Metaplanet Stock Falls 12% as Company’s Market Value Drops Below Its Bitcoin Holdings

Metaplanet, Asia’s largest corporate Bitcoin holder, saw its stock tumble sharply this week. On Tuesday, October 14, shares fell 12.36%, marking the first time the company’s market capitalization dropped below the total value of its Bitcoin reserves. The decline follows last Friday’s crypto market crash, which sent Bitcoin below $110,000.

Investor Confidence Wavers as Metaplanet Shares Slide Metaplanet’s shares closed at 482 JPY, down from an intraday high of 534 JPY and a low of 480 JPY. Trading volume surged to 61 million shares, far above the average of 46 million, signaling that traders were actively opening short positions. According to Yahoo Finance, both the company’s Tokyo-listed shares (3350) and U.S.-listed shares (MTPLF) have fallen over 75% from their all-time highs in June. During last Friday’s selloff — when Bitcoin plunged to $104,582 — Metaplanet’s stock tanked by more than 18%. Technical charts now show the formation of a “death cross,” a bearish indicator that occurs when the 50-day moving average (MA50) falls below the 200-day moving average (MA200), suggesting further downside risk.

Bitcoin Treasury Now Exceeds Company Value Originally a hotel chain listed on the Tokyo Stock Exchange, Metaplanet has accumulated 30,823 BTC in its corporate treasury, worth approximately $3.47 billion.

This represents a 496.4% gain year-to-date, making it the fourth-largest corporate Bitcoin holder globally, behind companies like MicroStrategy. The company’s most recent purchase added 5,268 BTC worth $615 million, at an average price of $116,870 per coin, leaving Metaplanet with unrealized profits of $322.48 million.

However, the company’s market capitalization-to-debt ratio (mNAV) has fallen to 0.99, meaning that Metaplanet’s total enterprise value is now lower than the value of its Bitcoin holdings.

Institutional Short Sellers Return Metaplanet is also facing renewed pressure from major financial institutions — including Morgan Stanley, UBS, Jefferies, and JPMorgan — which previously shorted the stock aggressively.

Analysts warn that the combination of Bitcoin’s recent price decline, technical weakness, and valuation concerns could trigger another wave of institutional short-selling. “If Metaplanet’s valuation continues to trade below the worth of its Bitcoin reserves, investors will see that as a red flag,” said one Tokyo-based market analyst.

Bitcoin Weakens, Trading Activity Slows Bitcoin’s price fell 3% in the past 24 hours, currently trading at $112,198.

It recorded a daily low of $111,569 and a high of $116,020.

Trading volume dropped 18% over the same period, reflecting waning trader interest after a volatile weekend.

Summary Metaplanet now finds itself in a rare and precarious position — its Bitcoin holdings are worth more than the company itself.

Although the firm remains one of Asia’s biggest Bitcoin advocates, its stock has come under heavy pressure from short sellers, bearish technical signals, and market volatility. Unless Bitcoin climbs back above $116,000, Metaplanet risks losing its status as Asia’s “Bitcoin champion”, becoming instead a cautionary tale of how crypto volatility can rapidly erode corporate value.

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