Metaplanet Stock Crashes 87% While Bitcoin Hoard Hits 40,000 BTC

Tokyo-listed Metaplanet's stock got absolutely demolished. Down 87% over 12 months. Meanwhile the company keeps loading up on Bitcoin like..

Written by: Sophia Cruz • Friday, June 26, 2026 • 2 min read

• Last updated: Friday, June 26, 2026

Quick overview

Metaplanet's stock has plummeted 87% over the past year, despite the company significantly increasing its Bitcoin holdings.
They acquired 27,832 BTC in the last year, bringing their total to 40,177 BTC, making them the third-largest corporate Bitcoin holder globally.
The company's stock is trading below book value, raising questions about institutional trust in their Bitcoin treasury strategy.
CEO Simon Gerovich is expanding operations by acquiring Siiibo Securities, indicating a bold strategy to leverage their Bitcoin assets despite the stock's decline.

Tokyo-listed Metaplanet’s stock got absolutely demolished. Down 87% over 12 months. Meanwhile the company keeps loading up on Bitcoin like nothing’s wrong.

They added 27,832 BTC in the past year, pushing total holdings to 40,177 BTC. That’s tripled the company’s crypto stack in a single year. They’re now the third-largest corporate Bitcoin hoarder globally, behind Jack Mallers’ Twenty One Capital and Michael Saylor’s MicroStrategy.

Q1 2026 alone they grabbed 5,075 BTC for about $405 million, paying an average $79,898 per coin. Total Bitcoin treasury cost roughly $4.18 billion with an average cost basis of $104,106 per BTC.

Here’s the disconnect. Stock’s in freefall. Balance sheet’s crushing it with Bitcoin holdings that doubled in value from their cost basis to current prices. The company’s trading below book value, which one analyst called a “gift” for buyers who believe in the thesis.

Adam Livingston pointed out the absurdity. The stock got “crushed despite having little leverage versus competitors.” That’s the real story. Metaplanet isn’t using crazy borrowed money. They’re generating real profits. Yet markets hate the stock anyway.

The valuation collapse doesn’t make sense unless institutional investors fundamentally distrust the Bitcoin treasury strategy. They see the company holding 40,000 BTC worth roughly $2.4 billion at current $60K prices, but the market values the entire company way lower. Pure Bitcoin with minimal overhead should trade closer to Bitcoin’s value. Instead it trades at a discount.

CEO Simon Gerovich’s expanding the operation anyway. They just agreed to acquire Siiibo Securities for $13.1 million, closing in July. That’s building infrastructure around the Bitcoin holdings, not retreating.

The strategy is bold. Buy Bitcoin aggressively while the stock tanks. Use the depressed valuation to acquire related businesses cheap. Eventually when Bitcoin runs or sentiment shifts, the arbitrage between book value and market value closes.

Or they end up like all the other corporate Bitcoin treasuries that lost patience waiting for the discount to disappear.

The numbers work mathematically. They’re generating profits, holding hard assets, and trading below intrinsic value. The market just doesn’t care right now. Sometimes being right too early is the same as being wrong.

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ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.