Metaplanet Buys $451mn in Bitcoin as Prenetics Folds to ‘Winter’ Fears

While Japanese firm Metaplanet is aggressively leveraging its balance sheet to acquire coins, US-listed Prenetics has abruptly halted its purchasing program, signaling a widening divergence in institutional strategy as volatility returns.

The institutional flush

In a note to clients this morning, Cantor Fitzgerald predicted a harsh correction for early 2026, suggesting Bitcoin could test support levels as low as $75k. The firm argues that the market requires a "flush" of retail leverage and weak institutional hands before the next leg of the bull market can sustain itself.

That flush appears to be underway. Prenetics, which made headlines earlier this year with a high-profile pivot to a digital asset treasury, has effectively folded. The company confirmed it ceased Bitcoin accumulation on 4 Dec 2025, pivoting its focus back to its consumer health brand, IM8.

The reversal highlights the risks for non-crypto native firms attempting to adopt the Strategy playbook. Without the stomach for double-digit drawdowns, "tourist" treasuries are forced to sell or freeze operations when the market turns against them, often marking the local bottom.

Metaplanet doubles down

Conversely, Metaplanet is treating the bearish sentiment as a liquidity event. The Tokyo-listed firm announced it acquired 4,279 BTC in the fourth quarter, valued at approximately 65.4bn yen ($451mn).

The purchase brings its total holdings to nearly 35,000 BTC, cementing its status as the "Strategy of Asia." Unlike Prenetics, Metaplanet is utilizing the low-interest-rate environment in Japan to finance its accumulation, betting that the yen’s weakness and Bitcoin’s long-term appreciation will outpace the cost of capital.

For investors, the contrast is a clear signal. As Cantor predicts a freeze, the market is separating those using Bitcoin as a marketing gimmick from those treating it as a fundamental reserve asset.