Bitcoin News Today: Metaplanet Expands Bitcoin Holdings as Peers Pivot Away from Mining

Metaplanet, Japan's largest digital-asset treasury operator, reported a strategic pivot in Q3 2025, leveraging a $100 million credit facility and a 75 billion yen share repurchase program to bolster its Bitcoin holdings. The company's Bitcoin treasury of 30,823 BTC, valued at approximately $3.5 billion, now underpins its aggressive capital allocation strategy, which includes expanding its cryptocurrency portfolio and enhancing shareholder value through buybacks according to the latest report. This move comes as Metaplanet's Bitcoin division saw revenue surge 115.7% quarter-over-quarter to 2.438 billion yen, prompting an upward revision of its annual forecast to 6.8 billion yen according to financial analysis.

The company's strategy contrasts with peers like TeraWulf, which has shifted focus from Bitcoin mining to high-performance computing (HPC) amid declining profitability. TeraWulf's daily Bitcoin mining revenue fell 7% in October despite a record hash-rate, with analysts projecting continued operations through 2026. Meanwhile, Hyperscale Data (GPUS), an AI-focused data center firm, expanded its Bitcoin treasury to $75.25 million-66% of its market capitalization-through a mix of mining and open-market purchases. The company reiterated its goal of accumulating Bitcoin equal to 100% of its market cap as part of a broader $100 million digital asset treasury strategy according to company filings.

BitMine Immersion Technologies, another major player, accelerated its Ethereum accumulation, purchasing 110,288 ETH in the latest week-a 34% increase from the prior period. With total holdings valued at $12.5 billion, BitMine's chairman Tom Lee emphasized Ethereum's potential as a "super cycle story" amid growing Wall Street adoption. However, the firm's treasury faces short-term pressure as ETH trades at $3,561, down 13.4% over two weeks.

Regulatory scrutiny is intensifying in Japan, where the Japan Exchange Group (JPX) is considering stricter rules for companies pivoting to crypto accumulation. The move follows steep declines in digital-asset treasury stocks, including Metaplanet, which has lost 82% of its peak value since May. Metaplanet CEO Simon Gerovich defended the company's governance practices, highlighting five shareholder meetings in two years and adherence to proper procedures during its pivot from hotels to Bitcoin according to company disclosures. The company's Q3 earnings showed a dramatic turnaround, with ordinary profit surging to 23.2 billion yen ($150 million) and total assets reaching $3.56 billion, driven by Bitcoin holdings according to financial reports.

Despite volatility, Metaplanet's strategy remains anchored in long-term Bitcoin adoption. The firm's Bitcoin-backed loan and disciplined dollar-cost averaging aim to reduce its average acquisition cost, which currently sits at $108,000 per coin-5% above the $103,000 market price according to market analysis. This approach aligns with its goal of acquiring 210,000 BTC by 2027 according to company strategy.