Metaplanet Inc. owns and operates a hotel and bitcoin-focused operations in Japan and internationally. It operates through two segments: Hotel Business, which provides accommodation and related hotel services, and Bitcoin Related Business, which offers bitcoin derivatives. The company was incorporated in 1999 and is based in Minato, Japan.
Metaplanet falls as option-pool dilution and top-holder selling hit shares
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Option pool dilution fears crush the stock Metaplanet's executive option pool ballooned from 46.5 million to 319.5 million shares, about 25% of existing shares. Investors fear their stakes will be watered down, and the stock fell 7.5% on Sept 7 and nearly 10% on Sept 8. This directly pressures the share price.
This is the main new event of the period and the biggest driver of the stock's decline.
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CEO cancels 41% of options but governance worries linger CEO Simon Gerovich wrote a long letter to shareholders and cancelled 41% of the new share options. That reduces some dilution, which is positive, but the CEO had already exercised 92,000 rights for 64 million shares, and MXX Ventures sold shares during the rally. Trust remains shaky, so the stock may stay volatile.
This is the company's response to the dilution problem and affects whether the stock recovers.
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Top shareholder Capital Research dumps shares Capital Research, once Metaplanet's largest shareholder, sold 18.4 million shares worth about 4.84 billion yen between Aug 3 and Sept 8. It is no longer a major or top shareholder. The selling pressure helped push the stock down about 25% in early September, and the exit of a big name can hurt confidence.
This is a new, concrete negative event that explains recent selling pressure.
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Metaplanet Note listed on Bitfinex Securities A digital security linked to Metaplanet shares, called 'Metaplanet Note', was listed on Bitfinex Securities, an overseas regulated exchange. This makes it easier for foreign investors to get exposure to Metaplanet, which could widen its investor base and support demand for the shares over time.
This is a new positive development that could bring in new buyers and offset some negative sentiment.
Q3 2026
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Metaplanet's Bitcoin Losses and Index Risk Hit Stock
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Bitcoin writedown and huge net loss Metaplanet took a ¥184.3 billion writedown on its Bitcoin holdings, causing a ¥182.8 billion net loss. This accounting charge reflects falling Bitcoin prices and raised doubts about the treasury strategy.
It explains a major negative force on the stock during the quarter.
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MSCI removal threat and Bitcoin sale Possible removal from MSCI indexes could force index funds to sell shares, adding pressure. A $237 million Bitcoin sale signaled the company may be under financial stress.
It highlights two new risks that weighed on the stock.
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Governance concerns and top shareholder selling The option pool ballooned to about 25% of shares, worrying investors about dilution. Top shareholder Capital Research sold 18.4 million shares, pushing the stock down about 25% in early September.
It shows governance and selling pressure that drove the stock lower.
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Metaplanet Note listed on Bitfinex Securities The Metaplanet Note listed on Bitfinex Securities, which could widen the investor base and improve access to capital. This was a rare positive development amid the quarter's challenges.
It is a new positive event that may support the stock.
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Behind Metaplanet's securities acquisition, FSA support for stablecoin pilot, and 3 more stories
Metaplanet acquired former Siiibo Securities, which handles privately placed corporate bonds, for 210 million yen and changed its name to Metaplanet Securities in July; the subsidiary securities firm recounted the two months leading up to the acquisition. On September 29, the Financial Services Agency announced it would support a pilot program using stablecoins for trade settlement, with six companies participating: TradeWaltz, NTT Data, Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation, and Mitsubishi UFJ Trust and Banking. On September 28, Coinbase announced on X that it will soon offer a service allowing users to open Pokémon card packs on smartphones. On October 2, Metaplanet corrected a total of four documents including previously filed annual securities reports, revising a statement that CEO Simon Gerovich indirectly holds a majority of voting rights in shareholder MMXX Ventures Limited to clarify that he does not hold a majority. On September 30, KDDI, au Coincheck Digital Assets, and HashPort announced they will begin offering the crypto asset wallet αU wallet as a mini app within the au PAY app.
3350.JP · Capital · Neutral Metaplanet acquired Siiibo Securities for 210 million yen and renamed it Metaplanet Securities, an M&A event.
3350.JP · Regulation · Negative Metaplanet corrected four documents, including annual securities reports, over a misstated CEO voting-rights disclosure.
9433.JP · Technology · Positive KDDI, with au Coincheck and HashPort, will offer the αU wallet as a mini app inside the au PAY app.
au Coincheck Digital Assets · Technology · Positive au Coincheck Digital Assets will offer the αU wallet crypto asset wallet as a mini app inside the au PAY app.
HashPort Group Inc. · Technology · Positive HashPort will launch the αU wallet crypto asset wallet as a mini app within the au PAY app.
8316.JP · Regulation · Positive MUFG Bank, part of the group, is one of six companies participating in the FSA-backed stablecoin trade-settlement pilot.
Metaplanet Corrects Disclosure on CEO Gerovich's Relationship with Shareholder MMXX
Metaplanet announced on October 2 that it has corrected a total of four previously filed documents, including its annual securities report, revising a statement that CEO Simon Gerovich indirectly holds a majority of the voting rights in shareholder MMXX Ventures Limited, and clarifying that he does not hold a majority. The issue at hand is that while Gerovich oversees management decisions at Metaplanet, he also holds a stake in MMXX's parent company, meaning that if transactions favorable to MMXX were conducted, the CEO could also gain economic benefits in proportion to his stake, which was flagged as a conflict of interest. MMXX became a major shareholder in February 2023 by subscribing to Metaplanet's third-party allotment of new shares, and in August 2024 it lent 1 billion yen to Metaplanet, which used the entire amount to purchase bitcoin. In a post on X on September 6, Gerovich explained that he is a significant shareholder in MMXX's parent company but not a majority shareholder, and that he is neither a director nor an executive officer responsible for operations at MMXX, but reactions were swift that this explanation was insufficient given that past securities reports stated he indirectly held a majority. The latest correction removes the description of MMXX as a company majority-owned by Gerovich and others, but it does not explain how much the CEO has invested in MMXX's parent company or whether he profited from MMXX's sale of Metaplanet shares.
