Metaplanet stock plunges despite Bitcoin accumulation

Metaplanet's stock fell 88% in a year, yet it tripled its Bitcoin holdings to 40,177 BTC. Despite profitability and low debt, shares trade below book value, highlighting a gap with asset value.

Metaplanet's stock has experienced a steep decline of about 87–88% over the past year, hitting new lows even as the company aggressively expanded its Bitcoin holdings. During this period, Metaplanet acquired 27,832 BTC, tripling its reserves to 40,177 BTC by Q1 2026. In the first quarter of 2026 alone, the company invested roughly $405 million to purchase 5,075 BTC at an average price of $79,900 per coin. Despite the sharp drop in share price, Metaplanet remains profitable and trades below its book value. Analysts note a significant gap between Metaplanet’s market capitalization and the net asset value of its Bitcoin holdings. The company’s strategy has positioned it among the world’s largest public corporate Bitcoin holders, attracting investor attention due to its substantial crypto reserves and low debt. However, the market continues to price its shares well below the value of its Bitcoin assets, even as Metaplanet pivots toward becoming a major Bitcoin treasury firm.