Metaplanet’s Share Price Stalls at Critical Funding Threshold

Metaplanet JP3481200008

The path forward for Japan's prominent Bitcoin treasury firm, Metaplanet, has encountered a significant obstacle. The company's equity failed to sustain a crucial price level last week, a development that directly impacts its capacity to raise fresh capital for expanding its cryptocurrency reserves.

Trading closed on Friday at 591 yen per share, marking a single-day decline of 3.6%. This retreat was particularly notable given that shares had briefly touched 639 yen during the prior session. The inability to hold above the 637 yen threshold is more than a technical chart point; it is the operational key to unlocking a major capital mechanism for corporate growth.

The significance of the 637 yen level is contractual. It serves as the trigger price for the 23rd series of stock acquisition rights held by the EVO Fund. Only a consistent closing price at or above this barrier allows the fund to exercise its rights to purchase new shares. This action would permit Metaplanet to issue up to 105 million new shares. Company statements confirm that all capital generated from such an issuance is earmarked exclusively for bolstering its Bitcoin holdings. A subsequent, higher tranche of funding would become available at the 777 yen level.

Despite the recent setback, the current share price represents a substantial recovery from December's lows, when it traded as low as 320 yen. An essential metric for investor consideration is the market value to modified Net Asset Value (mNAV) ratio, which has now recovered to 1.35. This figure indicates that any new share issuance at current levels would be accretive, or value-adding, for existing shareholders. Just weeks ago, with the ratio below 1.0, such dilution would have eroded per-share value.

Corporate Strategy: Bitcoin Accumulation and Share Buybacks

Metaplanet has cemented its position as Asia's largest publicly-traded Bitcoin holder and the fourth-largest globally, with a treasury balance of 35,102 BTC. The market value of this reserve stands at approximately $3.41 billion, against an average acquisition cost of around $107,716 per Bitcoin.

The company's growth strategy operates on a dual track. Alongside its ambitious Bitcoin acquisition goal, a share repurchase program is actively underway. Between late October and the end of December, the company bought back 1.14 billion yen worth of its own stock. This buyback is being financed in part through a $500 million credit facility collateralized by Bitcoin.

To reactivate the capital mechanism, Metaplanet's shares now need to advance roughly 7.8% to reclaim the 637 yen level. A successful and sustained breach would likely accelerate the pace of Bitcoin purchases, supporting the firm's publicly stated objective of amassing 210,000 Bitcoin by the end of 2027. Investors will gain further insight into the company's recent financial performance on February 17, 2026, when Metaplanet is scheduled to release its fourth-quarter results.