Bitcoin Strategy Fallout: Metaplanet’s Stock Plunge Highlights Crypto Risks
Metaplanet, a Japanese company that adopted a Bitcoin-heavy treasury strategy inspired by MicroStrategy, has seen its stock price plummet by 70% from its August 2024 peak. The firm's market value, combined with its debt, now falls below the worth of its Bitcoin holdings, as indicated by its declining mNAV ratio. This downturn follows a significant surge in its stock price after announcing its Bitcoin acquisition in April 2024. The situation underscores the volatility and risks associated with corporate investments in cryptocurrencies, even as Bitcoin remains a prominent asset in the financial sector. As of November 2025, Metaplanet's experience serves as a cautionary tale for firms considering similar crypto-centric strategies.
Metaplanet's Bitcoin Bet Backfires as Stock Plummets Below Crypto Holdings
Metaplanet, the Japanese firm that sought to emulate MicroStrategy's Bitcoin-heavy treasury strategy, now trades at a discount to its crypto reserves. After a meteoric rise in its stock price following its April 2024 bitcoin acquisition announcement, shares have collapsed 70% from their August peak.
The company's market value plus debt now sits below the worth of its Bitcoin holdings, with its mNAV ratio dipping to 0.99 this week. What began as a novel way for equity investors to gain Bitcoin exposure without direct crypto ownership has lost its luster as the digital asset treasury (DAT) trade unwinds.
"This looks like a textbook bubble bursting," said Mark Chadwick, a Smartkarma analyst and former Jefferies strategist. The cooling enthusiasm mirrors broader market fatigue with Bitcoin proxy plays, as investors appear to prefer direct crypto exposure over convoluted equity vehicles.
MicroStrategy Resumes Bitcoin Accumulation with $27.2 Million Purchase
MicroStrategy has resumed its Bitcoin buying spree after a brief pause, acquiring 220 BTC for $27.2 million between October 6-12. The purchase was executed at an average price of $123,561 per Bitcoin, funded through at-the-market stock offerings of STRF, STRK, and STRD.
The company now holds 640,250 BTC with a total acquisition cost of $47.38 billion, currently showing an unrealized profit of approximately 55%. This MOVE reaffirms MicroStrategy's position as the largest corporate holder of Bitcoin.
Parallel to MicroStrategy's activity, MARA Holdings has also expanded its Bitcoin reserves, purchasing 400 BTC through institutional crypto platform FalconX. The dual acquisitions signal continued institutional confidence despite recent market volatility.
Elon Musk Highlights Bitcoin's Energy-Backed Value Amid AI Power Demand Surge
Elon Musk underscored Bitcoin's intrinsic LINK to energy in a recent exchange on X, contrasting it with fiat currencies susceptible to debasement. "You can issue fake fiat currency, and every government in history has done so, but it is impossible to fake energy," Musk stated, reinforcing Bitcoin's proof-of-work foundation.
The discussion emerged from projections that AI-driven data centers could require up to 68 gigawatts of power in the U.S. by 2027—equivalent to 60 nuclear reactors. This energy crunch has intensified debates about monetary systems, with Bitcoin and precious metals rising as hedges against inflationary spending on AI infrastructure.
Tech giants are now scrambling to secure sustainable energy solutions, as global electricity demand from AI and crypto operations may double by 2030 according to the International Energy Agency. The convergence of energy markets, monetary policy, and technological expansion is reshaping investment theses across asset classes.
U.S. Moves to Seize $12 Billion in Bitcoin Linked to International Scam
The U.S. Department of Justice has initiated proceedings to confiscate 127,271 BTC tied to a transnational pig-butchering scheme allegedly orchestrated by Chen Zhi, chairman of Cambodia’s Prince Group. Valued at approximately $12 billion, the forfeiture marks the largest crypto seizure in DOJ history.
Concurrently, the U.S. Treasury, FinCEN, and the U.K. have imposed sanctions on Huione Group and affiliated entities, designating them as primary money-laundering concerns. The coordinated crackdown aims to sever the network’s access to global financial systems.
If successful, the seizure WOULD expand the U.S. government’s Bitcoin reserves by 64%, underscoring heightened regulatory scrutiny of crypto-linked illicit activities.
Matrixport Withdraws $454 Million in Bitcoin from Binance Amid Market Slowdown
Wallets linked to Matrixport have withdrawn 4,000 BTC ($454 million) from Binance in the past 20 hours, signaling a significant move as Bitcoin's momentum wanes. The cryptocurrency's price hovers at $112,000, down 9% from last week, after failing to sustain levels above $118,000.
Market conditions reveal weakening momentum, with the daily RSI at 42 and the 21-day EMA suggesting resistance NEAR $116,370. Trading volume has dropped 16.83% to $77.14 billion, reflecting subdued activity among both retail and institutional investors.
Bitcoin now consolidates within a narrow range between $107,000 support and $116,000 resistance. The withdrawal coincides with heightened scrutiny of whale movements as traders assess potential institutional positioning amid the slowdown.
Sports Teams Forge Ahead with Cryptocurrency Partnerships
European football clubs are increasingly turning to cryptocurrency partnerships as a revenue stream, blending traditional sports fandom with digital finance. Manchester City's sleeve sponsorship by OKX and Bayern Munich's multi-year deal with Bitpanda highlight the trend. Juventus took it a step further, selling a minority stake to Tether.
The collaborations typically manifest in four forms: jersey and stadium branding, fan token/NFT programs, media visibility, and occasional equity investments. PSV Eindhoven stands out as an early adopter of Bitcoin payments through Anycoin Direct, though crypto transactions remain rare in such deals.
These arrangements allow clubs to position themselves as technologically progressive while accessing crypto's growing capital pools. The partnerships mirror the sector's broader trajectory - high-profile, experimental, and occasionally controversial as regulatory frameworks struggle to keep pace with innovation.
