Metaplanet hits 52-week low at ¥197 despite 40,177 BTC treasury

Metaplanet Inc. (3350.T) fell to ¥197, touching a 52-week low, even as the Japanese investment firm disclosed holding 40,177 bitcoin in its corporate treasury — a position worth roughly ¥450 billion ($2.8 billion) at current market prices.

"The market is pricing Metaplanet as a holding company discount, not a pure Bitcoin proxy," said James Lockhart, senior analyst at MCP Asset Management in Tokyo. "When the equity trades below the liquidation value of its BTC holdings, it signals that investors see execution risk in the strategy."

The stock has declined 38% from its 2026 high of ¥318, set in March, despite the company adding to its bitcoin position throughout the period. Metaplanet's market capitalization of roughly ¥48 billion represents a discount of more than 90% to the value of its bitcoin holdings, according to Bloomberg calculations. The company has funded purchases through convertible bond issuances and equity offerings, diluting shareholders as it accumulated the 40,177 BTC.

The disconnect mirrors a broader trend among bitcoin treasury companies. Strategy (MSTR), the largest corporate bitcoin holder with more than 500,000 BTC, sits on unrealized losses after buying at an average price above $64,000, according to its latest filings. Spot bitcoin ETF outflows reached $469 million on June 25, the largest single-day withdrawal in three weeks, SoSoValue data shows. Bitcoin traded at $59,500 as of 04:00 UTC on June 26, down 9% over three days and testing the $58,000 support level — its lowest since September 2024.

The widening gap between equity valuations and underlying bitcoin holdings could force a reckoning for the corporate treasury model. If Metaplanet's stock continues to trade at a steep discount, management may face pressure to unlock value through buybacks, asset sales, or a shift in strategy. The company's next earnings report, expected in August, will show whether it continued buying during the June selloff.

This article is for informational purposes only and does not constitute investment advice.