Metaplanet Stock Crashes 87% Yet the Company Quietly Tripled Its Bitcoin Holdings

Tokyo-based investment firm Metaplanet has endured a brutal twelve months in equity markets, watching its share price collapse by 87% over the trailing year. Yet behind the scenes, the company has been executing one of the most aggressive Bitcoin accumulation strategies among publicly listed corporations globally.

Over the past year, Metaplanet added a staggering 27,832 BTC to its balance sheet — more than tripling the size of its cryptocurrency treasury compared to where it stood twelve months ago. The firm's total Bitcoin holdings now stand at 40,177 BTC, cementing its position as a heavyweight in the corporate digital asset space.

Despite the punishing stock performance, Metaplanet remains operationally profitable and is currently trading below its book value. Market analyst Zynx called the current valuation a "gift" for prospective investors willing to look past the short-term price action. Commentator Adam Livingston echoed that sentiment, describing the situation as "crazy," pointing out that the stock has been crushed to a far greater degree than competitors, even though Metaplanet carries relatively low leverage by comparison.

Drilling into the numbers, during Q1 2026 alone, the company deployed approximately $405.48 million to purchase 5,075 additional Bitcoin, averaging a cost of $79,898 per coin. In total, Metaplanet's entire Bitcoin stack was acquired for roughly $4.18 billion, at a blended average cost basis of $104,106 per BTC.

Those purchases propelled Metaplanet into the top three corporate Bitcoin treasuries worldwide. The firm now ranks third globally, trailing only Jack Mallers' Twenty One Capital and Michael Saylor's MicroStrategy — two of the most prominent names in institutional Bitcoin adoption.

Metaplanet is not stopping at simply accumulating Bitcoin. The company is actively building infrastructure around its reserves. CEO Simon Gerovich recently revealed that Metaplanet has entered into an agreement to acquire 100% of Siiibo Securities Co., Ltd., a Japanese securities firm. The deal is valued at 2.1 billion yen, equivalent to roughly $13.1 million, and is expected to close in July 2026. The acquisition signals Metaplanet's intent to expand its financial services capabilities alongside its digital asset treasury operations.

The divergence between Metaplanet's stock performance and its underlying asset accumulation raises important questions for investors. While the market has punished equity holders severely, the company's Bitcoin-denominated wealth has grown substantially in size. Whether the stock eventually reflects the firm's Bitcoin exposure remains the central debate among analysts watching this Tokyo-listed outlier.