Metaplanet Stock Drops 12% After Announcing 210,000 BTC Acquisition Plan

Metaplanet, a Japanese investment firm, experienced a 12% stock decline on June 25, 2025, following the announcement of its ambitious Bitcoin acquisition strategy, dubbed the "555 Million Plan." This plan aims to acquire 210,000 BTC by 2027, with the firm already holding a significant amount of Bitcoin. The stock price drop to 1,256 JPY reflected investor concerns and market reactions to the firm's aggressive acquisition strategy.

Metaplanet's decision to boost its Bitcoin holdings has sparked substantial market activity. The firm has been actively increasing its Bitcoin holdings, outpacing other firms in the process. Last week, the company purchased 1,111 BTC, which is approximately five times more than what a U.S.-based firm acquired during the same period. This aggressive buying spree has led Metaplanet to raise its 2025 Bitcoin holding target from 10,000 to 30,000 BTC, indicating that the firm still needs to acquire about 19,000 more BTC to meet this goal.

The firm's recent bond issuance facilitated the purchase of Bitcoin. On June 16, 2025, Metaplanet issued the 18th Series of zero-coupon, non-interest-bearing Ordinary Bonds to EVO FUND, raising USD 210 million specifically for acquiring Bitcoin. This move is similar to the strategy employed by other firms, such as Strategy, which also uses debt and stock sales to fund its Bitcoin buying program.

Metaplanet's aggressive plan does not stop at 30,000 BTC. By 2026, the firm aims to hold 100,000 BTC, and by 2027, it plans to scale up to 210,000 BTC, just a year before the next Bitcoin halving period in 2028. At current prices, Metaplanet would need over $20 billion to fund the remaining 198,000 BTC to hit the 210,000 BTC target in two years. The firm still has a capital war chest with an outstanding 600 million shares to be issued, which would translate to about $7.2 billion at current share value. Additionally, Metaplanet has a collective of $293 million pending debt via recently issued bonds.

Despite the recent market dump driven by geopolitical factors, Metaplanet's stock performed better than Bitcoin. Over the past five days, while Bitcoin's price declined by about 3%, falling to roughly $101,000, Metaplanet's stock rose by 12%. This outperformance suggests that investors remain bullish on the firm's Bitcoin acquisition strategy. The firm's mNAV (net asset value), a key valuation indicator for BTC treasuries, eased slightly to 6.15. This indicator was above 7 when BTC’s price was above $110k, implying that investors are still optimistic about the firm’s BTC plan. At its current mNAV level, Metaplanet remains on the right track, unless the mNAV drops below 1.

Market reactions are reshaping opinions on Bitcoin-related equities, with some analysts expressing concern about the link between stock performance and cryptocurrency volatility. The shifting dynamics of Metaplanet's market approach reflect broader trends in cryptocurrency's intersection with traditional finance. Investor sentiment suggests heightened scrutiny over aggressive acquisition strategies linking digital and traditional assets.

Potential impacts on the financial sector include closer regulatory scrutiny and technological adaptations. Historical trends indicate rising investor interest but demand careful analysis of volatility linked to BTC exposure. Investors are assessing the broader financial outcomes tied to Metaplanet’s Bitcoin-centric strategy. With no direct regulatory updates, potential future regulatory insights are anticipated.