Metaplanet's CEO Simon Gerovich has reaffirmed the company's commitment to its Bitcoin accumulation strategy, even in the face of a significant downturn in both its stock and the broader cryptocurrency market. As the market grapples with harsh conditions, Gerovich remains resolute, stating, “There is no change to Metaplanet’s strategy. We will steadily continue to accumulate Bitcoin, expand revenue, and prepare for the next phase of growth.” This bold stance comes as the crypto landscape experiences one of its most severe declines since 2022.

On the Tokyo Stock Exchange, Metaplanet's stock closed down 5.56% at 340 yen (approximately $2.16). Despite the challenges, Metaplanet is positioning itself as a prominent player among public Bitcoin treasury companies, currently ranking fourth behind Strategy, MARA holdings, and Twenty One Capital. According to BitcoinTreasuries.NET, the company held 35,102 BTC as of Friday.

The decline in Metaplanet's stock is part of a larger trend; the crypto market has seen Bitcoin drop significantly, hovering around 50% lower than its all-time high of $126,080 set in October 2025. This market sentiment is reflected in the Crypto Fear & Greed Index, which has fallen to its lowest level since the infamous Terra Luna crash in May 2022. Recent data from Coinglass indicates that $1.844 billion in crypto long positions were liquidated on Thursday, further exacerbating the prevailing sense of fear among investors.

Corporate Bitcoin whales are also facing substantial unrealized losses. For instance, Strategy, the largest public holder of Bitcoin, reported a staggering $12.4 billion net loss in the fourth quarter of 2025. This was largely attributed to Bitcoin falling below the company's average purchase price of $76,052. Even as Strategy maintains that its capital structure remains robust, its shares experienced a 17% drop following its Thursday call.

In a similar vein, Metaplanet has not indicated any plans to reduce its exposure or sell its Bitcoin holdings. Currently, the average cost of its Bitcoin holdings stands at $107,716, based on data from BitcoinTreasuries.NET. The pressure is not limited to Bitcoin; treasuries based on other cryptocurrencies are also feeling the heat. For instance, Ethereum treasury Bitmine is sitting on over $8.25 billion in unrealized losses, holding around 1.17 million ETH.

As the market continues to face uncertainty, the big question remains: Can Bitcoin withstand a prolonged power outage? With its unique position in the market and its unwavering strategy, Metaplanet is keenly focused on the long-term potential of Bitcoin, even as the short-term outlook remains grim. The company's commitment to Bitcoin accumulation amid market volatility is a testament to its confidence in the cryptocurrency's future. Investors and analysts alike will be watching closely to see if this strategy pays off in the long run, especially as market dynamics continue to shift dramatically.