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Metaplanet Inc.

3350.TMEDIUM

Satellite · Weight: 4%· Data as of 2026-04-24

¥325-0.31%

6-month daily

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

2026-06

2026-12

2027-12

Update History

2026-04-24exploreNEW

View report →

New addition to Crypto theme. Japan's #1 corporate BTC holder and world #3. Q1 2026 add of 5,075 BTC brought total to 40,177 BTC. 82% drawdown from Dec 2025 peak creates re-rate optionality at mNAV ~1.2x.

theme_inclusion:not in themeSatellite, 4%btc_holdings:N/A40,177 BTC (Mar 31 2026)

Key Metrics

N/M

N/A

Fwd PE

N/A

P/B

N/M

ROE

71% (FY26E)

Op Margin

N/A

D/E

0.0%

Div Yield

N/A

FCF

¥451B

Mkt Cap

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[source](2026-04-24)
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[source](2026-04-24)
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)(2026-04-24)

Sources & References

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Peer Comparison

Company	PE	Fwd PE	ROE	Op Margin	FCF
SBI Holdings, Inc.	4.97	N/A	30.0%	N/A	N/A
Monex Group, Inc.	14.93	N/A	7.0%	14.6%	N/A
GMO internet group, Inc.	26.04	N/A	17.3%	20.7%	N/A
Metaplanet Inc.	N/M	N/A	N/M	71% (FY26E)	N/A
Remixpoint, Inc.	N/M	N/A	N/M	N/M	N/A