Metaplanet Defies Bitcoin Crash, Expands BTC Purchases at $60K

Bitcoin continued its downward trend on February 6, 2026, trading below $70,000 after a 14% drop in the previous 24 hours. The broader crypto market remains under pressure, with market capitalization fluctuating near $2.65 trillion. Despite the bearish momentum, Metaplanet, a major holder of Bitcoin, reaffirmed its commitment to accumulating the asset.

The firm currently holds 35,102 BTC, valued at approximately $2.5 billion at current prices. However, the company is sitting on significant unrealized losses due to its average purchase price of around $107,000 per Bitcoin. Metaplanet's debt stands at $280 million, and its shares have fallen roughly 82% from a June high of 1,930 yen.

The firm outlined its "555 Million Plan," aiming to increase its Bitcoin holdings to 100,000 BTC by the end of 2026 and 210,000 BTC by 2027. This strategy is part of a broader corporate effort to expand its exposure to Bitcoin despite the current price environment.

Why Did Metaplanet Double Down on Bitcoin?

Metaplanet's CEO, Simon Gerovich, stated that the company will continue its accumulation strategy as part of its long-term vision. The firm's stance reflects a belief that Bitcoin is still undervalued, with an expected recovery in the $60,000 range, according to some market analysts.

The company's position is part of a broader trend among institutional investors who are purchasing Bitcoin even as prices decline. This approach aims to capitalize on lower entry points while maintaining a bullish outlook for the asset's future performance.

How Did the Market React to Metaplanet's Strategy?

The broader market remains bearish, with Bitcoin's price struggling to find support above the $70,000 level. The crypto market has seen significant outflows from investment funds, with global crypto fund investments falling by $1.696 billion last week.

Despite this, Metaplanet's shares have not seen a strong reaction from investors. The company's stock has continued its downward trend, ending the week at 340 yen ($2.16).

Corporate holders of other cryptocurrencies, such as BitMine with its Ethereum treasury, are also dealing with substantial unrealized losses. BitMine's Ethereum holdings are valued at $9.6 billion, with $6.95 billion in paper losses.

What Are Analysts Watching Next?

Analysts are closely monitoring whether Metaplanet and other digital asset treasury firms (DATs) can maintain their strategies amid prolonged market weakness. Some experts warn of a potential "brutal pruning" in the sector, where only the most capitalized players will survive.

Bitcoin's price action remains a focal point. The asset is currently trading below key technical levels, including its 50-day, 100-day, and 200-day exponential moving averages. The relative strength index (RSI) indicates an oversold condition, but the bearish momentum has not yet reversed.

Investors are also watching for potential macroeconomic triggers, including the Federal Reserve's policy direction and market liquidity conditions. A shift in sentiment could either stabilize or accelerate the decline in crypto prices.

The next key level to watch is the $65,000 support zone for Bitcoin. A break below that level could trigger further selling pressure and force more institutional players to sell assets to cover liabilities.

The broader market is also tracking how other DATs, such as Strategy, will report their earnings. Strategy is expected to reveal a multibillion-dollar loss from its Bitcoin holdings in its fourth-quarter results.

The market's response to these reports will likely determine whether DATs can continue to maintain their positions or if further asset sales are necessary. This, in turn, could influence Bitcoin's price trajectory as large-scale selling could exacerbate downward momentum.