Metaplanet's $3B Bitcoin Hoard Can't Stem 28% Stock Plunge

Metaplanet has solidified its position as the fifth-largest corporate Bitcoin treasury holder, surpassing rivals like Bullish, despite a persistent slump in its stock price. On September 22, 2025, the Japan-listed firm announced the acquisition of 5,419 Bitcoin at an average price of $116,724 per coin, valued at $632.53 million. This transaction brought its total holdings to 25,555 BTC, valued at nearly $3 billion at current prices, with an average cost basis of $106,065 per BitcoinBreaking: Metaplanet Becomes Fifth-Largest Corporate Bitcoin Treasury^[1]. The purchase outpaces Strategy, the pioneering corporate Bitcoin treasury firm, and positions Metaplanet among the top five global holders, trailing only Strategy, Marathon Digital, XXI, and Bitcoin Standard Treasury CompanyMetaplanet Buys the Dip—Securing a Massive Bitcoin Position as Price Stays Below $113,000^[3].

The firm’s aggressive accumulation strategy has yielded significant unrealized gains. At current market prices, Metaplanet’s Bitcoin treasury holds a $290 million profit since its most recent acquisition. CEO Simon Gerovich highlighted the milestone, noting a year-to-date yield of 395.1% in 2025 and a quarter-to-date yield of 10.3%Breaking: Metaplanet Becomes Fifth-Largest Corporate Bitcoin Treasury^[1]. However, the stock has struggled to reflect this momentum. Shares of Metaplanet fell 1.32% to 600 JPY on the day of the announcement, mirroring broader market pressures as Bitcoin prices dipped below $113,000Breaking: Metaplanet Becomes Fifth-Largest Corporate Bitcoin Treasury^[1]. Over the past month, the stock has declined by 28%, eroding its year-to-date gain from 83% to 74%Breaking: Metaplanet Becomes Fifth-Largest Corporate Bitcoin Treasury^[1].

The divergence between Metaplanet’s Bitcoin holdings and its stock performance underscores challenges in sustaining its treasury model. The firm’s Bitcoin premium—the ratio of its market capitalization to the value of its holdings—has compressed from over eight times in June 2025 to approximately two timesMetaplanet Secures $884M Share Sale Amid Intensifying Bitcoin Strategy Scrutiny^[5]. Analysts attribute this to declining investor confidence and reduced liquidity from warrant exercises. Evo Fund, a key investor, has seen diminished returns as Metaplanet’s share price has fallen 54% since mid-June, complicating the firm’s ability to fund further acquisitionsMetaplanet Secures $884M Share Sale Amid Intensifying Bitcoin Strategy Scrutiny^[5]. To counter this, Metaplanet recently raised $884 million through an overseas share offering, with proceeds earmarked for additional Bitcoin purchasesMetaplanet Secures $884M Share Sale Amid Intensifying Bitcoin Strategy Scrutiny^[5].

Despite the stock’s volatility, Metaplanet remains committed to its long-term goals. The company aims to expand its Bitcoin treasury to 30,000 BTC by year-end 2025 and 100,000 BTC by 2026—approximately 1% of Bitcoin’s total supplyMetaplanet Buys the Dip—Securing a Massive Bitcoin Position as Price Stays Below $113,000^[3]. Recent performance metrics support this ambition: its BTC Yield, a measure of Bitcoin holdings relative to fully diluted shares, reached 129.4% in Q2 2025Metaplanet Buys the Dip—Securing a Massive Bitcoin Position as Price Stays Below $113,000^[3]. The firm has also diversified its financing strategy, including a $1.4 billion international share offering and the establishment of Metaplanet Income Corp. in Miami to manage derivatives operationsMetaplanet Buys the Dip—Securing a Massive Bitcoin Position as Price Stays Below $113,000^[3].

Market analysts remain cautious about the sustainability of Metaplanet’s approach. Natixis analyst Eric Benoist warned that compressed Bitcoin premiums could limit accumulation capacity and investor interest, exacerbating stock price declinesMetaplanet Secures $884M Share Sale Amid Intensifying Bitcoin Strategy Scrutiny^[5]. Meanwhile, institutional short bets from firms like Morgan Stanley and UBS have intensified selling pressureBreaking: Metaplanet Becomes Fifth-Largest Corporate Bitcoin Treasury^[1]. Despite these risks, Metaplanet’s strategic pivot from a struggling hotel operator to a major Bitcoin treasury player has attracted over 128,000 shareholders—a 1,000% increase in a yearMetaplanet Secures $884M Share Sale Amid Intensifying Bitcoin Strategy Scrutiny^[5].

Corporate Bitcoin treasury operations have expanded rapidly, with holdings now exceeding 1 million BTC, or 5% of the cryptocurrency’s circulating supplyMetaplanet Buys the Dip—Securing a Massive Bitcoin Position as Price Stays Below $113,000^[3]. Metaplanet’s trajectory reflects a broader institutional shift, though it highlights the inherent risks of tying corporate value to volatile assets. As Bitcoin’s price remains under pressure, the firm’s ability to balance treasury growth with shareholder returns will be critical to its long-term viability.