Metaplanet Expands Bitcoin Holdings Despite Stock Decline

Metaplanet Inc (TYO:3350) announced on Monday that it purchased 136 Bitcoin worth about $15.2 million, at an average price of $111,783 per coin. The acquisition raises the Japanese hotel operator’s total Bitcoin holdings to 20,136 BTC, making it the sixth-largest corporate holder of the cryptocurrency, just behind newly listed Bullish Inc (NYSE:BLSH).

Despite the latest purchase, Metaplanet’s shares dropped 2.3% in Tokyo, extending a nearly 20% decline over the past week and hitting a four-month low. The stock slide mirrors Bitcoin’s recent weakness, with the cryptocurrency trading near $111,000 after facing heavy profit-taking from August’s record highs.

Investor confidence in Bitcoin treasury strategies has been waning, as retail investors increasingly favor Bitcoin exchange-traded funds (ETFs) for direct exposure. This skepticism has weighed on companies like Strategy, formerly MicroStrategy (NASDAQ:MSTR), which still leads corporate Bitcoin holdings at 636,505 BTC. Strategy’s shares fell 17% in August despite past success funding massive Bitcoin purchases through equity and debt offerings.

Metaplanet and other firms such as Gamestop have tried to replicate Strategy’s approach, though with limited results. The Japanese firm has faced scrutiny for its $5 billion market valuation, which currently exceeds the value of its Bitcoin reserves. Analysts warn that tying corporate balance sheets to Bitcoin exposes company shares to heightened volatility, especially as more firms enter the space.

While Metaplanet continues to build its Bitcoin treasury, its latest stock performance highlights the risks of overreliance on cryptocurrency. The company’s future success may depend on whether Bitcoin can sustain long-term growth and whether investors remain convinced that holding crypto on corporate balance sheets provides superior returns compared to ETFs.