Metaplanet CEO Simon Gerovich has reaffirmed the company’s Bitcoin-first strategy, even as the cryptocurrency market faces one of its steepest downturns since 2022. The Japanese firm, now one of the world’s largest public Bitcoin holders, says it has no intention of slowing its accumulation despite heavy losses across both crypto and equity markets.
In a post shared on X on Friday, Gerovich said the company remains focused on steadily acquiring Bitcoin, growing revenue, and positioning itself for the next phase of expansion. His comments come as investor sentiment across digital assets has sharply deteriorated.
Metaplanet’s shares on the Tokyo Stock Exchange closed down 5.56% on Friday at 340 yen (approximately $2.16), continuing a downward trend that began in mid-January. The stock’s decline mirrors broader weakness in crypto-related equities worldwide.
Bitcoin Price Collapse Hits Corporate Treasuries
Bitcoin has fallen roughly 50% from its all-time high of $126,080, set in October 2025. The Crypto Fear & Greed Index dropped to its lowest level since the Terra Luna collapse in May 2022, highlighting just how fragile market confidence has become.
According to Coinglass data, more than $1.84 billion worth of crypto long positions were liquidated in a single day, underscoring the severity of the sell-off. Public companies holding Bitcoin on their balance sheets are now sitting on significant unrealized losses as prices remain well below prior purchase levels.
Metaplanet currently ranks fourth among public Bitcoin treasury companies, behind Strategy, MARA Holdings, and Twenty One Capital. As of Friday, the company held 35,102 BTC, with an average acquisition cost of $107,716 per Bitcoin.
Metaplanet and Strategy Refuse to Sell Bitcoin Holdings
Despite mounting losses, Metaplanet has not indicated any plans to unwind its Bitcoin exposure. This stance mirrors that of Strategy, the largest public holder of Bitcoin, which reported a $12.4 billion net loss in the fourth quarter of 2025 after Bitcoin slipped below its average purchase price of $76,052.
Strategy’s shares dropped 17% following its earnings call, even as management emphasized that the company’s balance sheet remains resilient and that no major debt maturities are scheduled until 2027. The firm also disclosed that it purchased an additional 855 BTC earlier this week, valued at approximately $75 million.
Pressure is not limited to Bitcoin-focused treasuries. Companies holding other crypto assets are also feeling the impact. Ethereum treasury firm Bitmine, for example, holds roughly 1.17 million ETH and is currently sitting on more than $8.25 billion in unrealized losses.