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3350.JP · Regulation · Negative Metaplanet corrected four filings over a misstated CEO stake in shareholder MMXX, exposing a flagged conflict of interest.
MMXX Ventures · Regulation · Negative MMXX's status as a company majority-owned by CEO Gerovich was removed in Metaplanet's corrected disclosures, and its share sale and loan dealings remain unexplained.
VanEck Removes 'Bad' Rating of Metaplanet From Report
US asset manager VanEck has removed from its report the analysis section that rated Metaplanet's executive compensation system as "Bad." Metaplanet CEO Simon Gerovich explained this in a post on X on September 30. VanEck also stated on its publication page that the governance analysis of digital asset treasury companies holding crypto assets did not meet its standards, so it was removed while additional investigation is conducted. In the analysis dated September 18, before the removal, VanEck compared the executive stock compensation systems of 10 major DAT companies and rated only Metaplanet as "Bad," the lowest rating. The subject was the "10th Stock Acquisition Rights," which allowed executives to acquire shares at 10 yen per share; the company abolished this mechanism in August and September and reduced the number of shares involved by about 41 percent. Gerovich explained that the company's history of being "built under founder leadership" has not been sufficiently recognized in recent discussions, and he introduced a letter from independent outside directors dated September 29.
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3350.JP · Regulation · Positive VanEck removed the 'Bad' governance rating on Metaplanet's executive compensation from its report, a favorable governance/regulatory-perception development for the company.
VanEck · · Neutral VanEck is the actor that removed its own analysis section, but the article reports no substantive impact on VanEck itself.
Metaplanet to acquire Siiibo Securities for 2.1 billion yen, plans large-scale bond issuance via BitBonds
Metaplanet, which is pursuing a Bitcoin treasury strategy, announced in June 2026 that it would acquire the former Siiibo Securities, a firm handling privately placed corporate bonds, for 2.1 billion yen, bringing a securities company itself under its wing. Whereas US-based Strategy does not keep a securities firm within its own group and instead delivers products to investors through outside securities firms, Metaplanet chose a path suited to Japan's market environment, building the function to structure and sell financial products in-house. In August 2026, Metaplanet Securities launched its corporate bond issuance program BitBonds, with an initial issuance of about 200 million yen. Executive Ko Omura indicated that the company will expand the program's capacity going forward, aiming for bond issuance on an unprecedented scale, and is also considering reorganizing its framework to handle public offerings. Regarding conflicts of interest in handling the parent company's products, he explained that issuance terms and sales volumes are reviewed internally and outside expert opinions are sought, ensuring terms and sales volumes that are fair from a third-party perspective without deference to the parent company. Siiibo Securities had supported the issuance of corporate bonds for more than 40 companies before joining the group, and going forward it aims to increase the number of companies it handles to 100, then 200, and to raise monthly trading volume in the corporate bond secondary market from the current scale of tens of millions of yen to several hundred million yen first. As for coordination between the Superplanet concept being pursued in the United States and Metaplanet Securities, he indicated that this is not a premise at present and that discussions are yet to come.
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3350.JP · Capital · Positive Metaplanet is acquiring Siiibo Securities for 2.1 billion yen and launching its BitBonds corporate bond issuance program.
Siiibo Securities Co., Ltd. · Capital · Positive Siiibo Securities is being acquired by Metaplanet for 2.1 billion yen and will expand its corporate bond business under the group.
Metaplanet's top shareholder Capital Research sells about 4.84 billion yen worth of shares
Capital Research and Management Company, formerly the top shareholder of Metaplanet, has sold 18,428,700 shares in the company. The sale is worth approximately 4.84 billion yen, converted using the closing price on each sale date for on-market transactions and the disclosed price for off-market transactions. Its holdings of common stock fell by a net 10,603,300 shares from July 13, and as of September 8 the firm no longer qualified as a major shareholder or as the top shareholder among major shareholders. The sales took place between August 3 and September 8, according to a notice on changes in major shareholders and the top shareholder among major shareholders, along with a change report, that Metaplanet published on September 15. Metaplanet's stock fell sharply during the period of continued selling, dropping from a closing price of 326 yen on September 1 to 244 yen on September 8, the final day of selling, a decline of about 25.2 percent over five trading days.
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3350.JP · Capital · Negative Top shareholder Capital Research sold ~4.84 billion yen of Metaplanet shares, ending its major/top-shareholder status and pressuring the stock.
Strive Buys 469 More Bitcoin, Lifting Total Holdings to 25,000 BTC
Strive, an asset management firm and the world's fifth-largest holder of a Bitcoin treasury, bought an additional 469 BTC worth roughly 36.6 million dollars last week, pushing its total holdings to 25,000 BTC. According to a filing submitted to the U.S. Securities and Exchange Commission on Monday, the purchases took place between September 8 and September 11 at an average price of 77,954 dollars per BTC, inclusive of fees and other expenses. Matt Cole, chief executive officer of Strive, said all of the funding came from proceeds of sales of SATA, the company's perpetual preferred stock, whose outstanding liquidation value now exceeds 1 billion dollars. Outstanding SATA shares rose by 402,541 over the same period, to about 10.4 million shares. As of September 11, Strive also held 204.2 million dollars in cash and cash equivalents, along with 505,000 shares of Strategy's STRC preferred stock valued at about 49.8 million dollars. Strive's shares, which trade on the Nasdaq, rose more than 7% in a single day to about 29 dollars, extending a rally that has more than doubled the stock over the past month and lifted Strive's market value to about 2.5 billion dollars, overtaking Japan's Metaplanet at 1.9 billion dollars even though Metaplanet holds significantly more Bitcoin.
Metaplanet to Establish Wholly Owned Asset Management Subsidiary in Hong Kong
Metaplanet announced on September 11 that it will establish a wholly owned subsidiary in Hong Kong to handle asset management. The move is aimed at expanding its asset management business by setting up an Asian operational base that will work in coordination with its U.S. subsidiary. The company is advancing a concept called Project Nova, which builds on its business of purchasing and holding bitcoin to broaden its revenue sources into financial services such as customer-facing asset management and securities, and the new establishment is part of that effort. The core of the group's asset management business will be handled by a subsidiary in Miami, Florida, announced in March of this year, while the Hong Kong subsidiary will mainly handle trading of managed assets during Asian hours and monitoring of holdings and market trends. The new company will manage customer funds and its own capital through multiple investment strategies, targeting bitcoin, shares of related companies, and preferred securities issued by companies that hold bitcoin as a treasury asset. The establishment is planned for September 2026, with initial capital of 1 million dollars, equivalent to about 150 million yen at 150 yen to the dollar.
