Bitcoin's Rise Surpasses Stock Decline Amid Growing Questions About Metaplanet's Approach

Japanese investment company Metaplanet has further cemented its role as the fifth-largest corporate

treasury holder after acquiring 5,419 Bitcoin for a total of $632.53 million, with the average price per Bitcoin at $116,724 title1 [ 1 ]. This transaction, disclosed on September 22, 2025, boosts their overall Bitcoin assets to 25,555 BTC, which are currently valued near $2.91 billion title2 [ 2 ]. The company’s average Bitcoin purchase price is $106,065, leaving them with an unrealized gain of $290 million title3 [ 3 ]. CEO Simon Gerovich emphasized that this investment marks the first phase of a broader plan, resulting in Metaplanet now holding 85% of its 2025 objective of 30,000 BTC and 25% of its 2026 target of 100,000 BTC title4 [ 4 ].

This move highlights Metaplanet’s aggressive strategy to accumulate Bitcoin, yielding a year-to-date return of 395.1% in 2025 title5 [ 5 ]. Despite Bitcoin prices staying under $113,000, the firm’s treasury approach has outperformed the overall market. Other institutions such as Bullish and Marathon Digital are behind Metaplanet in Bitcoin reserves title6 [ 6 ]. In Q1 2025, the company’s Bitcoin returns reached 95.6%, rose to 129.4% in Q2, and gained 10.3% so far this quarter title7 [ 7 ].

The response from the stock market has been uneven. Following the announcement, Metaplanet shares dropped 1.32% to 600 JPY, totaling a 31% fall over the past month title8 [ 8 ]. This decline reflects widespread selling pressure from institutional short sellers, including major firms like Morgan Stanley and UBS title9 [ 9 ]. Meanwhile, the company’s U.S.-traded shares (MTPLF) are hovering at $4.09, off recent highs. Market analysts link the stock’s underperformance to increased volatility and dilution concerns tied to Metaplanet’s $1.45 billion international share sale, which financed the latest Bitcoin purchases title10 [ 10 ].

Metaplanet’s growth strategy goes beyond expanding its treasury. In September 2025, the company established two new subsidiaries: Metaplanet Income Corp. in Miami, which will focus on Bitcoin derivatives and generating returns, and Bitcoin Japan Inc., dedicated to encouraging adoption through media and events title11 [ 11 ]. The U.S. entity, set up with $15 million, is designed to separate yield-generating activities from treasury functions, while the Tokyo-based arm will manage projects such as Bitcoin.jp and the Bitcoin Japan Conference title12 [ 12 ]. These steps reflect Metaplanet’s ambition to transform from a hotel business into a comprehensive player in the Bitcoin ecosystem.

Despite the growth in Metaplanet’s treasury, the company’s stock hasn’t matched the rapid gains of Bitcoin, which has seen a 150% annual jump title13 [ 13 ]. Skeptics point to the company’s dependence on equity financing—raising $1.4 billion through a 385 million-share sale—as a risk to current shareholders due to potential dilution title14 [ 14 ]. Nevertheless, Metaplanet’s model, which combines gains from holding Bitcoin with revenue from options trading, generated $1.9 billion in Q2 2025 alone.

There is ongoing debate among analysts regarding the long-term viability of Metaplanet’s strategy. While its aggressive treasury approach has made it a leader in corporate Bitcoin holdings, the volatility of its stock price underscores the risks of tying company value closely to cryptocurrency markets. As Bitcoin’s price dipped to $111,700 in October 2025, Metaplanet’s ability to reach its 2027 goal of 210,000 BTC—representing 1% of all Bitcoin—will depend on sustaining investor trust and effectively managing short-term market fluctuations.