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

Since initiating its bitcoin accumulation strategy, Metaplanet has spent about $3.78 billion at an average price of $107,607 per coin. Its shares have gained 8% this year to close at 405 yen ($2.60) but remain roughly 80% below the all-time high reached in June.

In addition to accumulating bitcoin, Metaplanet has built a derivatives-based income generation unit designed to produce recurring revenue while supporting long-term holdings. The company expects this business to generate approximately $55 million in revenue for 2024.

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