Metaplanet’s stock has suffered a sharp decline over the past year, falling 88% on the OTC market, even as the company’s Bitcoin holdings continue to expand beyond 40,000 BTC.
The company’s shares closed at around $1.29 on June 25, extending a prolonged downturn that has raised questions about how the market is valuing the firm. Some analysts believe the stock is trading significantly below its true value, creating a potential opportunity for investors.
According to data shared by Bitcoin analyst Zynx on June 26, Metaplanet currently holds 40,177 BTC with a net asset value of approximately $2.36 billion. In comparison, the company’s market capitalization stands at $1.54 billion, while its total debt is estimated at $297 million.
Zynx noted that there is little justification for a profitable company to trade far below its book value. Based on Metaplanet’s own tracker, the company’s enterprise value is currently around 0.81 times its Bitcoin net asset value, suggesting investors are effectively gaining exposure to Bitcoin at a discounted price.
Despite this, Metaplanet’s Bitcoin portfolio is currently sitting on an unrealized loss of roughly $1.77 billion. The company acquired its 40,177 BTC at an average price of $104,000 per coin, bringing total acquisition costs to around $4.18 billion.
Stock performance has remained weak in recent months. Yahoo Finance data shows MTPLF has fallen 33% over the last 30 days and is down 56% over the past six months.
This decline comes even as Metaplanet continues to aggressively accumulate Bitcoin. In the first quarter of 2026 alone, the company purchased 5,075 BTC for $405 million at an average price of $79,900 per Bitcoin. This move pushed Metaplanet ahead of MARA Holdings to become the third largest corporate Bitcoin holder globally. Only Twenty One Capital with 43,514 BTC and Strategy with 847,363 BTC hold more.
Investor Adam Livingston described Metaplanet’s current position as an attractive long term opportunity. He pointed to the company’s relatively low leverage compared to Strategy, which relies heavily on preferred shares and convertible debt instruments.
Despite weak stock performance, Metaplanet continues to expand its broader business operations. Its latest move is the acquisition of Sitibo Securities, a licensed securities firm recognized as an early player in Japan’s online corporate bond market.
The deal is valued at 2.1 billion yen, equivalent to just over $13 million, and is expected to close by July 13.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
