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Metaplanet Stock Down 88% in a Year While BTC Holdings Grow

Metaplanet shares on the OTC market closed at about $1.29 on June 25, extending a year-long drop that has taken the stock down 88%, while the company’s Bitcoin holdings have risen to over 40,000 BTC.

The numbers have drawn the attention of one analyst who argues that the market is pricing the stock well below what the company is actually worth.

Metaplanet’s Market Value Trails Its Bitcoin Holdings

According to data posted by Bitcoin watcher Zynx on June 26, Metaplanet currently holds 40,177 BTC with a net asset value of approximately $2.36 billion, while its market cap sits at just $1.54 billion and its debt at $297 million.

“No reason for a profitable company to trade significantly below its book value,” Zynx wrote.

That $2.36 NAV figure comes from Metaplanet’s own tracker, which also shows its enterprise value is around 0.81x BTC NAV, meaning investors are effectively buying the Bitcoin at a discount. Furthermore, the company’s unrealized loss on its BTC stash is about $1.77 billion, since those 40,177 BTC were bought at an average price of $104,000 each, for a total of roughly $4.18 billion.

Additional data from Yahoo Finance shows its MTPLF stock lost 33% of its value in the last 30 days and is also 56% lower than where it was six months ago. This is despite the company consistently buying Bitcoin, including 5,075 in Q1 2026 for $405 million at an average price of $79,900. That buy pushed Metaplanet past MARA Holdings into third place among corporate Bitcoin holders worldwide, with only Twenty One Capital (43,514 BTC) and Michael Saylor’s Strategy (847,363 BTC) boasting bigger bags.

Investor Adam Livingston called the Metaplanet situation “a great opportunity for the long haul,” pointing to the company’s relatively low leverage compared to the likes of Strategy, which relies heavily on preferred shares and convertible notes.

Business As Usual

While the stock performance has been brutal, Metaplanet has not stopped its broader business expansion, with its latest move being the acquisition of Siiibo Securities, a licensed securities firm described as a pioneer of Japan’s online corporate bond market. The deal is reportedly worth 2.1 billion yen, which translates to just over $13 million, and should be closed by July 13.

According to CEO Simon Gerovich, who framed the acquisition as the first move in the Tokyo-listed firm’s “Project Nova,” Siiibo will change its name to Metaplanet Securities and will offer Bitcoin-related yield products to retail investors in Japan.

The executive said Japanese households are holding an estimated $1.7 trillion in savings accounts and low-yield instruments, something he believes is an opportunity, especially considering the country’s gradual shift from deflation to inflation, which should see capital actively looking for better returns.

Pos Metaplanet Stock Down 88% in a Year While BTC Holdings Grow muncul pertama kali di CryptoPotato.


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