Japan's prominent Bitcoin treasury firm Metaplanet is weathering its first full bear market cycle and facing significant headwinds. The company reported an estimated $490 million in unrealized paper losses on its Bitcoin reserves, while its stock price has plummeted over 83.5% from last year's peak.
Continued Accumulation Despite Losses
Undeterred by the downturn, Metaplanet kept expanding its Bitcoin holdings. In Q1 2026, it purchased 5,075 bitcoins at an average price of $79,898 per coin, bringing its total stash to 40,177 BTC. This makes it one of the largest corporate Bitcoin holders globally.
Risk of Index Exclusion
A major regulatory threat looms: the Japan Exchange Group has proposed new index composition rules that could exclude companies whose cryptocurrency assets exceed 50% of total assets. Given Bitcoin's heavy weight in Metaplanet's balance sheet, the firm faces potential removal from major indices such as TOPIX, which could trigger forced selling by passive funds. Metaplanet is actively lobbying against the proposal.
Diversification and New Initiatives
To navigate the bear market and expand Bitcoin use cases, Metaplanet is diversifying into Bitcoin financial infrastructure and launching new products like the MetaPlanet Card. These efforts aim to boost shareholder engagement and demonstrate the utility of Bitcoin beyond mere treasury holdings.