Metaplanet Shares Tumble 20%, But Q3 Bitcoin Revenue Soars 116%

CEO Gerovich invoked Bezos’ dot-com wisdom: “the stock is not the company,” urging patience as fundamentals strengthen.

Metaplanet’s stock has dropped almost 20% in the past month, even though the Japanese company said its Bitcoin (BTC) revenue jumped 116% in the third quarter of 2025 and its holdings grew to 30,823 BTC, worth about $3.7 billion.

The Tokyo-listed company now ranks as the world’s fourth-largest corporate Bitcoin holder, but investor confidence in its shares continues to falter.

Fundamentals Strengthen as Stock Price Weakens

The situation forced CEO Simon Gerovich to take to X on October 2 to reassure shareholders. He drew a parallel with Amazon’s dot-com era slump when Executive Chairman Jeff Bezos reminded investors that “the stock is not the company, and the company is not the stock.”

Gerovich highlighted that Metaplanet’s Q3 Bitcoin income revenue had gone up 115.7% to ¥2.44 billion, which is about $16 million, quarter-on-quarter. Meanwhile, operating profit came in 88% higher than forecasts. The company also reported a near debt-free balance sheet, with leverage under 1%.

Its aggressive buying strategy has drawn attention all year. On September 22, Metaplanet bought 5,419 BTC for $632.5 million, lifting its holdings to 25,555 BTC at the time. Since then, further acquisitions have taken the stash past 30,000 BTC, cementing its position ahead of rivals like Bullish.

However, stock performance remains volatile. On Friday’s session in Tokyo, shares closed at 622 yen, up 7.43% on the day but far below their yearly peak of 1,930 yen. Furthermore, the stock is down nearly 20% in September alone, even as it maintains a 70% gain year-to-date.

Gerovich noted that the disconnect between balance sheet strength and equity performance was frustrating shareholders.

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“It’s painful for our team, shareholders, and for me personally,” the CEO stated. “But as with Amazon, fundamentals and share price often diverge — sometimes for months, sometimes longer.”

He also stressed that the firm’s long-term mandate is clear: accumulate Bitcoin and build revenue streams around it.

Bitcoin Volatility and Market Outlook

Meanwhile, Bitcoin, which saw its price drop sharply toward $112,000 at the end of September, has since stabilized, with the asset trading around $120,000 at the time of this writing.

Market watchers are keeping an eye on this level to see if it can hold as a base for a new push toward all-time highs. Some technical analysts say that if the current trend continues, BTC could make a big move up before the end of the year.