Metaplanet Stock Falls 87%, Bitcoin Treasury Triples to 40,177 BTC
In brief
- Metaplanet stock declined 87% over 12 months while adding 27,832 Bitcoin to treasury.
- Bitcoin holdings now total 40,177 BTC at $104,106 average cost basis.
- Metaplanet ranks third globally in corporate Bitcoin holdings by volume.
- CEO Simon Gerovich announced Siiibo Securities acquisition for $13.1M, closing July.
- Company remains profitable and trades below book value despite stock decline.
Bitcoin Accumulation Accelerates
Metaplanet added 27,832 Bitcoin to its balance sheet over the past year, executing a steady acquisition strategy that has more than tripled the firm's cryptocurrency stack compared to the prior year. In the first quarter of 2026 alone, the company acquired 5,075 Bitcoin for approximately $405.48 million, representing an average price of $79,898 per coin. This aggressive posture has positioned the firm as a major player in the institutional cryptocurrency space.
The company's total Bitcoin stack was acquired for roughly $4.18 billion at an average cost basis of $104,106 per Bitcoin. That cost basis sits meaningfully above current spot prices, reflecting the volatility of Metaplanet's acquisition timeline.
"it is 'crazy how much this stock has been crushed despite having little leverage versus competitors'" — Adam Livingston, commentator
Third-Largest Corporate Treasury
Metaplanet has surged to become the third-largest corporate Bitcoin treasury in the world, sitting behind only two other major institutional holders. The scale of the accumulation underscores management's conviction in Bitcoin as a long-term reserve asset, despite the market's harsh treatment of the stock itself.
The company remains profitable and is currently trading below its book value. This valuation disconnect—where the stock trades at a discount to net asset value—has drawn commentary from observers who view the gap as an opportunity.
Securities Acquisition in Progress
CEO Simon Gerovich recently announced that the company entered into an agreement to acquire 100% of Siiibo Securities Co., Ltd. The transaction, valued at 2.1 billion yen (approximately $13.1 million), is expected to close in July. The move signals an effort to expand Metaplanet's operational footprint beyond Bitcoin accumulation into regulated financial services within Japan.
