Metaplanet Value Falls Below Bitcoin Hoard as DAT Trade Unravels

Metaplanet’s shareholders recently approved a plan allowing it to issue preferred shares. — Metaplanet’s shareholders recently approved a plan allowing it to issue preferred shares.
Photographer: Chan Long Hei/Bloomberg

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By Sidhartha Shukla and Alice French

October 14, 2025 at 6:08 AM UTC

Updated on

October 14, 2025 at 9:15 AM UTC

Metaplanet Inc.’s enterprise value dipped below that of its Bitcoin reserves, underscoring diminishing investor appetite for so-called digital-asset treasury firms globally.

The Tokyo-listed hotelier pivoted to accumulating the original cryptocurrency in April 2024 and once commanded a hefty premium to its Bitcoin net asset value.