Bitcoin News Today: Metaplanet's Bitcoin Holdings Now Outvalue the Company

Tokyo-listed Metaplanet Inc. (3350:TYO) experienced a sharp decline in its stock price on October 14, 2025, with shares plummeting 12.36% to close at 482 JPY. The drop came as the company's enterprise value fell below the market value of its Bitcoin holdings for the first time, a worrying signal for investors who had previously viewed the firm as a bellwether for corporate crypto adoption Metaplanet Stock Drops 12% as Enterprise Value Falls Below Bitcoin^[1]. The stock, which peaked at 1,895 JPY in June 2025, has since lost over 75% of its value, trading at a discount to its Bitcoin net asset value (mNAV) of 0.99 Metaplanet enterprise value dips below its Bitcoin holdings^[3].

The decline follows a broader slump in Bitcoin prices, which have fluctuated between $102,000 and $112,000 in recent weeks. Metaplanet, one of Japan's largest public holders of Bitcoin, now holds 30,823 BTC-worth approximately $3.5 billion-yet its market capitalization stands at $1.83 billion, lagging behind its crypto reserves Metaplanet Stock Drops 12% as Enterprise Value Falls Below Bitcoin^[1]. This inversion has sparked concerns about the sustainability of corporate Bitcoin strategies, particularly as rising interest rates and geopolitical tensions amplify volatility in both traditional and digital markets Metaplanet Market Value Falls 70%, Now Trading Below Its Bitcoin …^[4].

The firm's struggles are compounded by increased institutional short positions. Major banks such as Morgan Stanley, UBS, and JPMorgan have reportedly opened short bets against Metaplanet's stock, citing the "death cross" technical pattern-a bearish indicator where the 50-day moving average crosses below the 200-day average Metaplanet Stock Drops 12% as Enterprise Value Falls Below Bitcoin^[1]. Analysts warn that the stock's continued underperformance could trigger further selling pressure, especially if Bitcoin prices remain range-bound or decline further.

Metaplanet's situation mirrors broader trends in the corporate Bitcoin sector. K33 Research reports that 26 of 168 public companies holding Bitcoin now trade at a discount to their crypto reserves, with firms like NAKA and Twenty One experiencing even steeper declines Metaplanet Market Value Falls 70%, Now Trading Below Its Bitcoin …^[4]. The average mNAV across the sector has fallen to 2.8 from 3.76 in April, reflecting a cooling of the earlier euphoria surrounding Bitcoin treasury strategies.

CEO Simon Gerovich has maintained confidence in the firm's long-term Bitcoin strategy, emphasizing that the company will continue accumulating the cryptocurrency Metaplanet Stock Crashes 12% as Enterprise Value Allegedly Falls …^[2]. However, recent actions suggest a strategic recalibration: Metaplanet suspended its stock acquisition rights for the 20th–22nd series from October 20 to November 17, 2025, to optimize capital allocation and avoid dilution . The move aims to provide flexibility in expanding Bitcoin holdings while navigating a volatile market.

The firm's challenges also highlight systemic risks in corporate Bitcoin strategies. Sentora Research has flagged the "negative-carry" nature of holding idle Bitcoin in a rising-rate environment, where firms borrow fiat to purchase non-yielding assets Metaplanet Market Value Falls 70%, Now Trading Below Its Bitcoin …^[4]. With corporate Bitcoin accumulation slowing to 1,428 BTC per month in September-the weakest pace since May-critics argue that the model relies too heavily on sustained price appreciation to justify its financial structure Metaplanet Market Value Falls 70%, Now Trading Below Its Bitcoin …^[4].

Meanwhile, U.S.-China trade tensions have added another layer of uncertainty. A record $19 billion in crypto liquidations occurred on October 10, 2025, following President Donald Trump's announcement of 100% tariffs on Chinese imports US-China Trade Tensions—Crypto Market Impact^[6]. While recent diplomatic signals suggest a potential easing of tensions, analysts caution that geopolitical volatility could prolong market instability .

For now, Metaplanet's shareholders remain divided. Long-term Bitcoin bulls view the stock's discount as a buying opportunity, while skeptics question whether the company can outperform its crypto holdings. As the firm prepares for an extraordinary general meeting in December 2025, the coming months will test the resilience of its Bitcoin-centric model-and the broader corporate crypto thesis.

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