Why Is Metaplanet’s Stock Still Tepid Despite a Flurry of Positive News?

TradingKey – Shares of bitcoin-centric firm Metaplanet (TSE: 3350) continue to trade flat, with the primary headwind coming from Bitcoin’s recent weakness.

On Tuesday, September 2, Metaplanet shares ticked up just 0.6%, closing at ¥836 on the Tokyo Stock Exchange, despite a stream of bullish corporate announcements.

Metaplanet stock price chart, source: TradingView

According to Cointelegraph, Metaplanet shareholders this morning approved an authorization for a share issuance of up to $3.8 billion, with net proceeds earmarked primarily for acquiring additional Bitcoin.

In another vote of confidence, BlackRock’s iShares Core MSCI EAFE ETF (IEFA) boosted its Metaplanet stake by $6.75 million, lifting its total holding to 3.17 million shares. Last month, inclusion in the FTSE Japan Index and FTSE Global Index triggered an 8% one-day rally — but the gains fizzled soon after.

As Japan’s largest publicly traded crypto company, Metaplanet holds 20,000 BTC, currently worth about $2.2 billion, or roughly half its $4.3 billion market valuation. This underscores just how tightly its equity price tracks Bitcoin’s performance.

Over the past two weeks, Bitcoin has slid nearly 14%, falling from a peak of $124,000 to around $107,000. That pullback in the underlying asset has been the biggest drag on Metaplanet’s stock, keeping the shares from participating in broader market rallies.