Metaplanet: Background and Development
Metaplanet, originally a Japanese hotel operator, has transformed in the last 15 months into one of the largest Bitcoin holdings worldwide. The company pursues an aggressive Bitcoin strategy and has recently increased its holdings to 16,352 BTC – at an average purchase price of around $100,191 per Bitcoin. In July 2025 alone, another 797 BTC were acquired for approximately $93.6 million. The goal is to hold at least 100,000 BTC by the end of 2026 and even up to 210,000 BTC by the end of 2027. Metaplanet’s stock price has risen by around +270% since the beginning of the year, driven by the shift in business model to a pure Bitcoin holding.
Valuation Metrics
The valuation of the stock is currently extremely high:
| Metric | Metaplanet (3350) | Sector Average |
|---|---|---|
| P/E Ratio (Price-Earnings Ratio) | 751.3x | 8.7x |
| PEG (P/E Growth) | 3.91 | 0.10 |
| P/B Ratio (Price-Book Ratio) | 20.9x | 2.4x |
| P/S Ratio (Price-Sales Ratio) | 568x | 0.8x |
These values clearly show that the stock is traded far above the levels of traditional companies on the stock exchange – even compared to the tech sector, the multipliers are exorbitantly high.
Opportunities and Risks
Opportunities
- Bitcoin as a Strategic Asset: Metaplanet fully relies on Bitcoin as a store of value and directly benefits from price increases of the crypto asset.
- Aggressive Growth: The company plans to massively expand its Bitcoin positions in the coming years.
- Speculative Rally: The strong price rally shows the great interest from investors in such “Bitcoin Leverage Plays”.
Risks
- Extreme Overvaluation: The fundamental metrics indicate a massive overvaluation; further price increases are purely speculative.
- Dependence on Bitcoin Price: The company value depends almost exclusively on the price trend of Bitcoin. A crash in the BTC price could also lead to a significant decline in the stock.
- No dividends or significant operational earnings from other business areas are available anymore.
- High Volatility: The price can fluctuate significantly in the short term – a slight correction has already been seen following the last major purchase despite an increase in the number of shareholders.
- Liquidity Risk: Large sales could lead to significant price drops quickly due to the smaller market capitalization compared to traditional blue chips.
Conclusion for Investors
The decision to invest in Metaplanet stock depends significantly on whether one believes in another upward trend for Bitcoin, is willing to take the high risk of investing in an extremely overvalued speculative stock, and whether one is prepared to ride out potential severe price fluctuations. For conservative investors, the stock is likely no longer attractive given the fundamental metrics – speculation and momentum trading dominate here. However, for risk-tolerant investors with strong conviction in Bitcoin’s long-term success, a small allocation in the portfolio may still be interesting.