Metaplanet fell sharply on June 26 as investors kept selling the Tokyo-listed Bitcoin treasury firm. The stock closed at ¥197. That marked a daily drop of 10.45%, according to Google Finance.
The shares also touched ¥195 during the session. That level marked a new 52-week low. Its 52-week high stands at ¥1,681.
The latest price means Metaplanet now trades about 88% below that peak. Google Finance data shows its market capitalization at ¥252.41 billion. Daily volume hit 34.90 million shares.
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Metaplanet Bitcoin Holdings Grow as Stock Sell-Off Deepens
The sell-off attracted renewed interest after ZynxBTC noted in a post on X that “the bleeding for Metaplanet continues.” According to the post, the firm purchased 27,832 BTC during the last year.
Metaplanet’s latest Bitcoin balance stands at 40,177 BTC. The same figure appears on the company’s official website. It makes Metaplanet one of the largest listed corporate Bitcoin holders.
The company added 5,075 BTC during the first quarter of 2026. Its total holdings rose above 40,000 BTC. This strategy shifted the company’s attention from its original hotel business.
The company is recognized as the top-listed firm for holding Bitcoin treasuries in Japan. It depends on BTC holdings and capital markets. The latest decline shows that investors are still weighing other risks.
Shareholders are also concerned about dilution risk. Accounting losses still persist. Weakness in the price of bitcoin has created additional pressure for the stock.
Such decline highlights a key issue for cryptocurrency treasuries. Even having more Bitcoins in the portfolio does not necessarily lead to higher stock prices. Investor sentiments may influence demand for BTC stocks.
Metaplanet mNAV Drop Fuels Bitcoin Treasury Concerns
This matters for crypto because Metaplanet is part of the wider corporate Bitcoin treasury trend. The stock slump could weaken confidence in other publicly traded Bitcoin companies. It also raises a key question about how markets value BTC-backed firms.
As reported earlier, the drop has also opened up discussion regarding the firm’s mNAV. Below 1.0x suggests that the value attributed to the company by the market is lower than its Bitcoin-backed asset base. Prior to this, Metaplanet had considered stock repurchases once it reached that level.
CEO Simon Gerovich said management will strongly consider a stock repurchase in that case. He added that those comments did not constitute any formal buyback plan. The current stock move may push the firm to take definite actions.
The investor wants clarity on how Metaplanet can close the valuation gap and how it can continue to buy Bitcoin without hurting the existing shareholders.
The company is also expanding beyond direct Bitcoin purchases. It has agreed to acquire Siiibo Securities in a transaction worth JPY 2.1 billion.
The move gives Metaplanet a licensed securities business in Japan. It plans to rebrand the company to Metaplanet Securities upon closing. It also seeks to launch Bitcoin-linked financial products and yield-based services.
Metaplanet also plans to make additional Bitcoin purchases via a large share issuance. It aims to hold a total of 210,000 BTC by 2027. That translates to 1% of Bitcoin’s total fixed supply.
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