Behold, the grand tale of Metaplanet Inc., that Tokyo-based titan of finance, whose market value has now sunk lower than its own Bitcoin vaults-a feat as improbable as a bureaucrat finding a soul. Once hailed as the golden child of crypto stocks, the company’s shares have tumbled like a disgruntled angel in a bureaucratic hell, shedding 70% since June’s peak. A testament to investor sentiment, which now wavers like a drunkard’s gaze at a cryptocurrency convention.
Metaplanet’s shares, now trading at a mere 482 yen (a paltry $3.10), have plummeted 12.36%-a drop so dramatic, it could make even the most stoic accountant weep. The culprit? A crypto market so shaky, it’s as if the entire industry is trying to out-scare a haunted house. Investors, ever the fickle lovers, now eye Bitcoin-holding firms with the suspicion of a man spotting a tax auditor in a mirror.
The company, in its infinite wisdom, began hoarding Bitcoin in April 2024, a move that once made it the talk of Tokyo’s financial elite. At one point, its market value (including debt) was a hair’s breadth below its Bitcoin stash-a feat akin to a squirrel valuing its nut collection higher than its own life.
Metaplanet’s Bitcoin Holdings: A Tale of Greed and Grit
On October 1, Metaplanet achieved its 2025 goal, acquiring 5,268 BTC, swelling its holdings to 30,823. At an average price of $107,912 per coin, this investment totaled a staggering $3.33 billion. Now, with Bitcoin flirting with $112,000, the stash is worth $3.45 billion-a profit of $120 million, which is roughly the same as the emotional maturity of a toddler with a cookie.
To fund this digital gold rush, Metaplanet raised $1.4 billion via preferred shares, a financial maneuver so convoluted, it’s as if the company’s board had a séance to consult the ghost of Wall Street. Yet, despite the chaos, they continue to amass crypto, standing as Japan’s digital equivalent of a dragon hoarding treasure-except the dragon is a corporation, and the treasure is volatile.
Metaplanet is not alone in its plight. Other crypto-treasury firms, once the darlings of the market, now watch their shares nosedive like a hot-air balloon in a hurricane. The era of crypto enthusiasm, it seems, is as fleeting as a pornstar’s commitment to a monogamous relationship.
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2025-10-14 15:01