Coinspeaker
Oct 14, 2025
4 0

Metaplanet’s Enterprise Value Falls Below Bitcoin Reserves

Tokyo-listed Metaplanet Inc is under pressure as its Bitcoin strategy loses investor confidence. The enterprise value is now less than its Bitcoin reserves.

  • Metaplanet began purchasing [Bitcoin](https://holder.io/coins/btc/) in April 2024 as a hedge against economic issues in Japan, inspired by MicroStrategy's strategy.
  • The company's stock initially surged but has since dropped about 70% from its peak.
  • As of October 14, the market cap and debt equal only 99% of its Bitcoin holdings.

From Premium to Pressure

  • Metaplanet holds over 30,823 [BTC](https://holder.io/coins/btc/), valued over $3.4 billion, ranking it fourth among public holders.
  • Despite meeting its goal of 30,000 BTC by 2025, share prices lag behind.
  • A plan to issue preferred shares raised about $1.4 billion to expand Bitcoin reserves.
  • With reduced capital for countercyclical purchases, Metaplanet faces stock pressure, down 20% last week.

Rising Risks for DATs

  • Digital-asset treasury firms are experiencing stock downturns, transitioning from premiums to discounts amid BTC price declines.
  • Large Bitcoin exposures pose liquidity crisis risks during downturns.
  • Some see Metaplanet’s discount as a buying opportunity, while spot Bitcoin ETFs continue to attract investments, with over $5 billion in inflows in October.