Metaplanet's Stock Plummet: 40,177 BTC and a Brokerage Acquisition Can't Stop the Bleeding

Metaplanet shares fall 5.15% to €1.20, approaching 52-week low, as Bitcoin's drop below $60k erodes value; loyalty tokens, securities buyout, and $500M credit line fail to reverse bear trend.

Metaplanet is throwing everything it has at the market — loyalty tokens, strategic partnerships, even a full-blown securities firm buyout — yet the stock keeps sliding. Shares closed at €1.20 on Tuesday, down another 5.15%, inching ever closer to the 52-week low of €1.18. The rout has erased roughly 87% of the stock's value since June 2025, when it traded at €9.72.

The company's fortunes are tethered to Bitcoin. As of late May, Metaplanet held a staggering 40,177 BTC on its balance sheet, worth around ¥457 billion. That bet turned sour on Monday when Bitcoin slumped below $60,000 — its weakest level since the end of 2024 — triggering a fresh wave of selling. The year-to-date loss for Metaplanet's shares stands at nearly 46%, with a 24% tumble over the past 30 days alone.

Management has tried to soften the blow with a series of shareholder sweeteners. On June 24, Metaplanet announced that HashPort Inc. and JPYC Inc., a leading yen stablecoin provider, had joined its shareholder reward program. Those contracts follow earlier agreements with Kaiser Kitchen KK and Coincheck. The idea is to bundle digital assets with equity to retain retail holders, though the company has not disclosed the specific perks.

Meanwhile, the company is building out a broader crypto-finance ecosystem. Metaplanet has agreed to acquire Siiibo Securities for ¥2.1 billion, which it plans to rebrand as Metaplanet Securities. The acquisition will be funded from internal cash and debt. The broader blueprint, code-named "Project Nova", aims to create a fully-fledged crypto financial platform. To back the initiative, Metaplanet has arranged a credit line of up to $500 million secured against its Bitcoin holdings — a move that both deepens its crypto exposure and signals confidence in its long-term strategy.

The technical picture offers little comfort. The relative strength index sits at 32.9, flirting with oversold territory but without a clear reversal signal. The 200-day moving average stands at €2.38, nearly double the current price, underscoring the depth of the bear trend. Annualized volatility over the past 30 days clocked in at 62.47%.

For all the expansion — the brokerage deal, the loyalty program, the credit line — the market's attention remains fixed on a single variable: the price of Bitcoin. Unless the cryptocurrency stages a sustained recovery, or Metaplanet can prove that its new securities unit generates real earnings, the stock risks breaching that €1.18 floor. The reward programs and acquisitions may strengthen the narrative, but they have yet to change the math.