Why Is Metaplanet Stock Down 25% Despite Bitcoin’s Rally?

Metaplanet stock became the most traded share in Japan’s market on May 23, but not for the reason bulls hoped. According to Bloomberg data, the Tokyo-listed firm saw over 158.83 million shares exchanged, eclipsing blue-chip giants like Nippon Telegraph and Mitsubishi Heavy Industries.

Metaplanet Tops Tokyo Volumes, Sinks 25% in Single Day

Despite the trading frenzy, Metaplanet’s stock price tumbled 24.66% to 816 yen today.

The sudden drop contrasted sharply with Bitcoin’s performance. The flagship cryptocurrency hovered near record highs, intensifying the contrast between Metaplanet’s on-paper exposure and its actual equity market reception.

Metaplanet’s role as a Bitcoin proxy stock has made it a magnet for speculative interest. Like U.S.-based MicroStrategy, the company has increasingly aligned its corporate treasury with Bitcoin holdings. But that narrative failed to shield its shares from aggressive selling pressure.

“Volatility Is Vitality,” but Traders Demand More Than Hype

Social media sentiment remained mixed. “…Bitcoin strategy company @Metaplanet_JP is now the most traded stock in Japan,” posted X user CarlBMenger, echoing the day’s volume data.

Meanwhile, SimplyBitcoinTV added that Metaplanet stock had become “Japan’s most volatile stock and also one of its most liquid thanks to Bitcoin.”

The commentary followed a surge in interest in Metaplanet’s treasury strategy. Analyst Simon Gerovich has championed the firm’s alignment with Bitcoin, reportedly calling volatility a strength. However, the sharp drawdown suggested traders saw more risk than reward, especially after the recent rally.

Metaplanet stock’s volume was nearly 40% higher than that of its next closest peer, Nippon Telegraph, which logged 115.4 million shares traded. Mitsubishi Heavy Industries followed at 103.5 million shares. However, unlike Metaplanet, both closed relatively flat or in the green.

Metaplanet Stock Slips: High-Beta Exposure Faces a Reality Check

Despite its rising popularity in crypto circles, Metaplanet’s trading activity pointed to increased short-term speculation rather than conviction buying. With Bitcoin trading near its all-time high, some investors may have rotated into more liquid and stable assets, exposing crypto-leveraged plays.

The correction also served as a reminder that equities tied to digital assets face a unique dual risk. They inherit the volatility of crypto markets while also contending with the expectations and limitations of traditional stock trading.

Traders appeared to have reacted to Metaplanet’s rapid rise by locking in gains, creating downward momentum amid a high-volume environment. While the stock had surged earlier in the week alongside Bitcoin’s rally, Thursday’s move showed how quickly sentiment can reverse when fundamentals are thin.

Metaplanet Stock Retreat as MicroStrategy Comparisons Fall Short on Market Depth

Metaplanet’s drawdown highlighted the limits of comparing it to MicroStrategy. While both firms use Bitcoin as a treasury asset, MicroStrategy benefits from a deeper institutional base and larger capital markets footprint. Metaplanet, in contrast, remains a retail-heavy equity, more vulnerable to swings driven by sentiment than strategy.

With no new Bitcoin acquisition announcement or balance sheet expansion disclosed recently, the rally in Metaplanet stock may have outpaced actual news flow. That disconnect left the stock vulnerable to retracement once the buying volume subsided.

As Metaplanet continues experimenting with Bitcoin-linked equity strategies, its trajectory will depend on whether it can transform short-term attention into sustained investor trust. The May 23 crash revealed the market’s limits for pure sentiment trades—even those tied to Bitcoin’s surge.

Buyers Regain Control as Bitcoin Pushes Above $110K

A recent spike in taker buy volume suggests market sentiment may be shifting back in favor of bulls. According to a CryptoQuant chart shared by analyst @ibrahimcosar, the Spot Taker CVD (Cumulative Volume Delta) flipped green again, signaling dominance by buy-side takers for the first time since early 2024.

This change comes as Bitcoin crossed the $110,000 mark, setting a new all-time high. The chart’s transition from red to green bars implies that aggressive buyers are returning, potentially laying the groundwork for continued upside.

“In short: Buy orders (taker buy) have become dominant again,” Cosar noted in a post. “This generally signals that the uptrend may continue.”

The chart illustrates Bitcoin’s historical price trends alongside market participant behavior. Red bars, representing sell-dominant sessions, were more common during recent consolidation phases. However, the reappearance of green in May 2025 aligns with renewed bullish momentum.

Cosar warned that “cautious optimism is the best approach” but emphasized that the persistence of buyer interest, even at record-high levels, reflects market confidence.

This taker-side resurgence adds context to equities like Metaplanet Inc., which align themselves with Bitcoin’s movements. Despite its price drop, Metaplanet’s record trading volumes may reflect positioning around expectations that Bitcoin’s uptrend will persist.

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