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Metaplanet Inc. moved again into the Bitcoin zone as part of its treasury plan, buying 136 Bitcoin for about $15.2 million at an average price of $111,783 per coin.

According to the company, that brings its total holdings to 20,136 coins. The purchase keeps Metaplanet among the larger corporate holders of the crypto.

Metaplanet Expands Bitcoin Stack

The company reported the fresh buy on Monday. Based on reports, Metaplanet now sits as the sixth-largest corporate holder of Bitcoin.

At the time of the purchase, Bitcoin traded around $111,580, putting the new units close to current market levels. The move underscores how some firms are turning parts of their balance sheets into crypto exposure rather than sticking only to their core businesses.

Market Reaction Was Cool

Shares of Metaplanet did not climb after the disclosure. They fell 2.3% in Tokyo trade on Monday and were trading near a four-month low, extending nearly a 20% rout from the prior week.

Reports show the stock slide has tracked a drop in Bitcoin’s price after profit-taking followed August’s record highs. Investors appear skittish when a company’s share price is tied tightly to a volatile asset.

*Metaplanet Acquires Additional 136 $BTC, Total Holdings Reach 20,136 BTC* pic.twitter.com/c41t6bJg1L

— Metaplanet Inc. (@Metaplanet_JP) September 8, 2025

Investors Weigh ETFs Versus Direct Exposure

Part of the pushback comes from alternatives. Exchange-traded funds now give retail and institutional investors direct bitcoin exposure without owning a company whose core business may not reflect the crypto bet.

Strategy, formerly MicroStrategy, remains the biggest corporate holder with 636,505 coins. Strategy logged nearly a 15% loss in August as Bitcoin pulled back, showing how a firm’s valuation can swing with crypto prices.

Questions have been raised about whether holding Bitcoin on a company balance sheet still offers the same appeal it once did.

Valuation And Volatility Concerns Persist

Metaplanet’s market value — around $5 billion, based on recent trading — has drawn scrutiny because it exceeds the current market value of the bitcoin on its books.

Critics warn that tying a company’s shares to Bitcoin can make the stock more vulnerable to crypto’s swings. New players, including Metaplanet and Gamestop, tried to copy the strategy and have met mixed results so far.

Market Crowding Could Limit Future Gains

Analysts also point to crowding: many companies chasing the same story could blunt future upside for treasury-play stocks if fresh buyers stop showing up.

Strategy achieved big gains after late-2023 purchases, funded in part through large share and debt issuances. That path may be harder to repeat now that more investment routes exist.

For now, Metaplanet keeps adding to its bitcoin pile while its shares remain under pressure. Reports suggest the next moves by both Bitcoin and markets will decide whether that bet looks smart or risky in hindsight.

Featured image from Unsplash, chart from TradingView

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A co‑founder of Blum, a crypto project built into Telegram Mini Apps, was arrested this week in Moscow on fraud charges. Vladimir Smerkis, who once ran Binance’s operations in Russia, now faces an investigation under Article 159 of the Russian Criminal Code. His detention has sent shockwaves through the Telegram‑based platform’s community.

Court Grants Custody Request

According to TASS, on May 18 the Zamoskvoretsky District Court approved a request to keep Smerkis in custody. He’s suspected of “large‑scale” fraud, which under Article 159 carries a sentence from 2 to 12 years in prison.

Detention at this early stage usually means investigators believe they have firm evidence, though formal charges haven’t been made public.

Image: Bankless Times

Scrutiny Of Past Ventures

Based on reports from Mash, the probe reaches back to two crypto firms Smerkis co‑founded in 2017: The Token Fund and Tokenbox. Investors in those ventures reportedly lost roughly $15 million combined.

Now, authorities are revisiting those losses to see if they tie into this case. His background running Binance in Russia has only added to the attention on his activities.

BTCUSD trading at $103,331 on the 24-hour chart: TradingView.com

Token Airdrop On Hold

Blum’s roadmap had promised a BLUM token listing in the third quarter. Users earn points in its Drop Game—tapping falling snowflakes on their phone screens—and convert them to tokens during a token generation event.

All of that happens inside Telegram Mini Apps, where trading, rewards and airdrops are integrated. After the May 18 news, many in the community are now unsure the airdrop will happen on schedule.

Team Vows Continuity

According to a statement on X, Blum confirmed Smerkis has resigned as chief marketing officer and will have no further role. The team says daily operations will carry on as usual and that focus remains on delivering the token event. Still, details on who now oversees marketing and airdrop logistics are scarce, leaving some users uneasy.

We would like to inform our community that Vladimir Smerkis has stepped down from his role as CMO and is no longer involved in the development of the project or in any co-founder capacity.

— Blum (@blumcrypto) May 17, 2025

Looking Ahead

The code behind the Telegram Mini App may be solid—but in crypto, trust in people matters just as much. How Blum handles transparency and governance now will determine if it recovers its momentum or becomes a cautionary tale for other Telegram‑based projects.

Featured image from TechNext, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.