting on unrealized losses</h2>
As of Friday, Bitcoin was down about 50% from its all-time high of $126,080 set in October, 2025. The Crypto Fear &amp; Greed Index, a gauge of market sentiment, fell to its <a href="https://cointelegraph.com/news/crypto-sentiment-at-lowest-point-since-luna-crash-as-btc-tanks-to-60k" rel="noopener noreferrer nofollow">lowest reading since the Terra Luna</a> crash in May 2022.
According to Coinglass, $1.844 billion of crypto long positions were <a href="https://www.coinglass.com/liquidations" rel="noopener noreferrer nofollow">liquidated</a> on Thursday.
Corporate Bitcoin whales were also displaying losses on their balance sheets. Strategy, the largest public holder of Bitcoin, logged a <a href="https://cointelegraph.com/news/strategy-reports-12b-loss-q4-2025" rel="noopener noreferrer nofollow">$12.4 billion net loss in the fourth quarter</a> of 2025, as Bitcoin dropped below the firm’s average purchase price of $76,052.&nbsp;
Strategy’s shares had dropped 17% on its Thursday call, even as the company said that its capital structure remained “stronger and more resilient” and that it had no major debt maturing until 2027.
<h2 id="bitcoin-treasuries-are-sitting-on-unrealized-losses">Bitcoin treasuries are sitting on unrealized losses</h2>
Strategy’s latest disclosure showed it <a href="https://cointelegraph.com/news/saylor-strategy-buys-75m-btc-dip-below-75k" rel="noopener noreferrer nofollow">bought another 855 BTC on Monday</a>, worth about $75 million.
​Like Strategy, Metaplanet hasn’t signaled plans to unwind its exposure or sell its Bitcoin holdings. Metaplanet’s average cost for its Bitcoin holdings is $107,716, according to BitcoinTreasuries.NET.
Crypto treasuries based on assets other than Bitcoin are feeling the pressure as well. Ethereum treasury Bitmine held around 1.17 million Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>), while sitting on more than $8.25 billion in unrealized losses.
Big questions: <a href="https://cointelegraph.com/magazine/big-questions-will-bitcoin-survive-10-year-power-outage/" rel="noopener noreferrer nofollow">Would Bitcoin survive a 10-year power outage?</a>

Metaplanet vows to keep buying Bitcoin as sentiment craters

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