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3350.JP · Capital · Positive Metaplanet is establishing a wholly owned Hong Kong asset-management subsidiary as part of Project Nova to broaden revenue into financial services.
BTC · Demand · Positive Metaplanet's new Hong Kong asset-management unit will target bitcoin and bitcoin-related securities, adding institutional demand for BTC.
Metaplanet CEO Responds to Shareholder Criticism; JPYC Circulation Falls About 600 Million Yen in a Week
Simon Gerovich, CEO of Metaplanet, said in a post on X on September 6 that the company is continuing to review its compensation and governance policies, and, in response to questions and criticism from shareholders, he again explained the intent behind management decisions and the company's efforts toward long-term shareholder value. One of the points of debate over the compensation system is the dilution of shares through the 10th stock acquisition rights for officers and employees. The circulation of the Japanese yen stablecoin JPYC continues to decline, and according to the on-chain data aggregation site JPYC Info, it fell from about 2.708 billion JPYC on August 30 to about 2.097 billion JPYC on September 6, a decrease of about 600 million yen in value over one week. Asset Management One, an asset management company under the Mizuho group, has hired analyst Yoshifumi Nishiyama with an eye toward crypto asset ETFs, and he announced his joining the company on his social media on September 7. The National Sheriffs' Association, a U.S. law enforcement organization, said in a letter on September 3 that it was withdrawing its opposition to the Clarity Act, which defines the market structure for crypto assets, and shifting to a neutral stance. On September 11, the Financial Services Agency issued a warning to Bit Hills, which operates the crypto asset collateralized loan CryptoPawn, saying it was conducting a money lending business without registration.
Bit Hills Inc. · Regulation · Negative Japan's Financial Services Agency warned Bit Hills for operating a money lending business without registration.
3350.JP · Capital · Neutral CEO Gerovich addressed shareholder criticism over compensation and share dilution from the 10th stock acquisition rights, a governance/capital issue with unclear net impact.
JPYC · Demand · Negative JPYC stablecoin circulation fell about 600 million yen in a week, indicating shrinking demand/usage of the token.
8411.JP · Capital · Positive Mizuho-group asset manager Asset Management One hired an analyst with an eye toward crypto asset ETFs, expanding its crypto investment capabilities.
Metaplanet Cuts Series 10 Share Pool by 41% to Curb Dilution
Metaplanet CEO Simon Gerovich said the Japanese Bitcoin treasury company will cut the number of shares that could be issued under its Series 10 stock acquisition rights by 131.3 million, following shareholder criticism over potential dilution. The company said Friday it will reduce the number of shares tied to each right from 696 to 410, bringing the total number of potential shares down from 319.464 million to 188.19 million, a 41.1% reduction, while shares still available for future exercises will fall 55.5%, from 236.64 million to 105.366 million. The exercise price will remain JPY 10 per share, and shares acquired through the rights will continue to face a lock-up until August 17, 2031, with already-issued shares not returned or canceled. Gerovich said the change will eliminate more than $220 million in warrant value and lift Metaplanet's Bitcoin per fully diluted share by about 8.8%, with the company's filing showing Bitcoin per effective diluted share rising to 0.0286646 BTC from 0.0263554 BTC at the end of June. Metaplanet will also drop its plan to transfer up to 90,000 rights to a long-term officer and employee incentive vehicle, saying it will instead consider a new equity-based compensation plan incorporating the advice of a leading global compensation consultant. Metaplanet shares closed Friday down 3.8% and are down nearly 40% year-to-date.
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3350.JP · Capital · Positive Metaplanet cuts Series 10 acquisition rights by 41.1% to curb dilution, eliminating over $220M in warrant value and lifting Bitcoin per fully diluted share ~8.8%.
Metaplanet CEO writes 10,187-character letter to shareholders, 41% of new share options to be cancelled in review
Simon Gerovich, CEO of Metaplanet, posted a 10,187-character "Letter" to shareholders in English on X on September 11, timed to coincide with a release reviewing the 10th series of share acquisition rights for officers and employees. The changes include cancelling 41% of the underlying shares, and he followed the "letter" with a post pointing to the release. The matter began on August 18, when the company abolished a mechanism that increased the number of shares delivered in line with capital raises and fixed its potential shares at 319,464,000. That equals roughly 25% of its issued shares. Gerovich himself exercised 92,000 rights on August 28 and acquired 64,032,000 shares; the stock price fell from 359 yen that day to 244 yen by September 8, and criticism did not subside even after his September 6 explanation. In the "letter," Gerovich argued that the company is now a different entity from what it was when the scheme was designed, and disclosed that he did not take part in the deliberations or the vote on the latest changes because he is a holder of the rights. Going forward, the company will design a new scheme with an outside compensation consultant and continue consistent disclosure in both English and Japanese.
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3350.JP · Capital · Neutral Metaplanet cancels 41% of new share options and will redesign its compensation scheme after CEO exercised 92,000 rights and the stock fell, a mixed governance/dilution development.
Metaplanet Announces 41% Reduction in Potential Shares and Withdrawal of Employee Incentive Plan
Metaplanet announced on September 11 that it will significantly reduce the number of shares subject to stock options for its officers and employees, and will completely withdraw the long-term employee incentive plan it announced in August. According to the announcement, the total number of shares subject to the 10th stock acquisition rights will decrease by 41.1%, from 319.464 million shares to 188.19 million shares, and the number of shares that could potentially be newly issued going forward, excluding shares already granted, will decrease by 55.5%, from 236.64 million shares to 105.366 million shares. The price at which officers and employees acquire the shares remains unchanged at 10 yen per share. The 82.824 million shares already granted to two officers and employees will not be returned or cancelled; instead, the reduction will be adjusted by deducting from the number of shares the two can acquire in the future. In August, the company had indicated a policy of diverting part of the existing 10th stock acquisition rights into a new compensation system for personnel, but it is now withdrawing all of this and will reconsider a new stock compensation system in consultation with external compensation consultants and others. This revision was announced amid a continued slump in the share price, and the closing price on September 11 was 249 yen, down 3.86% from the previous day.
