Metaplanet’s Share Surge Paves Way for Bitcoin Acquisition Strategy

Metaplanet JP3481200008

A significant rally in Metaplanet's stock on the Tokyo exchange is drawing investor attention, as the share price approaches a critical threshold. This level could unlock a substantial capital mechanism designed to fund further expansion of the company's Bitcoin treasury.

The company's shares closed at 613 yen in the latest session, following intraday movement between 595 and 639 yen. Trading volume was notably high at 46.3 million shares, surpassing the average of 32.9 million. During the day, the price briefly touched 639 yen, moving above the pivotal 637 yen mark. This level holds the key to reactivating the company's Moving-Strike-Warrant (MSW) program.

The current upward move began on Wednesday, when shares jumped 15% to 605 yen. From the lows recorded in December, the stock has advanced approximately 90%. This robust recovery is seen as a signal of renewed market confidence in Metaplanet's core strategy of holding Bitcoin as a primary treasury asset.

Unlocking Capital Through Warrants

The 637 yen price point represents the minimum exercise threshold for the 23rd series of share purchase rights issued to the EVO Fund in December 2025. Once the adjusted closing price meets or exceeds this level, EVO gains the ability to acquire and sell up to 105 million newly issued shares via warrants. According to company statements, the capital raised is intended primarily for additional Bitcoin purchases.

A second series, the 24th, becomes active at a higher threshold of 777 yen. This tranche permits the sale of another 105 million shares. Combined, the two series represent a potential 210 million new shares.

This warrant mechanism had been dormant after the share price declined roughly 80% from its all-time high of 1,930 yen in June 2025. During that period, the multiple to Net Asset Value (mNAV) fell below 1, meaning any new share issuance would have diluted per-share value. The mNAV has since recovered to 1.36, its highest level since October. Management now views potential new issuances as potentially value-accretive for existing shareholders.

Strategic Capital Management Framework

Alongside this potential capital-raising tool, Metaplanet maintains an ongoing share buyback program. Authorized to repurchase up to 150 million shares—approximately 13% of outstanding capital—the program has a maximum financial envelope of 75 billion yen.

This buyback initiative is backed by a $500 million Bitcoin-collateralized credit facility agreed upon in October 2025. The repurchase authorization is valid until October 28, 2026, and is designed to provide the company with capital management flexibility. Its strategic focus, however, remains firmly on expanding its Bitcoin holdings.

Bitcoin Holdings and Revenue Update

Metaplanet's current balance sheet holds 35,102 Bitcoin. At prevailing market rates, this position is valued at approximately $3.3 billion. This makes the firm one of the world's largest publicly traded corporate holders of the cryptocurrency and the largest in Asia. Only Strategy (formerly MicroStrategy), Marathon Digital, and Galaxy Digital hold larger corporate positions globally.

In its latest disclosure on December 30, 2025, the company reported further Bitcoin acquisitions. It also raised its revenue forecast for its Bitcoin-related income business in the fourth quarter of fiscal year 2025. This segment, which encompasses derivative Bitcoin services, generated an estimated $55 million in revenue for 2025, exceeding the company's initial projections.

Forward Look and Critical Dates

Metaplanet is scheduled to release its fourth-quarter results for fiscal 2025 on February 17. Investors anticipate further details on the company's long-term goal: to hold 210,000 Bitcoin, or roughly 1% of the maximum possible Bitcoin supply, by the end of 2027.

Year-to-date, the stock has delivered a performance of +51.36%, significantly outpacing the Nikkei 225 index, which has risen 7.49% over the same period. On a full-year basis, the share gain stands at 71.23%, compared to a 40.75% increase for the benchmark index.

With the current price at 613 yen, only a 3.9% advance is required to reactivate the warrant mechanism at the 637 yen threshold. Should this occur, Metaplanet could mobilize significantly more capital in the coming weeks to accelerate the growth of its Bitcoin portfolio.