Metaplanet (MTPLF) stock has dropped 41% in September 2025, even as Bitcoin trades near record highs. Despite holding over 25,500 BTC, Metaplanet's stock has not mirrored Bitcoin's upward trajectory. Analysts cite valuation concerns, share dilution, and weak investor confidence as reasons for the decline. Benchmark Equity Research has maintained a 'Buy' rating for Metaplanet, with a target price of ¥2,400 by 2026. Meanwhile, Capital Group has become the largest shareholder with an 11.45% stake, indicating growing institutional interest. Metaplanet employs a derivatives-based strategy to generate income from its Bitcoin reserves, offering indirect exposure to the cryptocurrency through Capital Group's investment.