Metaplanet, Japan's largest Bitcoin treasury, has acquired $451 million worth of Bitcoin between October and December, bringing its total holdings to $3.78 billion. The firm paid an average of $105,412 per Bitcoin, according to an official filing. Metaplanet's Bitcoin income business, which includes derivative-related services, generated $55 million in revenue last year, surpassing expectations. The company's share price has surged 21% in the past five days on the Tokyo Stock Exchange, coinciding with Bitcoin's rise above $93,000. This trend reflects a broader resurgence in digital asset treasuries, despite expert warnings about the sustainability of their business models. Metaplanet, now the fourth-largest corporate Bitcoin holder globally, plans to acquire 210,000 Bitcoin by 2027, representing 1% of the total supply. Other Japanese firms, including Convano and Remixpoint, have also seen significant stock price increases as they pivot towards Bitcoin-related ventures.