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3350.JP · Capital · Neutral Metaplanet cuts stock-option shares by 41% and withdraws its employee incentive plan, reducing potential dilution but signaling a rethink of compensation amid a share-price slump.
Strategy Buys Back ~$180M in Preferred Stock STRC, No BTC Purchases
Strategy announced on September 8 that it did not buy or sell Bitcoin between August 31 and September 7, but repurchased 1,810,885 shares of its preferred stock STRC for a total of $176.3 million (approximately ¥27.3 billion). This was disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission on the same day. The company doubled the cap on its digital credit securities repurchase program from $1 billion to $2 billion, funded by its cash reserves. Its BTC holdings remained at 845,050 BTC with an average acquisition price of $75,412, unchanged from the previous week. Just last week, it had added $370 million worth of BTC, its first purchase since June, but the resumption of purchases was halted after only one week. STRC is a key funding vehicle for BTC accumulation, but its share price is slightly more than 2% below the $100 par value, and with an annual dividend rate of 12%, the company is under pressure to support the price through buybacks. Among other treasury companies, Strive acquired 1,375 BTC for approximately $109 million between August 31 and September 4, bringing its holdings to 24,531 BTC, while France's Capital B added 376 BTC. In Japan, Metaplanet's stock closed at ¥244 on September 8, down 9.9%, and has fallen about 17% over two trading days.
Strategy buys $176M STRC in sudden pivot from bitcoin
Strategy has repurchased 176 million of STRC and increased the size of its digital credit securities repurchase program from $1 billion to $2 billion, while still holding 845,050 Bitcoin and $6.5 billion in USD assets. The repurchase aims to push STRC back to par near $100, and the company used its secondary cash reserve rather than diluting shareholders. Meanwhile, Metaplanet shares fell nearly 10% after an option pool review and CEO statement, revealing that the executive pool grew by approximately 273.5 million shares, nearly seven times its original size. In other news, a white-hat hacker exploited a bug in elements, the software underlying Liquid, creating approximately 4,000 LBTC without depositing BTC, and then withdrew nearly 4,000 genuine Bitcoin, about 95% of Liquid's reported reserves. Cronos executed a controversial blockchain rollback to recover crypto worth $111 million, reversing $111.2 million of the exploit and discarding 10,961 blocks. Once-hyped Ethereum rival Harmony wants to shut its blockchain over AI threats, with the remaining organization planning to pivot into an AI video remix economy. A two-key breach could hand control of $91 billion USDT to hackers, as Tether's two-of-three multi-sig setup on Tron poses a risk. Finally, Hunter Biden and his laptop enter the cryptosphere with a new memecoin called Laptop, with a huge part of the pool airdropped to people who lost money on the Trump token.
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3350.JP · Capital · Negative Metaplanet shares fell nearly 10% after an option pool review revealed the executive pool grew by ~273.5 million shares, nearly seven times its original size.
MSTR · Capital · Positive Strategy repurchased $176M of STRC and doubled its digital credit repurchase program to $2B using secondary cash rather than diluting shareholders.
Metaplanet stock plunges, CEO's explanation fails to stem decline
Metaplanet's stock price plunged on September 7, closing at 271 yen, down 22 yen (7.51%) from the previous trading day. The previous day, CEO Simon Gerovich had explained on X that he was continuing to review compensation and governance policies in response to shareholder criticism over the 10th stock acquisition rights for officers and employees, but this failed to prevent the stock price decline. The company's potential number of shares was fixed at 319,464,000 as of the August 18 change, equivalent to approximately 25% of the issued shares (1,281,308,624 shares), and concerns over dilution may be weighing on the market. Meanwhile, the price of Bitcoin remained nearly flat, with trading concentrated in the company's stock, and its trading volume ranked second among all 1,541 stocks on the Tokyo Stock Exchange Standard Market.
Japan's FSA issues warning to 'IZAKA-YA' for unregistered crypto exchange business
On September 1, the Financial Services Agency issued a warning to 'IZAKA-YA', a crypto asset lending service operated by Hong Kong's Izakaya Limited, for conducting unregistered crypto asset exchange business, and added it to the list of unregistered operators. Meanwhile, speculation in unofficial tokens impersonating shares of Chinese agricultural company Farmmi has heated up, causing the genuine Nasdaq-listed stock to surge nearly fourfold at one point. On August 31, the FSA requested a record 40.3 billion yen in its fiscal 2027 budget proposal, aiming to enhance crypto asset monitoring and promote on-chain initiatives. Furthermore, 21 major global financial institutions, including Bank of America, Goldman Sachs, and Mitsubishi UFJ, announced the establishment of a new company in late 2026 to support stablecoin issuance. Bitfinex Securities, a digital securities trading platform, has listed 'Metaplanet Note', a digital security linked to Metaplanet shares, on an overseas approved exchange for the first time.
Bitfinex Securities · Capital · Positive Bitfinex Securities listed 'Metaplanet Note', a digital security linked to Metaplanet shares, on an overseas approved exchange for the first time.
8306.JP · Capital · Positive Mitsubishi UFJ is among 21 major global financial institutions establishing a new company in late 2026 to support stablecoin issuance.
BAC · Capital · Positive Bank of America is among 21 major global financial institutions establishing a new company in late 2026 to support stablecoin issuance.
GS · Capital · Positive Goldman Sachs is among 21 major global financial institutions establishing a new company in late 2026 to support stablecoin issuance.
3350.JP · Capital · Positive Bitfinex Securities listed 'Metaplanet Note', a digital security linked to Metaplanet shares, on an overseas approved exchange for the first time.
