Metaplanet’s Value Sinks Below Its Bitcoin Holdings in Unprecedented Market Turn

Metaplanet’s stock has fallen below the value of its own Bitcoin holdings as the crypto–treasury trade cools.

The company’s market capitalisation dipped beneath the dollar value of its Bitcoin this week, with shares now down around 70% from their June peak, according to Bloomberg.

The slump reflects fading enthusiasm for publicly listed crypto–treasury plays and broader pressure from U.S. tariffs, which have rattled cryptocurrencies and other risk assets.

Related: Crypto Crash Sours Sentiment as Fear Returns to Markets

Hitting The Brakes

Bloomberg reports that crypto-treasury demand has weakened across the sector. Notably, crypto accumulation by listed institutional treasuries slowed from July to August, and stocks tied to companies with large on-balance-sheet Bitcoin holdings have retraced as demand for indirect exposure eased.

Shortly after the market crash, Metaplanet paused three tranches of stock acquisition rights as it retools funding and yield tactics. The suspension covers the 20th to 22nd series for 20 trading days from Oct. 20 to Nov. 17. President Simon Gerovich framed the move as a way to protect against dilution and improve BTC yield efficiency:

Metaplanet has a strong foundation for growth and has developed the ability to harness a variety of financing tools. We are now temporarily suspending the 20th-22nd Series of Stock Acquisition Rights as we optimize our capital raising strategies in our relentless pursuit of expanding our Bitcoin holdings and maximizing BTC Yield.

Simon Gerovich, President of Metaplanet

Data from BitcoinTreasuries shows Metaplanet owns over 30,000 BTC on the books, worth roughly US$3.4 billion (AU$5.27 billion). The firm recently opened two new subsidiaries in Miami, a bid to broaden its global crypto strategy.

Strategy Keeps on Buying BTC

Strategy halted its weekly Bitcoin purchases on Oct. 5, the first time since mid-2025, breaking its usual form, though it appears the firm is back on track as it recently purchased 220 Bitcoin, worth around US$27 million (AU$41.9 million). 

Strategy, as usual, leads corporate holdings with 640,250 BTC, roughly US$72 billion (AU$111.60 billion). Despite adding 193,850 BTC in 2025, the shares are up 5% year to date versus bitcoin’s 19%.

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