Metaplanet has seen its share price drop nearly 20% within the last month, despite announcing a 116% increase in Bitcoin (BTC) revenue for the third quarter of 2025, raising its BTC holdings to 30,823, approximately valued at $3.7 billion.

The Tokyo-listed firm now stands as the fourth-largest corporate Bitcoin holder worldwide, yet investor trust in its stocks remains shaky.

Fundamentals Strengthening Amidst Falling Stock Prices

The situation prompted CEO Simon Gerovich to reassure investors via social media on October 2nd. Drawing a comparison to Amazon’s struggles during the dot-com bubble, he stated, “the stock is not the company, and the company is not the stock.”

Gerovich noted that Metaplanet’s third quarter Bitcoin revenue rose 115.7% to ¥2.44 billion (approximately $16 million) quarter-on-quarter, with operating profit exceeding forecasts by 88%. Furthermore, the company indicated it has a near debt-free balance sheet with leverage below 1%.

The company’s aggressive acquisition strategy has garnered attention throughout the year. On September 22, Metaplanet acquired 5,419 BTC for $632.5 million, increasing its holdings to 25,555 BTC at that time. Since then, further purchases have pushed its total past 30,000 BTC, solidifying its lead over competitors like Bullish.

Despite this, stock performance remains erratic. Recent trading closed at 622 yen — up 7.43% that day yet significantly less than its yearly high of 1,930 yen. Moreover, September alone saw a stock decline of nearly 20%, even though year-to-date gains are around 70%.

Gerovich expressed frustration regarding the disparity between the company’s robust financial foundations and the performance of its stock.

CEO Addressing Volatility

“It’s painful for our team, shareholders, and for me personally,” Gerovich remarked. “However, as with Amazon, fundamentals and share price often diverge — sometimes for months, sometimes longer.” He emphasized the company’s mandate: to accumulate Bitcoin and create surrounding revenue streams.

Bitcoin Market Trends

Meanwhile, Bitcoin has seen its price fluctuate, sharply dropping to around $112,000 at September’s end before stabilizing around $120,000 as of this writing. Analysts are watching this level closely to ascertain its potential as a base for a new surge towards previous highs. Some forecasts suggest that if the current trajectory continues, BTC could experience considerable upward movement before year-end.