Bitcoin Reclaims $80,000, Trump-Related Coins Cause Losses of 747 Billion Yen
Bitcoin reclaimed the $80,000 level on September 4, and U.S. Bitcoin-focused financial services firm River published an analysis suggesting it could reach $250,000 to $840,000 within the next three to five years. Meanwhile, on August 27, U.S. civic group Public Citizen released an analysis indicating that investor losses in Trump-associated crypto ventures amount to at least $4.7 billion (approximately 747 billion yen). Additionally, the CEO of Metaplanet expressed the view that Bitcoin has bottomed out, with the company's mNAV indicator recording 1.01 on August 29. Ethereum rose 32.5% in August, outperforming Bitcoin for the second consecutive month.
BTC · Demand · Positive Bitcoin reclaimed $80,000 and River analysis projects it could reach $250,000-$840,000 in 3-5 years, signaling strong investor demand.
ETH · Demand · Positive Ethereum rose 32.5% in August, outperforming Bitcoin for the second consecutive month, indicating strong investor demand.
River Financial · Demand · Positive River published analysis suggesting Bitcoin could reach $250,000-$840,000, reflecting its role in the Bitcoin financial services space.
3350.JP · Capital · Positive Metaplanet CEO expressed Bitcoin has bottomed out, with the company's mNAV indicator at 1.01, a valuation signal for the firm.
Bitcoin Recovers to $80,000 Range, Japanese and US Crypto-Related Stocks Rally
Bitcoin strengthened its rebound from the $77,000 level hit the previous day, recovering to around $81,000 on the morning of the 4th. Following this trend, Japanese crypto-related stocks such as Metaplanet were broadly bought on the Tokyo market, and US Strategy also surged over 17%. Among Japanese listed companies, Metaplanet holds 43,000 BTC, maintaining its position as the largest domestic holder. Nexon holds 1,717 BTC, Remixpoint holds 1,506 BTC, and ANAP Holdings holds approximately 1,431 BTC. In addition, Escrit Energy, GYET, and gumi also hold smaller amounts, bringing the total holdings of listed companies to approximately 48,500 to 49,000 BTC. Notably, Converano previously held around 763 BTC but decided to sell all of it in July, and now holds zero. In the US market, Marathon Digital, Strive, and Coinbase also rose more than 10%.
BTC · Demand · Positive Bitcoin rebounded from $77,000 to around $81,000, strengthening its recovery on renewed buying.
3350.JP · Demand · Positive Metaplanet, the largest domestic BTC holder with 43,000 BTC, was broadly bought as Bitcoin rebounded to ~$81,000.
3189.JP · Demand · Positive ANAP Holdings, holding ~1,431 BTC, is among the Japanese crypto-related stocks bought amid Bitcoin's rebound.
3825.JP · Demand · Positive Remixpoint, holding 1,506 BTC, was bought along with other Japanese crypto-related stocks as Bitcoin recovered.
COIN · · Positive Coinbase rose more than 10% as part of the crypto-related stock rally driven by Bitcoin's rebound, with no company-specific development.
MARA · · Positive Marathon Digital rose more than 10% amid the broad crypto-related stock rally on Bitcoin's recovery, no company-specific news.
Metaplanet Stock-Linked Digital Securities Listed on First Overseas Approved Exchange
Bitfinex Securities, a digital securities trading platform, announced on September 1 that it has listed "Metaplanet Note (CMPTL)," a digital security linked to the price movement of Metaplanet shares. This allows eligible investors to buy and sell digital securities that reflect the price movement of Metaplanet shares on Bitfinex Securities without directly holding the shares. Digital securities are financial instruments that use blockchain and other digital technologies to issue and manage rights to assets such as stocks and bonds. According to Bitfinex Securities' official website, each unit is backed by 100 ordinary shares of Metaplanet and economically reflects the price movement of the company's shares. CMPTL is issued not by Metaplanet but by EQTWO, a Luxembourg securitization fund "ORO (II)." Bitfinex Securities has listed five digital securities including CMPTL. In addition to Metaplanet, the products are linked to shares of listed companies that hold Bitcoin as treasury assets, such as Strategy in the U.S., H100 Group in Sweden, and Capital B in France. According to the company, this is the first time such digital securities linked to shares of Bitcoin-holding companies have been traded on a regulated tokenized securities exchange. The listing of CMPTL on Bitfinex Securities El Salvador has been approved by El Salvador's National Digital Asset Commission (CNAD).
3350.JP · Capital · Positive Metaplanet shares are the underlying asset of the newly listed CMPTL digital security on Bitfinex Securities, expanding investor access to its stock.
Bitfinex Securities · Regulation · Positive Bitfinex Securities listed CMPTL after approval by El Salvador's National Digital Asset Commission (CNAD), a regulatory green light for its tokenized securities platform.
Strive buys 1,800 BTC for about $143 million, becomes 5th largest holder
U.S. asset manager Strive announced on August 31 that it acquired 1,800 BTC for approximately $143 million (about ¥22.88 billion). According to a Form 8-K filed with the U.S. Securities and Exchange Commission (SEC), the acquisition period was from August 24 to 28, with an average purchase price of approximately $79,431 per BTC, including fees. CEO Matt Cole revealed on X that the company's holdings increased from 21,356 BTC to 23,156 BTC, with a value of approximately $1.76 billion (about ¥281.6 billion). This makes Strive the fifth largest corporate Bitcoin holder, surpassing Bullish. Buying by crypto treasury companies has become active again. Strategy acquired 4,603 BTC from August 24 to 30 for $369.7 million (about ¥59.152 billion, average $80,318), bringing its total holdings to 845,050 BTC. Ethereum holder Bitmine also acquired 53,501 ETH in one week, bringing its holdings to 5,901,112 ETH (4.9% of supply). According to the announcement, this was worth approximately $131 million (about ¥20.96 billion), the largest purchase since June. The background is the recovery of the Bitcoin market in August, with a monthly gain of over 24%, the strongest since 2017. However, Strive's average purchase price this time is slightly above the current level, and the profit and loss on this purchase is roughly balanced. In Japan, Metaplanet holds 43,000 BTC, ranking third globally among listed companies, but its average purchase price is high at ¥15,331,542 per BTC, and it still has a long way to go to eliminate unrealized losses.
