Key Insights
- Despite a significant Bitcoin accumulation, Metaplanet’s shares fell by approximately 87% in the last one year.
- The company now holds 40,177 bitcoins, making it one of the world’s biggest corporate holders.
- Management continues expanding through acquisitions while investors question the firm’s valuation.
Metaplanet shares extended their decline on June 26, even as the company continued building one of the world’s largest corporate Bitcoin treasuries. The Tokyo-listed company now has 40,177 BTC in its possession, which it acquired through 27,832 Bitcoin in the last year, but the sentiment of investors is poor with the stock trading near a record low.
As the company’s digital asset holdings continue to increase while its market value decreases, the viability of Bitcoin treasury strategies has come under further scrutiny. While management continues to expand its Bitcoin exposure and pursue acquisitions, shareholders face mounting questions about valuation and market confidence.
Bitcoin accumulation continues despite market pressure
The latest market selloff pushed Metaplanet shares down 10.45% to ¥197. The stock briefly touched ¥195 during trading, marking a new 52-week low. The decline leaves the shares roughly 88% below their 52-week high of ¥1,681.
Despite the sharp drop, the company has accelerated its Bitcoin buying strategy. Data from NS3. AI shows that the firm added 27,832 BTC during the past year, increasing total holdings to 40,177 BTC.
During the first quarter of 2026 alone, the company purchased 5,075 BTC for approximately $405.48 million. Those acquisitions were completed at an average price of $79,898 per Bitcoin.
The broader treasury now reflects a total investment of roughly $4.18 billion with an average acquisition cost of $104,106 per BTC.
Metric Value
Total Bitcoin Holdings: 40,177 BTC
Bitcoin Added Over 12 Months: 27,832 BTC
Q1 2026 Purchases: 5,075 BTC
Total Bitcoin Investment: $4.18 billion
Average Cost Basis: $104,106 per BTC
June 26 Closing Price: ¥197
52-Week High: ¥1,681
Market Capitalization: ¥252.41 billion
The expansion has elevated the company into the ranks of the world’s largest corporate Bitcoin holders. It now trails only Twenty One Capital and MicroStrategy among publicly known corporate Bitcoin treasuries.
Investors focus on valuation rather than holdings
The growing Bitcoin reserve has not translated into stronger share performance. Investors are not only worried about the Bitcoin amount but also about other issues.
The market is still weighing up the prospect of diluting shares, how digital assets will be treated in financial statements, BTC price fluctuations, and the potential for future fundraising.
Consequently, the market has priced the company at a level that seems to be unrelated to its asset value. Analysts and investors have been debating how much the stock is worth in terms of the value of its underlying BTC.
The discussion began to gain traction when the company’s adjusted NAV ratio dropped below 1.00x. This suggests that the market sees the business as being worth less than the value of the assets it has backed with Bitcoin.
In a previous interview, Chief Executive Officer Simon Gerovich said share repurchases would be highly considered if valuations stay below that amount. However, he clarified that no formal buyback plan had been approved.
The latest weakness in the share price is likely to increase pressure on management to address the widening valuation gap while maintaining its Bitcoin acquisition strategy.
Expansion plans move beyond Bitcoin purchases
While investors remain focused on the stock decline, the company continues broadening its business model.
Gerovich recently announced an agreement to acquire Siiibo Securities Co., Ltd. for approximately ¥2.1 billion, or about $13.1 million. The transaction is expected to close in July.
Following completion, the company plans to rebrand the business as Metaplanet Securities. Management intends to use the platform to develop Bitcoin-linked investment products and yield-focused financial offerings.
The transfer is a move that reveals a comprehensive plan, one that goes beyond just Bitcoin accumulation. It also offers access to the infrastructure of the regulated securities market in Japan.
At the same time, the company is still striving for lofty treasury goals. The fact that the 210,000 BTC is going to be reached by 2027, or approximately 1% of the total Bitcoin supply, was revealed during the disclosures.
Market confidence remains the central challenge
The steep decline in the stock price implies a growing divergence between corporate holdings of Bitcoin and investor confidence in the stock. Metaplanet is also using a growth strategy that has seen it build up its digital asset reserves and extend its reach into financial services, but the stock remains undervalued.
It’s not clear if that discount is a temporary sentimentality or more of an underlying issue with Bitcoin treasury models. For the time being, Metaplanet is moving forward with its strategy and investors are waiting and watching to see if that can be converted to shareholder value in the future.
