Metaplanet’s Market Value Drops Below Bitcoin Holdings
Metaplanet Inc., a Tokyo-listed investment firm, has seen its market value fall below the value of its Bitcoin assets. Once a high-flying crypto stock, Metaplanet’s shares have dropped about 70% since June. This decline reflects reduced investor interest in companies holding large cryptocurrency treasuries.
On the latest trading day, Metaplanet’s shares closed at 482 yen (around $3.10), down 12.36% from the previous day. The stock peaked at 1,800 yen (about $11.60) in June. The drop follows pressure on firms with significant Bitcoin exposure amid a volatile crypto market.
Metaplanet began buying Bitcoin in April 2024. At one point this week, its market value, including debt, was 0.99 times the value of its Bitcoin holdings. This means investors valued the company slightly below the worth of its cryptocurrency alone.
Details of Metaplanet’s Bitcoin Holdings
On October 1, Metaplanet reached its 2025 goal by purchasing 5,268 BTC. This brought its total Bitcoin holdings to 30,823 BTC. The company bought these coins at an average price of $107,912 each, investing about $3.33 billion in total.
With Bitcoin trading near $112,000, Metaplanet’s holdings are worth approximately $3.45 billion. This results in an unrealized gain of about $120 million on its Bitcoin assets.
To fund its Bitcoin purchases, Metaplanet raised roughly $1.4 billion through preferred shares, combining debt and equity. This capital raise was approved by shareholders. Despite market volatility, the company continues to expand its cryptocurrency holdings. It remains one of Japan’s largest corporate Bitcoin owners.
Pressure on Crypto Treasury Firms
Metaplanet is not alone in facing market pressure. Other companies with large token holdings have also seen share prices fall recently. This trend reflects waning demand and reduced excitement for crypto treasury stocks.
