Metaplanet’s Stock Dives, But Bitcoin Revenue Skyrockets – Will They Survive the Rollercoaster?

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Ah, Metaplanet! A company that has all the allure of a rollercoaster-up one moment, down the next. The Japanese firm has seen its stock plummet by nearly 20% in the past month, despite the rather impressive news that their Bitcoin (BTC) revenue has surged by a staggering 116% in Q3 of 2025. Their Bitcoin stash has now ballooned to a not-so-insignificant 30,823 BTC, worth roughly $3.7 billion. If only their stock price could keep pace with the cryptocurrency market, eh?

And yet, here we are. The Tokyo-listed company has earned the title of the fourth-largest corporate Bitcoin holder globally, but that doesn’t seem to have inspired much investor confidence. The stock continues its steady downward slide. Investors, it appears, are playing a game of “will they, won’t they” with the shares, and the shares are losing.

When Your Stock Is in the Dumps, But Your Fundamentals Are “Strong”

Enter CEO Simon Gerovich, who, clearly feeling the heat, took to X (formerly known as Twitter, because, well, why not?) on October 2nd to offer some much-needed words of reassurance to shareholders. He conjured up an analogy to Amazon’s dot-com era slump, wherein Executive Chairman Jeff Bezos famously told investors that “the stock is not the company, and the company is not the stock.” It’s a sentiment that would surely make any shareholder feel better-if only they weren’t currently holding a losing ticket.

Gerovich proudly proclaimed that Metaplanet’s Q3 Bitcoin income had jumped by 115.7% to ¥2.44 billion (roughly $16 million). To add a cherry on top, operating profits came in 88% higher than expected. And if that wasn’t enough to make investors feel a bit giddy, the company boasts a nearly debt-free balance sheet with leverage under 1%. If only their stock price could join the party.

Let’s not forget Metaplanet’s aggressive buying spree this year. On September 22nd, they forked out a cool $632.5 million to snap up 5,419 BTC, bringing their total holdings to a staggering 25,555 BTC. Since then, they’ve been busy acquiring even more, pushing their stash to a grand total of over 30,000 BTC-putting them firmly ahead of competitors like Bullish. It’s enough to make you want to hop on board, right? Or not, as the stock market would suggest.

But alas, the stock is not playing nice. On Friday in Tokyo, shares managed a modest 7.43% gain, closing at 622 yen, still a far cry from their year-high of 1,930 yen. The stock has tumbled almost 20% in September alone, though it’s still up 70% for the year. The rollercoaster continues, folks.

Gerovich himself, in an unusually candid moment, admitted the disconnect between Metaplanet’s stellar fundamentals and its lackluster stock performance is, well, “painful” for all involved. He likened it to Amazon’s early days, where the company’s share price and fundamentals were often at odds for long stretches. Sometimes it takes a while, it seems, for the market to catch up with reality.

“It’s painful for our team, shareholders, and for me personally,” the CEO confided. “But as with Amazon, fundamentals and share price often diverge – sometimes for months, sometimes longer.”

But fret not, dear reader. Gerovich has assured everyone that Metaplanet’s grand plan remains unchanged: keep hoarding Bitcoin and build revenue streams around it. No biggie. Just an empire in the making.

Bitcoin: Volatile as Ever, But Hope Springs Eternal

As for Bitcoin, it’s been on a bit of a wild ride itself. At the end of September, the price tumbled to around $112,000, but has since found some semblance of stability, hanging around the $120,000 mark as of this writing. Some brave souls in the market are eyeing this level, hoping it’s the launching pad for another dramatic surge toward the dizzying heights of its all-time highs. One can only hope, though whether Bitcoin can keep its cool is anyone’s guess.

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2025-10-06 00:52