Metaplanet shares dropped hard on June 26, closing at ¥197 after falling 10.45% in a single session. The stock touched ¥195 intraday, setting a fresh 52-week low. Google Finance showed a 52-week high of ¥1,681, which leaves the shares down about 88% from that peak. The company’s market capitalization was listed at ¥252.41 billion, with daily volume reaching 34.90 million shares.
The selloff came even though Metaplanet’s Bitcoin treasury kept expanding. The company’s latest disclosed balance stands at 40,177 BTC, a figure also shown on its website. That still places Metaplanet among the world’s largest public corporate holders of Bitcoin.
Bitcoin holdings rose while the stock kept sliding
X user ZynxBTC wrote that the “bleeding” in Metaplanet was continuing and pointed out that the company had added 27,832 BTC over the past year while the share price kept falling. In the first quarter of 2026, Metaplanet added another 5,075 BTC, pushing its total above 40,000 BTC.
The company has moved far beyond its original hotel business, with its Bitcoin strategy now at the center of how the market views it. Still, investors are not pricing the stock on headline BTC holdings alone. Dilution risk matters. So do accounting losses, Bitcoin price weakness, and the question of whether Metaplanet can keep raising capital without hurting existing shareholders.
That gap helps explain why a growing Bitcoin stack has not supported the share price. A larger reserve may strengthen long-term asset backing, but treasury stocks can still trade below net asset value when sentiment turns weak.
Attention returns to the mNAV discount
With the stock trading near its 52-week low, debate has picked up again over whether Metaplanet is now valued below its asset base. Earlier reporting said the company had weighed share repurchases when its mNAV fell below 1.0x. A reading under 1.0x means the market is valuing the company at less than the value of its Bitcoin-backed assets.
CEO Simon Gerovich said at the time that management would strongly consider buybacks if the stock traded below that level. He also said clearly that those comments did not amount to a formal buyback announcement. The current price action puts that issue back in front of shareholders: if the discount persists, the company may face pressure to show how it plans to narrow the valuation gap without slowing its Bitcoin accumulation strategy.
A securities acquisition opens a new track
Metaplanet is also extending its strategy beyond direct Bitcoin accumulation. The company agreed to acquire Siiibo Securities for JPY 2.1 billion, its first major acquisition. After closing, it plans to rename the business Metaplanet Securities.
The deal gives Metaplanet a licensed securities platform in Japan. The company has said it wants to use that platform to launch Bitcoin-linked investment products and yield-focused offerings. Earlier coverage also noted plans to buy more Bitcoin through a large share offering. Its long-term target is to hold 210,000 BTC by 2027, equal to 1% of Bitcoin’s fixed supply.