Metaplanet purchases 4,279 BTC, lifting its total bitcoin stash to 35,102.

Metaplanet, the Tokyo-listed company specializing in bitcoin treasury management, purchased an additional 4,279 BTC in the fourth quarter, spending around $451 million at an average price of $105,412 per coin, the firm said in a post on X. The move brings its total holdings to 35,102 BTC, making it the fourth-largest corporate bitcoin treasury, with a long-term target of 210,000 BTC by 2027.

Since launching its bitcoin accumulation strategy, Metaplanet has spent roughly $3.78 billion at an average price of $107,607 per coin. Its shares have risen 8% this year to close at 405 yen ($2.60), though they remain about 80% below the record high set in June.

The company has also developed a bitcoin income generation business that leverages derivatives to produce recurring revenue while supporting long-term bitcoin holdings. Metaplanet expects the unit to generate approximately $55 million in revenue for the full fiscal year.

Metaplanet’s multiple to net asset value (mNAV) — calculated as enterprise value plus debt divided by bitcoin net asset value — currently sits just above 1, highlighting the company’s market valuation relative to its bitcoin reserves.