Metaplanet Stock Soars 3,000% After Bitcoin Purchase

Thirty-four public corporations have collectively amassed 699,387 BTC, valued at over $72 billion, as of the latest data. MicroStrategy leads the pack with 555,450 BTC, making it the largest corporate holder of Bitcoin. While some view Bitcoin treasury strategies as bullish catalysts, the data reveals a more nuanced story. Adding BTC to a balance sheet does not guarantee stock price increases. For instance, Metaplanet Inc., a Japanese company, has seen its stock surge over 3,000% since adding Bitcoin to its balance sheet in April 2024. However, other companies like Nexon, a major gaming company, have not seen similar gains despite holding significant amounts of Bitcoin.

Metaplanet, originally involved in hotel operations, has transformed into one of Asia’s most aggressive Bitcoin-focused firms. Since launching its Bitcoin Income Generation strategy in late 2024, the company has pivoted sharply toward crypto, with 88% of its Q1 FY2025 revenue coming from Bitcoin option premium harvesting. Metaplanet now holds 5,555 BTC worth approximately $576.8 million, and its stock has soared over 3,000% since its initial Bitcoin purchase. The company’s aggressive BTC accumulation strategy, targeting 10,000 BTC by year-end, has drawn growing investor interest, expanding its shareholder base by 500% in a year. Despite short-term valuation losses due to Bitcoin price fluctuations, Metaplanet reported ¥13.5 billion in unrealized BTC gains as of May 12, signaling strong confidence in its long-term crypto positioning.

Nexon, known for global hits like Dungeon & Fighter and MapleStory, added Bitcoin to its balance sheet in April 2021 and currently holds 1,717 BTC worth approximately $178.3 million. However, this move hasn’t translated into market performance gains, as Nexon’s stock is down nearly 29% since the purchase. Nexon’s value remains more closely tied to the performance of its gaming franchises. In its Q1 2025 earnings report, Nexon reported revenue of ¥113.9 billion, up 5% year over year, and operating income jumping 43% to ¥41.6 billion, driven by strong performance from core titles and lower costs.

Semler Scientific made its first Bitcoin purchase in May 2024 and currently holds 1,273 BTC, valued at approximately $132.2 million. Since adopting Bitcoin as its primary treasury reserve asset, the company’s stock has climbed over 55%. In its Q1 2025 earnings call, Semler Scientific reported a mixed performance. Revenue dropped 44% year-over-year to $8.8 million, driven by declines in its healthcare segment, while operating losses widened to $31.1 million amid $39.9 million in expenses. A net loss of $64.7 million was largely due to an unrealized loss of $41.8 million from Bitcoin price fluctuations. Despite these setbacks, the company reaffirmed its commitment to expanding its BTC holdings through a $500 million ATM program and a $100 million convertible note.

Tesla, led by Elon Musk, has had a complex relationship with Bitcoin since adding it to its balance sheet in January 2021. Musk’s Bitcoin advocacy and Tesla’s early crypto exposure helped position the company as a bellwether for institutional adoption of crypto. Tesla’s stock is up 34% since that initial Bitcoin buy, but the path has been volatile. In its latest Q1 2025 earnings, Tesla posted disappointing results. Automotive revenue dropped 20% year-over-year to $14 billion, dragging total revenue down 9% to $19.34 billion, well below estimates. Net income plummeted 71% to $409 million, and operating margin collapsed to 2.1% as production upgrades, price cuts, and political uncertainty weighed heavily on performance. Despite declining deliveries and intensifying global competition, Tesla highlighted progress in energy storage and AI infrastructure.

Block Inc., co-founded by Jack Dorsey, added Bitcoin to its balance sheet in October 2022 and currently holds 8,485 BTC, worth approximately $881 million. Known for its early embrace of Bitcoin and crypto integration through Cash App, Block has positioned itself as one of the most prominent corporate Bitcoin holders. Since its initial BTC acquisition, the stock has risen just 3.8%, reflecting a turbulent journey. In its Q1 2025 earnings, Block missed both revenue and profit expectations, posting $5.77 billion in revenue versus the $6.2 billion expected. Despite a 9% rise in gross profit to $2.29 billion, guidance for the rest of the year was cut due to macro uncertainty, including the impact of new tariffs. Cash App’s gross profit rose 10% to $1.38 billion, thanks to the launch of Afterpay’s buy-now-pay-later feature and the expansion of its lending program under FDIC approval. However, gross payment volume increased, and international exposure now accounts for 18% of the total volume. While Block posted its most profitable quarter to date, shares are down 31% year-to-date, and investors remain cautious as the company prepares to deliver its first Bitcoin mining chips later this year.

In summary, while some companies have seen significant stock price increases after adding Bitcoin to their balance sheets, others have not. The data suggests that Bitcoin exposure is not a guaranteed stock booster and that other factors, such as company performance and market conditions, play a significant role in stock price movements. Companies like Metaplanet have seen substantial gains, while others like Nexon and Tesla have not. The mixed results highlight the complexity and volatility of crypto exposure within large traditional finance companies.