Japanese Bitcoin treasury company Metaplanet saw its stock plunge to a new 52-week low on June 26, even as its Bitcoin reserves swelled to 40,177 BTC. The Tokyo-listed shares closed at ¥197, down 10.45% for the day, after touching an intraday low near ¥195. This marks an 88% decline from the 52-week high of ¥1,681, triggering fresh debate over the widening gap between market valuation and the company’s massive Bitcoin holdings.
Despite the punishing stock performance, Metaplanet has aggressively expanded its Bitcoin treasury. The firm added 5,075 BTC in Q1 2026 at an average price of $79,900, pushing its total holdings above 40,000 BTC. That places it among the world’s leading corporate Bitcoin holders, behind only Twenty One Capital (43,514 BTC) and Michael Saylor’s Strategy (847,363 BTC). The company’s own tracker shows the Bitcoin stash has a net asset value of roughly $2.36 billion, yet Metaplanet’s market capitalization stands at just $1.54 billion — implying investors are buying the Bitcoin at a discount of about 0.81 times book value.
Market commentator Zynx noted on X that the stock has fallen 87% over the past year even as the BTC balance grew by 27,832 coins. He described Metaplanet as a "profitable company trading below book value," calling the situation "a gift." Other analysts pointed out the company’s relatively low leverage compared to Strategy, making the discount hard to justify on purely financial grounds.
CEO Simon Gerovich has previously indicated that management would consider share buybacks if the stock traded below its Bitcoin net asset value — a threshold already breached. While not a formal buyback announcement, the renewed price weakness may intensify pressure to take action. Simultaneously, Metaplanet is moving beyond simple accumulation. It announced the acquisition of Siiibo Securities for JPY 2.1 billion, marking its first major diversification. The acquired firm, to be renamed Metaplanet Securities, will allow the company to launch Bitcoin-linked investment products and yield-focused offerings for Japanese retail investors. Gerovich described the deal as the first step in "Project Nova," targeting an estimated $1.7 trillion held by Japanese households in low-yield instruments.
The stock’s decline underscores a persistent disconnect: even as the BTC stack grows, investors remain cautious about dilution risk, accounting losses, and Bitcoin price swings. Metaplanet’s long-term target — 210,000 BTC by 2027, equal to 1% of Bitcoin’s fixed supply — shows no sign of slowing, but for now the market remains skeptical.