Metaplanet's mNAV Recovers to 1x, First Premium Valuation Since May
Metaplanet, a Bitcoin-holding company, saw its key metric "mNAV" reach 1.01x on August 29, turning to a premium valuation for the first time since May. mNAV indicates how many times the enterprise value is valued relative to the net asset value of its Bitcoin holdings; a ratio above 1x means the market values the company above its asset value. As of August 29, the enterprise value was 538.2 billion yen (market capitalization of 442.3 billion yen plus debt of 74.2 billion yen plus preferred shares of 23.6 billion yen minus cash of 1.9 billion yen), and the net asset value of its 43,000 BTC was 533.8 billion yen, resulting in a ratio of 1.01x. The last time the ratio exceeded 1x was on May 6, 2026 (enterprise value 524.9 billion yen, BTC NAV 513.8 billion yen, ratio 1.02x). Recently, due to stock price fluctuations, it has adjusted to around 0.92x, but this marks a return to a premium valuation since early spring.
Yen Weakens Despite $97B Aid, Posing Risk for Bitcoin
Japan's yen weakened again this week despite roughly $97 billion spent supporting it over the past month, sliding to 160.16 yen per dollar on Friday, August 28, and giving up more than half its gains since last month's intervention. The currency's slide puts renewed pressure on officials to act, with potential consequences for Bitcoin. Japan spent ¥15.4 trillion supporting its currency between July 30 and August 26, including rare joint action with the US on July 31. US interest rates remain higher than Japan's, and the dollar gained further support when Federal Reserve chair Kevin Warsh pledged to bring inflation to target. A stronger yen could hurt Bitcoin by disrupting the carry trade, where investors borrow yen cheaply to buy other assets; if intervention or higher Japanese rates push the yen sharply upward, investors may sell assets to cover debts, potentially dragging Bitcoin lower, as happened in August 2024 when Bitcoin and Ethereum suffered losses of up to 20%. Metaplanet CEO Simon Gerovich sees longer-term opportunity, arguing Asian savers are ready to embrace Bitcoin, and said, "The buyers arriving now aren't going anywhere. I believe the bottom is in."
Metaplanet Surges 13.1% on U.S. Bitcoin Treasury Plan
Metaplanet's shares jumped 13.1% after the company announced plans to contribute 2,100 BTC and cash to Nasdaq-listed Super League Enterprise, which it expects to rename Superplanet, creating a U.S. subsidiary vehicle that links Japanese and American capital markets. This cross-border structure positions Metaplanet not just as a Bitcoin holder but as an architect of a dedicated U.S. digital asset treasury platform. With the share price rebounding sharply in recent weeks after a very large three year gain and a 1 year drawdown, expectations are already shifting, so this U.S. move feels material to how investors will frame both the upside and the downside from here. However, the move adds execution and regulatory risk on top of existing earnings volatility and dilution concerns, and three Simply Wall St community fair value estimates span roughly ¥115 to ¥596, underscoring how far apart individual views are.
3350.JP · Capital · Positive Metaplanet's shares surged 13.1% on its plan to create a U.S. subsidiary for digital asset treasury, which is a strategic capital move.
BTC · Demand · Positive Metaplanet's plan to contribute 2,100 BTC to a U.S. subsidiary increases institutional demand for Bitcoin.
SLE · Capital · Neutral Metaplanet plans to contribute BTC and cash to Super League Enterprise, which will be renamed Superplanet, but the impact on Super League's stock is unclear.
Japan-based Bitcoin treasury firm Metaplanet has offloaded some of its Bitcoin holdings in a move valued at $237 million, following the broader crypto market slowdown. The sale marks a notable shift for the company, which has been known for accumulating Bitcoin as part of its treasury strategy. The exact amount of Bitcoin sold was not disclosed, but the transaction is part of Metaplanet's latest financial maneuvering amid market volatility. This development comes as the crypto market experiences a downturn, prompting some institutional holders to adjust their positions.
Bitcoin Breaks $80,000, First Time in About Three Months
Bitcoin (BTC) broke through $80,000 on August 25. This is the first time BTC has reached this level since May 15, about three months ago. According to CoinMarketCap, a cryptocurrency price information site, BTC was at $80,882 as of 12:19 p.m. on August 25. Additionally, U.S. financial giant Goldman Sachs has resumed holdings of an XRP spot ETF, as revealed in a filing with the U.S. Securities and Exchange Commission. Furthermore, BitMEX co-founder Arthur Hayes expressed the view that Bitcoin could reach $250,000. XRP has risen to fourth place in market capitalization rankings, surpassing BNB, reaching a market cap of about 15 trillion yen. The unrealized loss on Metaplanet's Bitcoin holdings has improved by approximately 78.4 billion yen over the past five days.
Metaplanet CEO Simon Gerovich said at the keynote speech of 'Bitcoin Asia 2026' held in Hong Kong on August 28 that Bitcoin prices have 'bottomed out.' He noted that 'the buyers entering now are not the type to easily leave the market' and expressed expectations for 'a brighter outlook for the rest of the year.' Bitcoin briefly fell to the $62,000 level on August 3 but has since rebounded, trading around $80,000 on the 28th. The speech covered not only the outlook for Bitcoin prices but also Japan's regulatory environment, institutional investor acceptance, and Metaplanet's business developments.
MSCI Weighs Removing Strategy From Indexes, Threatening Saylor's Funding
MSCI is considering new rules that could remove Michael Saylor's Strategy Inc. from its global equity indexes, reviving a threat to the company's financing model for its vast Bitcoin holdings. The proposal, part of a consultation seeking feedback through September, would exclude companies primarily engaged in accumulating assets rather than operating businesses, and applying it as of May would have removed Strategy, Metaplanet Inc., and Yellow Cake Plc. Strategy's shares have jumped over 35% in the past week as Bitcoin climbed above $80,000, but they remain down roughly 60% over the past year. The potential index removal could shrink the pool of investors required to own the stock, adding pressure to a capital structure already strained by shareholder dilution concerns. MSCI plans to announce the consultation results in October.
