Metaplanet Inc.
3350.TMEDIUMScore: 45.5Satellite · Weight: 4%· Data as of 2026-04-24
Investment Thesis
Japan's pure-play corporate Bitcoin treasury — the ONLY listed Japanese way to get institutional-grade BTC beta with TSE liquidity and yen-reporting wrapper. After acquiring 5,075 BTC in Q1 2026, total holdings reached 40,177 BTC (~$3.9B at cost), ranking 3rd globally. FY2026 guidance: ¥16B revenue, ¥11.4B OP with 97.5% from Bitcoin income. Target: 100,000 BTC by end-2026, 210,000 BTC by end-2027. 82% drawdown from ¥1,930 high to ¥352 creates optionality on BTC price recovery + mNAV re-rating.
Risk
1) NAV premium collapse — mNAV compressed from ~7x to ~1.3x. Further de-rate wipes out equity. 2) 82% drawdown signals extreme dilution risk — every new BTC purchase funded by equity or perpetual preferreds. 3) BTC price crash below $60k could force ATM equity program to dry up. 4) Non-BTC segments produce only ~¥400M — single-name BTC bet. 5) FSA regulatory treatment of crypto-treasury companies under FIEA not finalized.
Monitoring Trigger
TRIM if: mNAV falls below 1.0x OR quarterly BTC purchase pace drops below 2,000 BTC OR BTC breaks below $60k. ADD if: 100k BTC milestone achieved on schedule AND mNAV stays 1.3-2.0x. EXIT if: dilution >30% in a single quarter OR management abandons 210k BTC target.
Key Dates
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Bitcoin Income (Treasury + covered-call yield) | 97.5% of FY26E revenue | ||
| Hotel Business (Royal Hotel) | ~2.5% of FY26E revenue |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| probable | SBI VC Trade | Onshore BTC custody and liquidity (probable) | Metaplanet has acknowledged using Japanese licensed crypto exchanges including SBI VC Trade for initial BTC purchases and custody; specific allocation not disclosed |
| confirmed | EVO Fund (Cayman) | International ATM equity program financing BTC purchases | EVO Fund is the primary subscriber for Metaplanet's International Stock Offering ATM program funding BTC purchases since 2024 |
| inferred | Strategy (MSTR) / Twenty One Capital (reference peers) | Publicly tracked BTC treasury companies | Mechanism, mNAV behavior, and dilution mechanics benchmarked against Strategy (762,099 BTC) and Twenty One Capital (43,514 BTC) |