Could Metaplanet’s Bitcoin reserve be the new financial frontier?

Just as Amazon laid the rails for the digital economy, Metaplanet president Simon Gerovich says his company is building the new financial infrastructure. And he argues that the market often misprices companies in periods of structural change, obsessing over price while missing the power beneath the hood.

Like Jeff Bezos’ famous remark during Amazon’s dot-com crash, “The stock is not the company, and the company is not the stock,” Gerovich frames Metaplanet as a case study in misunderstood value, with hard numbers and historical perspective to reinforce his case.

Metaplanet fundamentals stronger than ever

To say Metaplanet’s performance this year is impressive would be an understatement of epic proportions. Q3 Bitcoin income revenue soared to ¥2.44 billion, up 115.7% quarter-over-quarter. Operating profit smashed forecasts by 88%, and of all public companies globally, only three now hold more Bitcoin.

Metaplanet now owns over 30,000 BTC, currently valued at approximately $3.7 billion. The balance sheet is pristine, with leverage under 1%, a rarity among crypto-heavy firms.

Short-term price pain is undeniable: Metaplanet’s stock has slid, a blow for team morale and for investors. But as with Amazon in the early 2000s, share price and company value can remain out of sync for extended periods.

Is the Amazon parable plausible?

Critics called Gerovich’s comparison to Amazon “ridiculous,” yet he remained undaunted. Early Amazon skeptics saw a glorified online bookstore, missing the multitrillion-dollar rails being laid for the entire digital economy.

Today, he argues, Metaplanet isn’t just a “Bitcoin holding company.” It’s building financial infrastructure for a new monetary epoch, with total addressable market (TAM) measured in the hundreds of trillions (the current valuation of fiat monetary assets globally).