Key Takeaways
- Metaplanet’s share price has fallen about 70% since June.
- Investor enthusiasm for “crypto treasury” stocks, companies that hold large amounts of Bitcoin, has weakened.
- Bitcoin giant Strategy recently temporarily paused its Bitcoin acquisitions for the first time.
Metaplanet’s market value has slipped below the worth of its Bitcoin holdings as investor enthusiasm fades for the “crypto treasury,” a trend that captivated markets earlier this year.
The Tokyo-based firm has seen its shares drop 70% from their record value in June, falling below the value of its Bitcoin this week, even as the asset itself was hit by a catastrophic sell-off driven by Donald Trump’s tariffs.
Metaplanet Dragged Under Bitcoin
Once celebrated as Japan’s answer to MicroStrategy, Metaplanet pivoted from hotels to digital assets in April 2024, buying up tens of thousands of Bitcoin and riding the wave of crypto optimism that followed.
At its June peak, the company’s shares traded at a huge premium to the value of its token holdings.
However, that investor optimism has since taken a massive blow, with its stock down roughly 70% from its highs, according to Bloomberg.
According to public records, Metaplanet currently holds over 30,000 Bitcoin, worth approximately $3.4 billion.
Crypto Treasury Boom Slows
For listed firms holding large amounts of digital assets, trading below the value of their reserves signals a troubling shift in sentiment.
Earlier this year, many crypto treasury stocks traded at hefty premiums as companies raced to add Bitcoin to their balance sheets.
But the pace of new token purchases has slowed in recent weeks, and share prices across the sector have weakened as investor demand for indirect crypto exposure fades.
According to CryptoQuant, Bitcoin purchases made by publicly traded digital-asset treasuries plunged from 64,000 Bitcoin in July to just 12,600 in August.
Pausing Stock Acquisition Rights
Last week Metaplanet announced a temporary suspension of its 20th to 22nd series of stock acquisition rights as part of efforts to refine its Bitcoin management strategy.
The pause, which begins on October 20 and runs for 20 trading days until November 17, is described by the company as a “proactive step” aimed at allowing it to better manage funding and improve Bitcoin yield efficiency.
Chief Executive Simon Gerovich said the firm’s financial position remained solid, emphasizing that Metaplanet has “built a strong platform for growth and developed the flexibility to use multiple financing tools.”
He added that the suspension will help the company “optimize capital raising strategies in our ongoing mission to expand our Bitcoin holdings and maximize BTC yield.”
The move aims to reduce the risk of share dilution, since holders of the affected stock acquisition rights will be unable to convert them into new shares during the freeze.
Strategy Paused Purchases
For the first time since mid-2025, Bitcoin heavyweight Strategy announced that it had paused additions to its digital-asset reserves on Oct. 5.
Chief Executive Michael Saylor confirmed on X that the firm had not purchased any Bitcoin in the previous week.
Saylor also highlighted Strategy’s vast holdings, now valued at roughly $79 billion.
“No new orange dots this week — just a $9 billion reminder of why we HODL,” he wrote.
However, on Monday, Oct. 13, the company announced that it had bought 220 Bitcoin at an average cost of $123,561.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
