Metaplanet Stock Crashes 12% as Enterprise Value Allegedly Falls Below Bitcoin Value

Metaplanet Inc. stock (3350:TYO) dipped more than 12% over the past 24 hours. This sharp decline follows reports that Metaplanet’s enterprise value has dipped below that of its Bitcoin (BTC) reserve.

Following the recent market crash, investors have shown a declining appetite for risk in digital asset treasury firms globally. Considering the impact on Metaplanet, investors expressed concern about the implications for Michael Saylor’s Strategy.

Metaplanet Stock Outlook

According to data from Google Finance, the stocks of Metaplanet are currently valued at ¥482, equivalent to approximately $3.17 per share. In the past 24 hours, the stock decreased by 12.36%.

Metaplanet stock’s daily price range is between ¥480 and ¥534, with a market capitalization of 549.95 billion JPY.

The stock is also down 19.26% over the past 5 days and 19.8% within the past month.

However, shares of Metaplanet are still up on the yearly timeframe. Year-to-date, the stock has surged 34.8% and 336.2% over the past year.

Still, the 12% daily decline remains a concern for investors and analysts. One key reason is that the stock recently experienced spectacular price rebounds.

Earlier this month, Metaplanet stock surged 20% to 622 JPY, following a strong Q3 earnings report. The firm reported Q3 revenue of 2.44 billion JPY, up 115.7% quarter-on-quarter, with operating profits exceeding forecasts by 88%.

As a result, analysts assigned the stock a “Buy” rating, setting a 2026 price target of 2,400 JPY for Metaplanet.

Metaplanet CEO Simon Gerovich also commented that the firm will continue with its strategy of accumulating Bitcoin. The CEO believes this strategy will strengthen the company for the long term.

Metaplanet began accumulating Bitcoin in April 2024. Since then, the company has accumulated over 30,823 BTC valued at approximately $3.3 billion.

Bloomberg Report on Metaplanet’s Market Valuation in Correlation with BTC

In its latest report, Bloomberg linked the plummeting Metaplanet stock price to the decline of its enterprise value below that of its Bitcoin reserves.

While the price of BTC has shown strong performance in 2025, it remains volatile. Thus, the recent dip could reduce the dollar value of Metaplanet’s reserves.

The dip below Bitcoin reserves signals that the market is valuing Metaplanet’s operational business growth prospects less than its Bitcoin holdings.

Metaplanet’s model relies on Bitcoin appreciating or at least holding value. If Bitcoin prices surge, the company’s enterprise value could recover above its reserves.

Conversely, a prolonged Bitcoin downturn could exacerbate the valuation gap, potentially undermining its financial stability.

The Metaplanet situation reflects the strong correlation between TradFi and crypto. Traditional companies that adopt crypto reserves often face valuation volatility tied to both cryptocurrency markets and investor sentiment.

Crypto traders experienced a record $19 billion in liquidations on October 10. This market crash coincided with severe volatility, as most major cryptocurrencies plunged after U.S. President Donald Trump announced harsher tariffs on China.

Is Strategy also at Risk?

Strategy, led by Michael Saylor, has transformed into a Bitcoin-focused treasury firm since 2020. The firm currently holds 640,250 BTC, valued at approximately $71.7 billion. This positions Strategy as the largest corporate holder of Bitcoin globally.

The market capitalization and enterprise valuation of Strategy are heavily influenced by its Bitcoin holdings. Likewise, Strategy stock (MSTR) often trades as a leveraged proxy for the price of Bitcoin.

The enterprise valuation of Strategy includes its market capitalization plus net debt. As of this writing, the market capitalization stood at $90.6 billion, while debt from Bitcoin purchases was approximately $4–$5 billion in convertible notes.

With a total BTC holdings of around $71.7 billion, the reserves are still below Strategy’s enterprise value.