Metaplanet Stock Crashes 63% as Bitcoin Treasury Firms Struggle

Metaplanet

Metaplanet, the Japanese hotel operator-turned-Bitcoin accumulator, is seeing its stock price unravel. Shares plunged to ¥709 on September 7, the lowest since May 19, marking a 63% drop from this year’s peak of ¥1,930. Once one of Japan’s hottest stocks, Metaplanet is now among the worst-performing Bitcoin treasury firms.

Are Bitcoin treasury firms losing their shine?

Metaplanet has built its brand around Bitcoin accumulation, amassing 20,000 BTC and aiming to scale to 210,000 BTC in the coming years. Inspired by Michael Saylor’s Strategy (holder of 636,505 BTC), shareholders even approved a $3.8 billion fundraising plan to fuel further purchases.

But investors have started to sour on Bitcoin treasury stocks:

  • Metaplanet is down 63% from its highs.
  • Strategy’s MSTR has fallen more than 20% from its record.
  • Other names like American Bitcoin, MicroCloud Hologram, and Bullish have also slumped.

Part of the problem is valuation. Metaplanet’s BTC stash is worth about $2.2 billion, yet its enterprise value sits at $5 billion. That $2.8 billion gap has left investors questioning whether the stock is overpriced relative to its assets.

There’s also likely some profit-taking. Even after its crash, Metaplanet remains up more than 3,980% from 2024 lows, making it one of Japan’s best-performing stocks over a longer horizon.

Technical analysis: more downside ahead?

Charts suggest the slide isn’t over yet.

  • The stock broke below the ¥723 support its February swing high.
  • A looming death cross is forming, with the 50-day and 200-day moving averages nearing a bearish crossover.
  • The Average Directional Index (ADX) is at 32, signaling a strengthening trend.

If selling pressure continues, traders are eyeing ¥500 as the next support, especially if Bitcoin itself keeps trading sideways.

Weekly Recap: Justin Sun Freeze, Robinhood’s S&P 500 Debut, Global Adoption Trends

The past week was packed with major crypto headlines from controversy around Justin Sun to Robinhood’s leap into the S&P 500 and fresh signs of global adoption.

WLFI controversy engulfs Justin Sun

World Liberty Financial (WLFI), a Trump-linked token project, froze wallets tied to Tron founder Justin Sun after suspicious token transfers.

  • Sun’s addresses were blacklisted, freezing 540M unlocked WLFI and 2.4B locked WLFI.
  • The freeze came after 50M WLFI (worth $9.2M) was moved to exchanges on Sept. 4.
  • Sun defended the moves as “routine portfolio shuffling,” calling the freeze “unreasonable and unjust.”
  • Despite the clash, Sun pledged $10M in fresh WLFI and ALTS investments on Sept. 5.

Robinhood joins the S&P 500

Trading giant Robinhood will officially join the S&P 500 on Sept. 22, pushing shares above $108. The milestone reflects the company’s growing role in U.S. markets, alongside fellow newcomer AppLovin.

Other big stories this week

  • SharpLink Gaming plans to stake portions of its $3.6B ETH treasury on Linea following its mainnet launch.
  • Tether is exploring investments in gold mining and refining, expanding beyond stablecoins.
  • The UK Treasury proposed stricter AML rules for crypto businesses, aiming for a more robust but workable framework.
  • India ranked #1 globally in crypto adoption for the second year in a row, while the U.S. jumped to #2.
  • Gemini filed for a $316.7M IPO, seeking to sell 16.7M shares at $17–19 each.
  • Solana community approved the Alpenglow upgrade with 98% support, showing strong governance participation.
  • Strategy continued its BTC spree, buying 4,048 BTC for $449M at an average of $110,981, bringing total holdings to 636,505 BTC.

The takeaway

Metaplanet’s crash underscores how fragile Bitcoin treasury stocks can be when valuations stretch too far and sentiment turns. At the same time, the broader crypto ecosystem is buzzing from corporate accumulation to regulatory shifts and adoption milestones across the globe.

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