Bitcoin News Today: Popped Bitcoin Bubble: Metaplanet's Market Value Falls Below Holdings

Tokyo-listed investment firm Metaplanet Inc. (3350.T) has seen its market value drop below the value of its Bitcoin holdings, a stark shift reflecting cooling investor enthusiasm for corporate crypto treasury strategies. The company's shares, which surged to a peak of 1,800 yen ($11.60) in June 2025, have since plummeted roughly 70%, closing at 482 yen ($3.10) on October 14Metaplanet’s Market Value Falls Below Its Bitcoin Holdings^[1]. At this price, Metaplanet's enterprise value-market capitalization plus debt-stands at just 0.99 times the value of its Bitcoin reservesMetaplanet’s Enterprise Value Sinks Below Bitcoin Holdings^[5].

The firm's Bitcoin holdings, now totaling 30,823 BTC, are valued at approximately $3.45 billion at current pricesMetaplanet’s Market Value Falls Below Its Bitcoin Holdings^[1]. Purchased at an average cost of $107,912 per coin, the portfolio includes an unrealized profit of around $120 millionMetaplanet’s Market Value Falls Below Its Bitcoin Holdings^[1]. Metaplanet has financed its aggressive accumulation through a $1.4 billion capital raise in September 2025, achieved via preferred share issuancesMetaplanet’s Market Value Falls Below Its Bitcoin Holdings^[1]. The company also launched two subsidiaries-Metaplanet Income Corp. in the U.S. and Bitcoin Japan Inc.-to expand Bitcoin-related income generation and educational initiativesMetaplanet Forms Bitcoin-Focused Subsidiaries in Japan and^[6].

Metaplanet's pivot to Bitcoin began in April 2024, when it started treating the cryptocurrency as a primary treasury asset. Initially, the stock traded at a premium to its Bitcoin net asset value (NAV), but the premium has eroded as broader market sentiment toward crypto treasury firms wanedMetaplanet’s Enterprise Value Sinks Below Bitcoin Holdings^[5]. The company's "555 Million Plan" aims to hold 210,000 BTC by 2027, but achieving this goal requires further capital raises and a sustained Bitcoin price rallyMetaplanet to Issue Perpetual Preferred Shares in Bid to Boost …^[11].

Preferred shares, a hybrid of debt and equity, have become central to Metaplanet's funding strategy. Shareholders recently approved a plan to issue up to ¥555 billion ($3.8 billion) in perpetual preferred shares, with Class A shares offering fixed dividends and Class B shares convertible to common equityMetaplanet Files to Raise $3.6B via Preferred Stock Program to …^[13]. CEO Simon Gerovich emphasized the structure's ability to minimize dilution while scaling Bitcoin holdingsMetaplanet Stock Rebounds by 4% as Shareholders …^[12]. However, critics warn that perpetual preferred shares could expose investors to interest rate risks and liquidity pressuresMetaplanet Files to Raise $3.6B via Preferred Stock Program to …^[13].

Metaplanet's strategy mirrors that of U.S.-based MicroStrategy (MSTR), which has aggressively bought Bitcoin since 2020. While MicroStrategy holds over 597,000 BTC-nearly 3% of the total supply-Metaplanet's 30,823 BTC places it as the fourth-largest corporate holder in Japan and 13th globallyComparing Bitcoin Holdings: Countries vs. Public Companies^[7]. Unlike MicroStrategy's debt-driven approach, Metaplanet relies on equity and options strategies to fund purchasesMetaplanet vs Strategy: How giants approach Bitcoin^[8].

Analysts note that Metaplanet's stock has become a proxy for Bitcoin exposure, with its performance closely tied to crypto market dynamics. "The discount to Bitcoin NAV signals a popping of a bubble," said Mark Chadwick, a Japan equity analystMetaplanet’s Enterprise Value Sinks Below Bitcoin Holdings^[5]. "Investors are re-evaluating the long-term viability of corporate Bitcoin treasuries."

The broader market for corporate Bitcoin holdings has faced headwinds. Metaplanet's market value now trades at roughly twice its Bitcoin holdings, down from an eightfold premium in JuneMetaplanet Holders Approve New Funding Tools to Buy Bitcoin^[14]. Other firms, such as Marathon Digital Holdings (MARA) and Riot Platforms (RIOT), have also seen share prices decline as buying frenzies slowMetaplanet’s Enterprise Value Sinks Below Bitcoin Holdings^[5].

Regulatory uncertainty and legal challenges further complicate the landscape. A recent class-action lawsuit against MicroStrategy highlights risks of misleading disclosures in corporate Bitcoin strategiesMetaplanet Files to Raise $3.6B via Preferred Stock Program to …^[13]. Meanwhile, Japan's bond market instability has driven institutional demand for Bitcoin proxies like MetaplanetMetaplanet Files to Raise $3.6B via Preferred Stock Program to …^[13], though skeptics argue that many firms may lack the longevity to see their strategies throughMetaplanet Files to Raise $3.6B via Preferred Stock Program to …^[13].

As Metaplanet navigates these challenges, its ability to balance Bitcoin accumulation with shareholder returns will be critical. With Bitcoin's price hovering near $112,000 and global corporate holdings exceeding 1 million BTCComparing Bitcoin Holdings: Countries vs. Public Companies^[7], the company's journey reflects the broader maturation of institutional crypto adoption-a path marked by volatility, innovation, and evolving investor expectations.

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