Metaplanet Bleeds 87%, But Triples Bitcoin Stack in ‘Gift’ Valuation

The market continues to punish Metaplanet’s stock, which has careened by 87% over the trailing 12 months.

However, at the same time, Metaplanet has added 27,832 Bitcoin to its balance sheet over the past year.

This strategic acquisition spree has more than tripled the firm’s total cryptocurrency stack compared to a year ago.

What is notable is that the company remains profitable and is currently trading below its book value, an anomaly that Zynx described as a “gift” for potential investors.

Commentator Adam Livingston noted that it is “crazy how much this stock has been crushed despite having little leverage versus competitors”.

Metaplanet’s BTC accumulation spree

During the first quarter of 2026, the company acquired an additional 5,075 Bitcoin for approximately $405.48 million, paying an average price of $79,898 per BTC.

This massive quarter brought the Tokyo-listed company’s total treasury holdings to 40,177 BTC. The total stack was acquired for roughly $4.18 billion at an average cost basis of $104,106 per Bitcoin.

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Following these latest purchases, Metaplanet has surged to become the third-largest corporate Bitcoin treasury in the world, sitting only behind Jack Mallers’ Twenty One Capital and Michael Saylor’s MicroStrategy.

Metaplanet is also building infrastructure around its Bitcoin reserves.

Metaplanet 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.