Crypto & Digital Assets
5 companies
Crypto tax reform done: 55% → 20.315% flat rate with 3-year loss carryforward. FSA reclassifying 105 crypto assets as financial products. Crypto ETFs earliest 2028. Three megabanks + SBI racing for yen stablecoin dominance. Metaplanet Q1 2026 acquisition of 5,075 BTC pushes Japan's corporate BTC total past 41,600 BTC (3rd-largest national corporate stack after US and El Salvador).
Recent Updates
Added 3 new names to Crypto theme: Metaplanet (3350.T, BTC treasury #3 global), GMO Internet (9449.T, GYEN/ZUSD stablecoins + GMO Coin), Remixpoint (3825.T, micro-cap BTC treasury). Theme now spans exchanges (SBI, Monex, GMO), stablecoin issuers (SBI/Startale JPYSC, GMO Trust GYEN), and pure BTC treasuries (Metaplanet, Remixpoint).
Updated: 3350.T, 9449.T, 3825.T
Evolved 8698.T (Monex Group): FY2026 profitability confirmed, CNCK above floor, crypto tax reform timing flagged
Updated: 8698.T
Supply Chain Map
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Peer Comparison
| Company | Ticker | Conv | PE | Fwd PE | P/B | ROE | Op Margin | D/E | Yield | FCF |
|---|---|---|---|---|---|---|---|---|---|---|
| SBI Holdings, Inc. | 8473.T | HIGH | 4.97 | — | 0.85 | 30.0% | N/A | 275.0% | 1.8% | N/A |
| Monex Group, Inc. | 8698.T | MEDIUM | 14.93 | — | 1.29 | 7.0% | 14.6% | 85.0% | 4.8% | N/A |
| GMO internet group, Inc. | 9449.T | MEDIUM-HIGH | 26.04 | — | N/A | 17.3% | 20.7% | N/A | 1.35% | N/A |
| Metaplanet Inc. | 3350.T | MEDIUM | N/M | — | N/A | N/M | 71% (FY26E) | N/A | 0.0% | N/A |
| Remixpoint, Inc. | 3825.T | LOW-MEDIUM | N/M | — | N/A | N/M | N/M | N/A | 0.0% | N/A |
Companies
SBI Holdings, Inc.
8473.THIGHCore
PE 4.97x and PB 0.85x for a company with 30% ROE and +218% NI growth is deeply mispriced. The crypto catalyst (tax reform 55%→20%, ETF pipeline, dual ...
Monex Group, Inc.
8698.TMEDIUMSatellite
Return to profitability confirmed: FY2026 NI ¥10.9B (vs ¥5.1B loss in FY2025). Japan crypto tax reform (55%→20%) enacted Dec 2025, implementation pend...
GMO internet group, Inc.
9449.TMEDIUM-HIGHCore
Diversified crypto-infrastructure exposure: parent owns GMO Coin (top-3 Japan crypto exchange) AND GMO-Z.com Trust Company (NYDFS-chartered issuer of ...
Metaplanet Inc.
3350.TMEDIUMSatellite
Japan's pure-play corporate Bitcoin treasury — the ONLY listed Japanese way to get institutional-grade BTC beta with TSE liquidity and yen-reporting w...
Remixpoint, Inc.
3825.TLOW-MEDIUMTactical
Micro-cap pure BTC treasury with a path to 3,000 BTC after a ¥31.5B ($215M) capital raise in 2025. Current holdings ~1,431 BTC (Oct 2025), 3rd-largest...