Metaplanet CEO Simon Gerovich on Thursday cited Amazon founder Jeff Bezos’ famous line: “the stock is not the company, and the company is not the stock.”
Metaplanet Boss Channels Amazon's DotCom Bubble to Explain Stock Losses
3 October 2025 - 16:59 CEST
Shares in the Japanese hotelier-turned-Bitcoin treasurer have dropped about 68% from their June peak, trading at around ¥622 as at 12:10 UTC on Friday. That followed a blistering run for the stock after the company’s first Bitcoin purchase in April 2024. The shares rose more than 5,000% through June 2025 peak.
Today, Metaplanet holds 30,823 BTC, worth roughly $3.7 billion, making it the world’s fourth-largest publicly listed Bitcoin treasury, led by Michael Saylor’s firm Strategy, the pioneer of the treasury strategy.
“The stock has fallen significantly. It is painful for our team, shareholders, and for me personally,” Gerovich said. He pointed to operating performance, noting quarter-over-quarter gains in Bitcoin income and stronger than expected operating profit in the third quarter.
Bezos made the remark after watching Amazon’s stock drop more than 80% in the dotcom bust in 2000, even as internal metrics improved. It took about a decade for the shares to reclaim their prior high. It is too early to judge whether Metaplanet will chart similar recovery.
