Metaplanet’s Bitcoin Valuation Gains Plunge 39% as Market Crash Hits Corporate Treasuries

Quick Breakdown 

• Metaplanet’s Q3 Bitcoin valuation gains dropped 39% to $1.4 billion amid October’s market crash.
• The firm holds 30,823 BTC at an average acquisition cost of $108,000 per coin.
• Shares tumbled over 27% in a month as regulatory scrutiny intensifies in Japan.

 

Metaplanet’s Bitcoin valuation takes a hit

Japanese investment firm Metaplanet has reported a steep decline in its quarterly Bitcoin valuation gains, underscoring the lingering impact of the October crypto market crash on corporate treasuries.

*Notice Regarding the Recording of Non-Operating Income, Non-Operating Expenses, and Income Tax Adjustments* pic.twitter.com/TAhFribGQh

— Metaplanet Inc. (@Metaplanet_JP) November 13, 2025

According to financial figures shared on X on Thursday, Metaplanet posted 10.6 billion yen ($1.4 billion) in Bitcoin valuation gains during the third quarter — a 39% drop from the 17.4 billion yen ($2.4 billion) recorded in the previous quarter.

Despite the downturn, the company maintained confidence in its long-term Bitcoin strategy.

“The Company’s Bitcoin Treasury Business continues to progress steadily in line with plan and is not dependent on short-term price fluctuations,”

the firm said in its report.

Rising costs and strategic Bitcoin accumulation

Metaplanet also disclosed a $26 million stock amortization cost for the third quarter — the total expense linked to issuing new shares during the period. This figure is often used as a key measure of the cost of raising capital.

The company, often referred to as “Asia’s Strategy,” has ambitious plans to accumulate 210,000 Bitcoin by 2027, primarily through equity financing and strategic acquisitions.

Market crash deepens corporate crypto strain

The October 10 market crash, which wiped out nearly $19 billion in digital asset value, continues to weigh on corporate Bitcoin holders.

Metaplanet’s Bitcoin portfolio remains in the red, as it acquired its holdings at an average cost of $108,000 per BTC, compared to the current market price of around $103,000. Macro analyst Kashyap Sriram noted that the firm’s 30,823 BTC stash is now roughly 5% underwater, adding that its $100 million Bitcoin-backed loan — secured on October 31 to purchase more BTC — further amplifies the company’s risk exposure.

Regulatory pressures and stock performance

Metaplanet’s stock has fallen over 27% in the past month and 6.5% in the last five days, based on data from Yahoo Finance. The decline comes amid reports that the Japan Exchange Group (JPX) is considering tighter restrictions on publicly listed companies with large crypto holdings.

However, CEO Simon Gerovich dismissed concerns, clarifying that the proposed measures target firms with weak governance or disclosure frameworks, not compliant Bitcoin-holding companies like Metaplanet.

 

Take control of your crypto  portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”