According to on-chain analytics platform Arkham, 1,000 Bitcoin were transferred from Metaplanet's wallet on August 25 to an address belonging to Coinbase Prime, the institutional service of U.S.-based Coinbase. The transfer was worth approximately 79.77 million dollars, or about 12.8 billion yen at the time, equivalent to roughly 2.3 percent of the 43,000 Bitcoin that Metaplanet had publicly disclosed holding as of August 18. Since Coinbase Prime offers custody and lending in addition to trading, this transfer alone cannot be determined to be a sale. A movement of 5,014 Bitcoin on August 12 also drew attention, but CEO Simon Gerovich explained that it was routine custody operations and not a sale. Regarding the latest 1,000 Bitcoin, no explanation of the purpose of the transfer had been confirmed from Metaplanet or the CEO as of around 5 p.m. on August 25.
Bitcoin recovers to 12 million yen, Metaplanet to acquire US-listed company
Bitcoin recovered to 12 million yen, marking its highest level in about three months since May 27, 2026. Metaplanet announced on August 18 that it will invest in Super League Enterprise, a company listed on the US Nasdaq, and acquire a controlling stake. US President Trump revealed on August 20 that a proposal for the US government to purchase a substantial amount of Bitcoin is being discussed within the government. On August 19, the crypto asset market surged after the US Treasury doubled its bond buybacks, with Bitcoin rising above 69,500 dollars to its highest level since June 2. Metaplanet also revealed that it is considering an IPO of US dollar-denominated perpetual preferred shares through the US-listed company it plans to acquire.
Bitcoin surges above $75k as Trump spurs U.S. regulatory hopes
Bitcoin surged above $75,000 on Friday, extending a rebound to levels last seen in late May after U.S. President Donald Trump called on policymakers to pass clear regulation for cryptocurrencies. The world's biggest crypto rose 8.1% to $75,113.6 by 02:24 ET, briefly touching an intraday high of $75,591.6, and was set to rise nearly 19% this week, its best weekly performance since February 2024. Gains came chiefly after Trump, during a White House summit earlier this week, urged Congress to pass the Clarity Act, a closely watched bill that aims to establish a regulatory framework for the U.S. crypto industry, though it remained unclear when the act would actually come to passage. Crypto stocks also advanced, with Strategy Inc surging 7.8% on Thursday, Coinbase Global Inc adding 7.9%, and Japanese hotelier turned Bitcoin treasury Metaplanet Inc surging over 20% in the Asian session. U.S.-listed spot exchange-traded funds clocked inflows of about $1 billion this week, their best weekly inflow since January, according to data from aggregator SoSoValue.
Super League shares briefly surge 144% in the U.S. on Metaplanet acquisition announcement
Shares of Nasdaq-listed Super League Enterprise briefly surged 144% in the U.S. market on August 18. The stock rose from the previous close of $3.02 to an intraday high of $7.37, before closing at $5.50, up 82.12% from the prior day. The surge came after Metaplanet announced the same day that it plans to make Super League a consolidated subsidiary through an investment, using it as a base for its U.S. Bitcoin treasury business. Metaplanet's U.S. subsidiary will contribute 2,100 Bitcoin and $2.5 million to acquire 44,859,400 common shares of Super League, among other assets. After the transaction closes, Metaplanet expects to hold approximately 95.7% of the common shares, and Super League will change its name to Super Planet Inc. Meanwhile, Metaplanet shares closed down 4.39% at 218 yen in the Tokyo market on August 19, with the acquirer and the target showing contrasting stock price reactions.
Digital Finance & Tokenization › Bitcoin / Crypto Treasury & Store-of-Value Proxies Capital
SLE · Capital · Positive Metaplanet's acquisition plan to make Super League a consolidated subsidiary and inject Bitcoin assets is a major capital event.
3350.JP · Capital · Negative Metaplanet shares closed down 4.39% in Tokyo, reflecting market concerns about the acquisition's cost and dilution.
BTC · Demand · Positive Metaplanet's plan to use Super League as a base for its U.S. Bitcoin treasury business signals increased corporate adoption of Bitcoin.
Bitcoin Steadies at $64,000 as Major Institutions Boost ETF Holdings
Bitcoin is trading sideways between $62,000 and $66,000, with the latest price at $64,595, amid buying from major financial institutions. Tudor Investment Corporation increased its holdings of BlackRock's spot Bitcoin ETF by 18.9% in the second quarter, while Jane Street added $630 million to its spot Bitcoin ETF holdings, bringing its total position to between $990 million and $1.06 billion. Metaplanet plans to bring its Bitcoin treasury model to the Nasdaq market through Super League Enterprise, investing with 2,100 Bitcoin and $2.5 million in cash. Meanwhile, China's Zhibao Technology became the 33rd listed company with a Bitcoin treasury after selling shares in exchange for 2,380 BTC. On the regulatory front, Kazakhstan announced a 0% tax for three years on individuals' crypto gains, and the Moscow Exchange will launch Bitcoin and Ethereum futures in February. BlackRock noted that a 1-2% allocation to Bitcoin provides the optimal risk-adjusted returns. In the short term, if Bitcoin holds above the median realized price of $63,200, it could test $65,000, but a break below this level would open the path to $62,000.
Metaplanet Makes 2,100 BTC Investment to Launch U.S. Bitcoin Treasury Platform
Metaplanet is about to make a grand entry as it looks to venture into Super League with a large portion of its Bitcoin holdings. The Japanese Bitcoin treasury firm is making a 2,100 BTC investment to launch a U.S. Bitcoin treasury platform.
Metaplanet fixes potential stock option shares at approximately 319.46 million
Metaplanet announced on August 18 that it will abolish the mechanism under which the number of shares obtainable through stock options for officers and employees increases in line with future capital raises. The potential number of shares related to the 10th series of share acquisition rights will be fixed at 319,464,000, preventing the potential share count from rising in tandem with future fundraising. Since the company began its strategy of holding bitcoin as a treasury asset in April 2024, it has repeatedly raised funds using equity, and total issued shares have grown from approximately 154 million at the start of the strategy to approximately 1.281 billion as of the end of June 2026, an increase of about 8.3 times. In line with this change, officers and employees holding stock options have also agreed in principle not to sell or transfer shares acquired through exercise until August 17, 2031. The company's share price closed at 228 yen on August 18, well below its year-to-date high of 639 yen on January 15.
