Metaplanet's Two-Pronged Pitch: Bitcoin Loyalty Perks and Cheaper Equity as Shares Languish Near Record Lows

Metaplanet's stock hovers near all-time low. Loyalty programs offer crypto rewards, but dividend and lowered subscription rights signal potential dilution for shareholders.

Metaplanet is scrambling to keep its shareholder base engaged as its stock hovers just 7.7% above its all-time low of 1.20 euro. The Japanese company, known for using its balance sheet as a Bitcoin treasury, closed Friday at 1.30 euro — a staggering 88% decline over the past twelve months and 42% below where it started the year. The 52-week high of 11.00 euro, set in June 2025, now seems a distant memory.

To stem the exodus, management is rolling out an aggressive loyalty programme built around crypto giveaways. The flagship is a summer lottery on the Coincheck exchange offering Bitcoin prizes totalling 20 million yen. From autumn, Binance Japan will provide cashback to new account holders, alongside a special Bitcoin promotion yielding 20% annually. In November, OKJ plans to slash trading fees for qualifying investors. The perks extend beyond digital assets: shareholders can claim discounts on Blockstream and Tangem hardware wallets, airport transfers, a Hulu streaming trial, and travel deals. A four-tier status system — from Silver to the top-tier “Nakamoto” rank — requires holding 50,000 shares for at least 24 months to unlock the highest rewards.

But these enticements come as Metaplanet simultaneously adjusts its capital structure. The board has declared a dividend of 12.25 yen per Class-B preferred share, payable on three separate dates in 2026. More tellingly, it slashed the minimum exercise price of its 27th series of stock subscription rights from 298 yen to 187 yen. That move makes it cheaper to raise new equity, widening the company’s funding runway — but at the cost of further dilution for existing holders if the share price recovers.

The market has yet to reward either initiative. The stock is trading nearly 47% below its long-term moving average, and short-term volatility sits at an extreme 62%, underscoring the wild swings that define the name. Technical analysts now eye 1.20 euro as a critical support level; a breach could trigger another wave of selling.

Metaplanet remains unprofitable and reliant on continuous capital inflows to grow its Bitcoin stash — a strategy that has so far failed to lift equity value. The dividend signals a commitment to preferred shareholders, while the lowered subscription rights reflect a pragmatic need to secure fresh funds. Whether the loyalty perks can stabilise the shareholder base before the stock tests its floor is the question looming over Tuesday’s opening bell.