Metaplanet has quickly become one of the world’s largest public corporate Bitcoin holders, reporting 40,177 Bitcoin on its balance sheet as of March 31. That stash sits at an aggregate cost basis of ¥623.37 billion. But even as that milestone drew attention, the stock told a different story: recent market reporting said Metaplanet shares fell to a 52-week low even as the Bitcoin balance reached a new high.
What’s behind the gap? The core issue is how Metaplanet has financed its buying. The company’s recent materials highlighted a long record of equity financing tied to Bitcoin purchases, including large warrant issuance. CoinDesk also reported a $5.3 billion plan using 555 million stock acquisition rights. Metaplanet has separately said some fundraising structures are intended to distribute dilution over time, but investors appear to be weighing more than total Bitcoin count. They’re also judging per-share value, dilution risk, and the sustainability of the funding approach.
The pressure goes beyond dilution alone. Metaplanet reported a first-quarter net loss of ¥114.5 billion, primarily tied to non-cash Bitcoin revaluations. Record holdings, on their own, have not been enough to support the stock.