Metaplanet's $3B Bitcoin Reserve Fails to Prevent 28% Drop in Stock Price

Metaplanet has now secured its spot as the fifth-largest corporate

treasury owner, overtaking companies such as Bullish, even though its share price continues to struggle. The Tokyo-listed company revealed on September 22, 2025, that it acquired 5,419 Bitcoin at an average rate of $116,724 each, with the total deal worth $632.53 million. Following this major buy, Metaplanet’s overall Bitcoin stash reached 25,555 BTC—almost $3 billion at present market value—and its average purchase cost for each Bitcoin stands at $106,065 Breaking: Metaplanet Becomes Fifth-Largest Corporate Bitcoin Treasury [ 1 ]. This purchase puts Metaplanet ahead of Strategy, the industry’s original corporate Bitcoin treasury leader, making it one of the world’s top five holders, just behind Strategy, Marathon Digital, XXI, and Bitcoin Standard Treasury Company Metaplanet Buys the Dip—Securing a Massive Bitcoin Position as Price Stays Below $113,000 [ 3 ].

Metaplanet’s bold accumulation has resulted in significant unrealized profits. Based on current prices, the company’s Bitcoin holdings have increased by $290 million in value since the latest acquisition. CEO Simon Gerovich celebrated this achievement, pointing to a return of 395.1% so far this year and a 10.3% gain for the quarter Breaking: Metaplanet Becomes Fifth-Largest Corporate Bitcoin Treasury [ 1 ]. However, this success hasn’t been mirrored in its stock price. On the day of the announcement, Metaplanet shares dropped 1.32% to 600 JPY, reflecting broader market trends as Bitcoin fell below $113,000 Breaking: Metaplanet Becomes Fifth-Largest Corporate Bitcoin Treasury [ 1 ]. Over the last month, the stock lost 28%, shrinking its year-to-date growth from 83% to 74% Breaking: Metaplanet Becomes Fifth-Largest Corporate Bitcoin Treasury [ 1 ].

The gap between Metaplanet’s increasing Bitcoin reserves and its lagging share price highlights the difficulties of maintaining its treasury strategy. The company’s Bitcoin premium—its market cap compared to its crypto holdings—has dropped from over eight times in June 2025 to about twice that now Metaplanet Secures $884M Share Sale Amid Intensifying Bitcoin Strategy Scrutiny [ 5 ]. Experts link this decline to waning investor trust and lower liquidity after warrant redemptions. Major investor Evo Fund has seen returns fall as Metaplanet’s shares plunged 54% since mid-June, making it harder for the company to finance future Bitcoin deals Metaplanet Secures $884M Share Sale Amid Intensifying Bitcoin Strategy Scrutiny [ 5 ]. In response, Metaplanet recently raised $884 million in an international stock sale, with the funds aimed at acquiring more Bitcoin Metaplanet Secures $884M Share Sale Amid Intensifying Bitcoin Strategy Scrutiny [ 5 ].

Despite sharp share price swings, Metaplanet stays committed to its long-term ambitions. The company wants to grow its Bitcoin treasury to 30,000 BTC by the end of 2025 and hit 100,000 BTC in 2026—which would amount to about 1% of all Bitcoin in circulation Metaplanet Buys the Dip—Securing a Massive Bitcoin Position as Price Stays Below $113,000 [ 3 ]. Recent performance shows this target is within reach: its BTC Yield—a ratio of Bitcoin holdings to fully diluted shares—hit 129.4% in the second quarter of 2025 Metaplanet Buys the Dip—Securing a Massive Bitcoin Position as Price Stays Below $113,000 [ 3 ]. The company has diversified its funding strategy too, with a $1.4 billion overseas share issue and the launch of Metaplanet Income Corp. in Miami to oversee derivatives trading Metaplanet Buys the Dip—Securing a Massive Bitcoin Position as Price Stays Below $113,000 [ 3 ].

Market experts remain wary of whether Metaplanet’s approach can last. Eric Benoist, an analyst at Natixis, cautioned that lower Bitcoin premiums might restrict both the company’s buying power and investor enthusiasm, putting more pressure on the share price Metaplanet Secures $884M Share Sale Amid Intensifying Bitcoin Strategy Scrutiny [ 5 ]. At the same time, institutional investors such as Morgan Stanley and UBS have increased their short positions, adding to the downward pressure on shares Breaking: Metaplanet Becomes Fifth-Largest Corporate Bitcoin Treasury [ 1 ]. Nevertheless, Metaplanet’s strategic shift from a troubled hotel business to a major player in corporate Bitcoin holdings has grown its shareholder base to over 128,000—a tenfold rise in just one year Metaplanet Secures $884M Share Sale Amid Intensifying Bitcoin Strategy Scrutiny [ 5 ].

Corporate Bitcoin treasuries have grown quickly, now controlling over 1 million BTC—about 5% of Bitcoin’s available supply Metaplanet Buys the Dip—Securing a Massive Bitcoin Position as Price Stays Below $113,000 [ 3 ]. Metaplanet’s journey illustrates a wider move among institutions, but also reveals the risks of tying a company’s value to a highly volatile asset. As Bitcoin’s price remains under strain, Metaplanet’s ability to grow its treasury while delivering shareholder value will be key to its continued success.