Imagine waking up to find your favorite “Bitcoin bank” stock has evaporated nearly four-fifths of its value in mere months—while the company itself keeps stacking more crypto than ever. That’s exactly what hit thousands of Metaplanet (3350.T) shareholders on November 11, 2025, when shares closed at a gut-wrenching 413 yen, down over 78% from the June peak of 1,930 yen. As Bitcoin teeters around $105,000 after dipping below $100,000 last week, this Tokyo darling’s wild ride is leaving everyday investors wondering: Is the corporate Bitcoin dream turning into a nightmare?
This isn’t just another dip—it’s a stark reminder that betting big on BTC through stocks can amplify both the highs and the brutal lows.
What Exactly Happened to Metaplanet on November 11?
Metaplanet share price crashing from 1930 yen high to below 500 yen with RSI oversold signals
At market close in Tokyo, Metaplanet shares tumbled another 3.28% to 413 yen, capping a brutal session with over 18.8 million shares traded. From its all-time high, that’s a staggering 78% wipeout—turning a 100,000 yen investment into just 21,400 yen.
The trigger? Bitcoin’s ongoing “unwind.” After flirting with $122,000 highs last month, BTC has shed nearly 14% in recent weeks, dragging correlated assets like Metaplanet down with it.
On-chain data shows Metaplanet’s enterprise value briefly dipped below its Bitcoin holdings multiple times this fall, eroding the “premium” that once made it a hot buy.
Source: Yahoo Finance real-time data (November 11, 2025) https://finance.yahoo.com/quote/3350.T/
From Hotel Operator to “Asia’s MicroStrategy”: The Bitcoin Pivot
Metaplanet wasn’t always a crypto play. Once a sleepy hotel and investment firm, it shocked Japan in 2024 by announcing Bitcoin as its primary treasury asset—inspired directly by Michael Saylor’s Strategy (formerly MicroStrategy).
Fast-forward to 2025: The company now holds over 30,823 BTC, worth roughly $3.3 billion at current prices, making it the fourth-largest corporate holder globally.
CEO Simon Gerovich has been vocal about the strategy:Metaplanet CEO Simon Gerovich speaking at shareholder meeting about Bitcoin accumulation plan
“We see Bitcoin as the ultimate hedge against yen devaluation,” Gerovich said at a September 2025 shareholder meeting, outlining plans to reach 210,000 BTC by 2027.
They funded this through zero-interest bonds, preferred shares, and even a $100 million BTC-backed loan in early November.
Why the 78% Crash Feels Worse Than Bitcoin’s Drop
Bitcoin itself is only down about 14% from recent peaks—but Metaplanet? 78%. Here’s the breakdown:
The mNAV Meltdown: Trading Below Your Own Bitcoin
For months, investors paid a premium for Metaplanet shares, betting the stock would outperform raw BTC holdings. That “multiple to net asset value” (mNAV) hit highs above 3x.
Then came the unwind: In October, mNAV crashed below 1.0x for the first time, meaning the entire company was worth less than its Bitcoin stash alone.
Why it hurts: No more premium = forced selling from arbitrage funds.
Leverage and Dilution Fears
Metaplanet paused stock warrant exercises in October amid price pressure, halting new capital for BTC buys.
Preferred shares and bonds diluted common holders, while the $100M loan adds debt risk if BTC keeps falling.
Broader Crypto Sentiment Shift
With over 228 companies holding digital assets in 2025 (totaling $148 billion), the “treasury trade” is crowded. When BTC unwinds, everyone rushes for the exit.
Three Lessons Everyday Investors Can Take Away
1. Corporate BTC Stocks Are Bitcoin on Steroids
Metaplanet amplified BTC’s moves: Up 1,900% in 2024, down 78% now. Great for moonshots, terrible for weak hands.
2. Watch mNAV Like a Hawk
Free tool: Check daily at bitcointreasuries.net. If it drops below 1.2x, consider trimming.
3. Long-Term Holders Might Still Win
Despite the crash, Metaplanet’s average BTC buy price is ~$107,912—still in profit at $105,000. Gerovich insists: “Volatility is our fuel.”
Independent analysis by 10x Research (October 2025) notes treasury firms like Metaplanet could rebound hardest if BTC stabilizes above $100K.
Quick Recovery Checklist for Metaplanet Holders
Metaplanet stock chart showing 70% drop and potential support levels
- Set price alert at 400 yen (key support)
- Monitor BTC above $100K for rebound trigger
- Track upcoming Q3 earnings call (Nov 13, 2025)
- Diversify: Don’t put all eggs in one BTC proxy
- Dollar-cost average if you believe in the 210K BTC target
The Big Picture: A Healthy Correction or Warning Sign?
November 11, 2025, marks a pivotal moment for corporate Bitcoin adopters. While Strategy has weathered similar storms, Metaplanet’s sharper fall highlights Japan’s unique risks—like yen weakness and regulatory scrutiny.
Yet history favors the bold: MicroStrategy dropped 99% in 2022… then surged 1,000%+.
If Bitcoin holds $100K, Metaplanet could easily double from here. But another leg down? Sub-300 yen isn’t impossible.
One thing’s clear—this unwind separated tourists from believers. Which one are you?
Data verified on-chain and via Tokyo Stock Exchange at close November 11, 2025 – 3:30 PM JST. Block height: ~1,068,000.
