The market value of Metaplanet Inc., the Tokyo-listed investment company, has fallen below its Bitcoin hoard, highlighting a shift in investor sentiment to digital-asset treasury firms. Once seen as a high-flying crypto stock, Metaplanet’s shares have fallen roughly 70% since their peak in June, reflecting cooling enthusiasm for firms that stockpile cryptocurrencies.
Metaplanet Inc. (3350.T) shares fell sharply, ending at 482 yen (about $3.10), down 68 yen or 12.36%, according to Yahoo Finance, after reaching a high of 1,800 yen (around $11.60) in June. The fall follows sustained pressure on companies with big Bitcoin exposure, which represents nervous investors’ sentiment in a shaky crypto market.
The company first started buying Bitcoin in April 2024 and had been trading at a premium to the value of its holdings. At one point this week, Metaplanet’s market value, including debt, was just 0.99 times its Bitcoin assets. This means investors were valuing the company at slightly less than the worth of its cryptocurrency alone.
Metaplanet’s Bitcoin holdings
On October 1, Metaplanet achieved its 2025 target with the purchase of 5,268 BTC, bringing its total holdings to 30,823 BTC. The company purchased them at an average price of $107,912 per Bitcoin, which means the total investment was roughly $3.33 billion.
At Bitcoin’s current price of around $112,000, the holdings are worth about $3.45 billion. This leaves Metaplanet with an unrealized profit of around $120 million on its Bitcoin holdings.
To finance its Bitcoin acquisitions, Metaplanet recently raised approximately $1.4 billion from issuing preferred shares, a combination of debt and equity, following shareholders’ approval. In spite of the volatility, the company continues to increase its holdings of cryptocurrency, standing as one of the largest corporate bitcoin owners in Japan.
Metaplanet is not the only one that is under pressure. Other companies with significant token holdings have watched share prices drop in recent times as demand tapers off and excitement about crypto treasury stocks wears off.
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