Index Ouster and 87% Slide: Metaplanet’s JPYC Lottery and Bitcoin Stack Fail to Turn the Tide

Index removal forces passive funds to sell, adding pressure on Metaplanet as it launches a stablecoin loyalty scheme and pushes Bitcoin-focused strategy.

Metaplanet has been ejected from the S&P Japan Mid Cap 100, a blow that threatens to amplify selling pressure on a stock already nursing an 87% decline over the past twelve months. The index removal, announced by S&P Dow Jones Indices, forces passive funds and exchange-traded funds tracking the benchmark to offload their positions, adding a fresh headwind to a company struggling to convince investors that its cryptocurrency-centric strategy has legs.

The share price reaction has been telling. On Wednesday, the stock slid another 2.77% to trade at €1.23, edging dangerously close to its 52-week trough. Year-to-date, Metaplanet has shed 43% of its value. The 200-day moving average, a widely watched gauge of long-term momentum, sits at €2.40 — a level the shares have not seen in months, leaving the stock more than 48% below that line.

Management is attempting to stem the exodus with a new shareholder loyalty scheme built around digital assets. Investors who hold at least 100 shares as of the June 2026 record date will be entered into a lottery for the yen-pegged stablecoin JPYC. The first 1,000 eligible participants will share a total of ¥1.5 million in tokens, with top winners pocketing as much as 100,000 JPYC each. Distribution will occur via the HashPort wallet, and recipients must agree not to convert the stablecoins into fiat yen for one month.

The lottery is not Metaplanet’s first move into the stablecoin space. Its subsidiary, Metaplanet Ventures, participated in an investment round for JPYC Inc. back in April, and the group has now joined a Series B financing round that raised $17.62 million, pushing JPYC’s total funding to $28.93 million. Other backers include NCB Venture Capital, Hokuyo Bank, and Yokohama Capital. The proceeds will be used for system development, staffing, and expanding the infrastructure behind the multi-chain stablecoin, which already runs on Ethereum, Polygon, and Avalanche.

These efforts form part of “Project Nova,” Metaplanet’s broader ambition to build a Bitcoin-centric financial ecosystem. The plan also includes the ¥2.1 billion acquisition of Siiibo Securities, which is expected to close in July. The renamed entity, Metaplanet Securities, will focus on Bitcoin-linked interest-bearing products, potentially giving retail and institutional clients a regulated avenue for crypto exposure.

Underpinning the entire enterprise is Metaplanet’s staggering Bitcoin hoard. The company holds 40,177 Bitcoin, valued at net asset value of approximately ¥457.6 billion, or about $2.8 billion. That makes it Japan’s largest publicly traded Bitcoin holder and the third-largest in the world. But that concentration is a double-edged sword. Bitcoin’s own volatility has weighed on Metaplanet’s equity: on June 23, the cryptocurrency twice dipped below $62,000 amid outflows from US spot ETFs and a broad sell-off in Asian tech stocks.

A potential catalyst, however, is brewing in the Japanese legislature. The country’s lower house has passed a bill that would reclassify cryptocurrencies under the national Financial Instruments and Exchange Act. If enacted, the law could clear the way for domestic crypto ETFs and tax reforms — developments that would directly benefit Metaplanet’s positioning. For now, though, the market remains focused on the worsening technical picture, the index departure, and a business model that has yet to generate meaningful earnings to support the stock. The lottery and the stablecoin push, while creative, have so far failed to change the narrative.