Metaplanet stock drops 22% as Bitcoin strategy fuels investor worries
Metaplanet’s share price dropped 22% over the past week, deepening the decline that began on June 17. Shares now stand at ¥709 — the lowest level since May 19 and 63% below this year’s peak. These results make the company one of the worst-performing Bitcoin treasury holders in the sector.
The Japanese hotel operator has become one of the largest corporate Bitcoin accumulators, aiming to replicate Michael Saylor’s strategy. The company purchased 20,000 BTC, making it the sixth-largest public Bitcoin holder.
However, Metaplanet shares have been falling for nearly three months, reflecting investor concerns toward Bitcoin-holding companies. Currently, Metaplanet’s Bitcoin assets are valued at $2.2 billion, significantly below its $5 billion enterprise value, raising worries over a $2.79 billion valuation gap.
Further decline highly likely
Technical indicators point to continued downside in the coming weeks, as shares broke below the critical ¥723 support level formed in February. The RSI shows bearish sentiment, while the 50-day and 200-day moving averages are close to forming a “death cross.”
Metaplanet stock daily chart. Source: Trading View
Metaplanet stock will likely continue to decline, with sellers targeting key support at ¥500 and potentially rushing to lock in profits. The selloff could accelerate if Bitcoin’s price remains range-bound.
Despite this, Metaplanet remains one of the most dynamic stocks on the Japanese market, having surged more than 3,980% from its 2024 lows.
As we wrote, Metaplanet may acquire digital bank in Japan
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