Metaplanet books 18.43 billion yen bitcoin valuation loss
Metaplanet announced on August 13 that in its interim results for the fiscal year ending December 2026, it booked a bitcoin valuation loss of 18.43 billion yen under non-operating income and expenses. As a result, ordinary loss came to 18.29 billion yen, and net loss attributable to owners of the parent came to 18.28 billion yen. In the same period a year earlier, the company posted ordinary profit of 1.06 billion yen and net profit of 606 million yen.
Under new criteria proposed by MSCI in August, Metaplanet, which holds large amounts of Bitcoin, could be removed from the MSCI ACWI IMI global equity index. In a trial calculation applying the new criteria to data as of May 2026, three companies were flagged for exclusion: Strategy, Metaplanet, and UK-based Yellow Cake. However, no exclusion has been decided at this point. MSCI is proposing a mechanism to remove companies whose character is more about holding assets or investing than their core business, classifying them as non-operating companies. It is accepting comments until September 30 and plans to announce the results by October 16. If the company is actually removed from the index, funds tracking the index could sell the stock, potentially putting downward pressure on the share price. Metaplanet's shares closed at 221 yen on August 14, down about 65 percent from their year-to-date high of 639 yen.
MSCI proposal could force index sell-offs for Strategy, Metaplanet
MSCI is proposing to exclude non-operating asset-holding companies from its global investible market indexes, which could force passive funds to sell shares of Strategy, Metaplanet, and Yellow Cake. The methodology targets companies whose value comes primarily from accumulating assets rather than operating a conventional business, and these three firms are the main ones affected. If adopted, the index exclusion could trigger forced sell-offs by funds tracking MSCI benchmarks, and other indexes may follow with similar rules. Strategy has argued it is more than a spot Bitcoin wrapper, but MSCI is asking it to prove this through operating assets, expenses, and cash flow. The proposal sets a risky precedent for the broader bitcoin treasury company industry.
Metaplanet Denies Selling $320M in Bitcoin as Firm Launches BitBonds
Metaplanet CEO Simon Gerovich denied claims that the company sold Bitcoin after a 5,014 BTC transfer, valued at roughly $320 million, between company wallets drew attention online. Gerovich said the transfers were a routine custody operation and that no bitcoin was sold, with holdings remaining at 43,000 BTC. The denial came as the Tokyo-listed firm launched BitBonds, a fixed-rate debt program that gives it another way to raise capital. Metaplanet has continued to add to its Bitcoin treasury, buying 5,075 BTC in the first quarter of 2026 and another 1,005 BTC in June, bringing its holdings to 43,000 BTC, worth around $3 billion. The company said the program could be used for future Bitcoin purchases and other corporate purposes, allowing it to raise cash without immediately issuing more shares or selling Bitcoin.
Metaplanet books 184.2 billion yen Bitcoin valuation loss in interim results
Metaplanet announced its interim results for the fiscal year ending December 2026 on August 13, booking a Bitcoin valuation loss of 184.297 billion yen in non-operating income and expenses. As a result, ordinary loss came to 182.874 billion yen, and net loss attributable to owners of the parent was 182.774 billion yen. Revenue for the period was 4.944 billion yen, up 133.7% year on year, while operating profit was 3.331 billion yen. In the first quarter, the company had also booked a valuation loss of 114.4 billion yen due to Bitcoin price fluctuations, resulting in a net loss. As of the end of June 2026, Metaplanet held 43,000 Bitcoin.
JPYC raises 6 billion yen in Series B round, pushing stablecoin for payroll and convenience store payments
JPYC Inc., the issuer of the yen-pegged stablecoin JPYC, has raised a total of 6 billion yen, or 38 million US dollars, in an extended Series B funding round. Part of the new funding, 1 billion yen, comes from AZ-COM Maruwa, a major logistics company listed on the Tokyo Stock Exchange, which plans to use JPYC to pay fees and salaries to approximately 2,300 business partners and independent contractors. Earlier in March, Metaplanet Ventures invested 400 million yen in this Series B round. JPYC, which launched last October as Japan's first registered stablecoin, has also trialed stablecoin payments at branches of Lawson, the country's third-largest convenience store chain. Meanwhile, traditional financial institutions such as SBI Group have launched JPYSC, a yen stablecoin backed by a trust bank, and three megabanks—MUFG, SMBC, and Mizuho—are jointly developing a co-issued stablecoin.
Digital Finance & Tokenization › Stablecoin Issuers ▲Capital
Digital Finance & Tokenization › Stablecoin Issuers & Distribution ▲Capital
Digital Finance & Tokenization › Distribution & Revenue-Share Partners ▲Demand
Digital Finance & Tokenization › Payments Modernization & Rails ▲Demand
JPYC · Capital · Positive JPYC raised 6 billion yen in Series B funding, including investments from AZ-COM Maruwa and Metaplanet Ventures.
9090.JP · Demand · Positive AZ-COM Maruwa invested 1 billion yen and plans to use JPYC to pay fees and salaries to 2,300 partners, creating direct demand for the stablecoin.
3350.JP · Capital · Positive Metaplanet Ventures invested 400 million yen in JPYC's Series B round, representing a strategic investment.
Lawson, Inc. · Demand · Neutral Lawson is mentioned as having trialed stablecoin payments, but no specific impact on Lawson's business is detailed.
Metaplanet CEO Explains Bitcoin Custody Setup After Coldcard Leak
Metaplanet CEO Simon Gerovich, whose company holds 43,000 Bitcoin, has disclosed its custody framework following concerns over a vulnerability in the Coldcard hardware wallet. He highlighted the structural risks of individual self-custody and explained that the firm uses regulated institutional-grade custodians, segregated cold storage, multi-party control, and independent oversight. He also revealed that through a business partnership with SBI VC Trade, the company utilizes the corporate service SBIVC for Prime. Finally, he stated that the vulnerability is a device-side issue, not a flaw in Bitcoin itself, and that holders should choose an appropriate custody model.
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