Metaplanet Stock Price Falls 30% In a Month, Here is Why?

Key Insights:

• Metaplanet stock has dropped 28% in the past month, reflecting investor concerns over its reliance on Bitcoin holdings.
• The company plans to issue 385 million shares to raise $1.4 billion, primarily for Bitcoin purchases and expanding its BTC options business.
• Metaplanet aims to acquire 210,000 BTC by 2027, with recent purchases boosting its holdings to 20,136 BTC.

Metaplanet stock price closed at ¥614 ($4.18) on September 9, 2025, down more than 30% since the late August announcement of a major share offering.

The stock traded at ¥714 ($4.86) on September 10, 2025, with a day high of ¥714 ($4.86) and low of ¥563 ($3.83). Average volume reached 29.83 million shares.

Market cap stood at 539.77 billion yen ($3.67 billion). This drop aligns with broader pressures on Bitcoin treasury firms, as Bitcoin traded around $111,041 on September 9, 2025. Metaplanet holds 20,136 Bitcoin. The same is valued at $2.251 billion, ranking sixth among public companies.

Metaplanet announced a 385 million share offering on September 9, 2025, priced at ¥553 ($3.76) each. The move aims to raise 212.9 billion yen ($1.44 billion).

Proceeds target Bitcoin purchases between September and October 2025. The issue price reflects a 9.9% discount to the September 9 close of ¥614 ($4.18). This follows shareholder approval on September 2, 2025, for up to 555 billion yen in preferred shares.

Dilution risks weighed on investors. Shares outstanding jumped from 57 million in 2022 to 459 million by mid-2025. The company uses equity issuances to fund Bitcoin buys.

On August 31, 2025, holdings reached 20,000 Bitcoin. Entry cost totaled $3.242 billion, against current value of $2.251 billion.

Investors took profits after triple-digit surges. The stock rose over 10,000% from last year’s low by mid-2025. It hit ¥1,934 ($13.15) yearly peak before dropping 40% to ¥1,150 ($7.82) by July 27, 2025. Profit-taking contributed to the July plunge, down 42% from all-time high to ¥1,100 ($7.48).

By August 19, 2025, shares fell to ¥3,350 ($22.78), a 54% drop from year high. The August low reached ¥800 ($5.44), marking a 55% decline from peak. Over 15,000% gain from prior low fueled mean reversion.

Bitcoin Price Correction Adds Pressure

Bitcoin’s pullback impacted Metaplanet stock as a proxy. BTC dropped over 11% from August high of $124,200 to $108,000. On September 9, 2025, BTC closed at $111,041, down 1.04%. Metaplanet’s strategy ties performance to BTC.

Holdings averaged $99,502 per coin by July 27, 2025, for 16,352 BTC worth $1.9 billion. By August 4, 2025, 17,132 coins valued at $1.96 billion. Correction eroded treasury value gains.

The Bitcoin treasury sector grew saturated. Over 100 firms now hold BTC, diluting appeal. Peers like MicroStrategy dropped 25% from 2024 high. Valuation concerns emerged. $3.8 billion gap between holdings and enterprise value by September 4, 2025.

Lack of diversification hurts. Metaplanet stock relies on BTC without broad revenue streams. The former hotel operator pivoted to digital assets over a year ago. It operates hotels and other segments, with 17 employees.

Simon Gerovich, president, posted on September 9, 2025, confirming the upsized offering from 180 million to 385 million shares. Raise totals 205 billion yen ($1.4 billion). More Bitcoin buys are planned.

Metaplanet stock holders approved resolutions on September 2, 2025. The company seeks 210,000 BTC long-term. Funding challenges persist amid yen depreciation hedge.

Relative Strength Index formed double-top at 85.7 before drop. Average Directional Index at 32 shows downtrend momentum. Stock fell below 38.2% Fibonacci at ¥1,200 ($8.16).

Support at ¥500 ($3.40) eyed if decline continues. A break below ¥1,000 ($6.80) confirms further downside.