Metaplanet boost Bitcoin holdings by $15 million amid stock struggles

Metaplanet has added more Bitcoin to its treasury, racing toward its year-end and long-term targets as its stock faces pressure from recent losses.

Metaplanet has announced the addition of 136 Bitcoin (BTC) to its treasury. According to its official disclosure on September 8, the purchase was made at a total $15.2 million, costing roughly $111,666 per coin.

The buy raises the company’s total holdings to 20,136 BTC, now worth just over $2 billion at current market prices, extending its steady pattern of accumulation since pivoting from hospitality management to a Bitcoin treasury vehicle.

However, the latest purchase is one of the smallest additions Metaplanet has made in recent months, likely caused by the ongoing struggles in its stock, which has faced heavy selling pressure in recent months.

Metaplanet stock plummets, can it still meet its BTC targets?

At press time, market data shows Metaplanet’s stock is trading at ¥682, down 3.8% today. That extends a slide of nearly 20% over the past week and leaves shares more than 30% lower compared to one month ago. This marks a 63% drop from its highest point this year, sharply reversing the company’s earlier strong performance and making it one of the worst-performing Bitcoin treasury companies in the industry currently,

The slump is likely driven by profit-taking, particularly after the stock surged nearly 3,980% from its 2024 lows earlier in the year. Valuation concerns are also weighing on sentiment, as Metaplanet’s Bitcoin holdings are worth $2.2 billion, well below its $5 billion enterprise value.

Broader cooling sentiment toward Bitcoin treasury firms has added further pressure, with other companies in the sector also seeing notable declines.

Metaplanet’s stock underperformance now clouds the company’s year-end goal of 30,000 BTC and its longer-term vision of holding 100,000 BTC by 2026 and 210,000 BTC eventually. To achieve its short-term target, the firm still needs to acquire nearly 9,864 BTC, which at current prices would cost more than $1 billion.

However, the company has pointed to a new financing plan as the solution. Metaplanet recently obtained shareholder approval to issue 550 million new shares overseas to raise about $884 million for future Bitcoin purchases.

If fully subscribed, the raise would give the company the resources needed to continue acquiring Bitcoin steadily, helping offset the impact of stock weakness and keeping its accumulation strategy on track.

Meanwhile, a broader trend is emerging across Asia as other firms outline their own Bitcoin treasury strategies. Remixpoint, a Japan-based firm, has joined the push, aiming to expand its reserve to as much as 3,000 BTC.

Even bigger is Sora Ventures, a Taiwan-based crypto venture firm, which plans to raise $1 billion and deploy it into BTC within six months, potentially becoming Asia’s first dedicated Bitcoin treasury fund.