Metaplanet’s Bitcoin Hoard Skyrockets $93M While Stock Flounders – A Crypto Irony

Tokyo-listed Metaplanet just proved crypto trumps traditional markets—again. Their Bitcoin treasury ballooned by $93 million this quarter while shares tanked 22%. Who needs stodgy equities when digital gold delivers?

The Hedgie-Proof Trade

While institutional investors hyperventilate over 'risk assets,' this Japanese firm quietly turned BTC into its primary reserve currency. The move mirrors MicroStrategy’s playbook—but with extra regulatory spice from the FSA watching closely.

Numbers Don’t Lie (But Stocks Do)

$93 million in unrealized gains now offsets nearly all their annual operating losses. Meanwhile, their stock trades like it’s 1999—if the dot-com bubble was made of wet cardboard.

Another win for the ‘just HODL’ brigade. Maybe Wall Street’s quant algos should mine some blockchain data instead of regurgitating discounted cash flows from the Mesozoic era.

Metaplanet’s stock lags

Metaplanet shares have dropped nearly 40% from this year’s high, even as Bitcoin trades NEAR all-time highs. The stock is now hovering around ¥1,150, its lowest since early June. The drop comes despite the value of its holdings climbing to roughly $1.7 billion, a nearly 20% gain based on the average purchase price of its portfolio.

As crypto.news previously reported, the drop is likely tied to factors like valuation and dilution, especially as Metaplanet adjusts its share issuance strategy to fund more Bitcoin buys. Investor profit-taking may also be a factor, with recent surges in the stock’s value likely prompting some to cash out.

The drop in value also mirrors a broader pullback across Bitcoin treasury stocks. Strategy, for instance, is down about 25% from its highs, even as BTC trades near all-time highs. This suggests the trend isn’t isolated to Metaplanet, and a market rebound could open the door for recovery.

Meanwhile, another Japan-based firm is already following in Metaplanet’s footsteps.

BTC grows on Japanese balance sheets

Remixpoint, an energy consulting firm also based in Tokyo, has quietly started building its own Bitcoin reserves, aiming to use exposure as a springboard for its next phase of growth.

The company began buying Bitcoin in late 2024 and is targeting at least 3,000 BTC, depending on price and stock performance. Remixpoint also recently made headlines as the first listed firm in the region to pay its CEO’s salary entirely in Bitcoin, signaling its commitment to the strategy.

So far, Remixpoint has acquired around 1,051 BTC, part of a broader crypto portfolio now worth about $116 million.