Metaplanet's US Push: Fee Waiver and Warrants in Focus as Bitcoin Losses Mount

Japanese firm Metaplanet waives ADR fees for US investors until 2026 to boost liquidity, despite $1.45B unrealized loss on its massive Bitcoin treasury. It remains a top corporate BTC holder.

The Japanese investment firm Metaplanet is making a concerted effort to attract American capital, implementing a dual-pronged strategy even as its core Bitcoin holdings remain deep underwater. In a significant move for US investors, the company has eliminated all fees for its American Depositary Receipt (ADR) program until June 12, 2026. This fee waiver, which removes a charge of up to $0.05 per ADR, applies to both new purchases and the conversion of existing over-the-counter shares.

This initiative coincides with the opening of an exercise window for the company's 27th warrant series. Starting April 16, the EVO FUND can subscribe for up to 100 million new common shares. However, a protective clause makes immediate exercise unlikely. The warrants may only be converted if a specific net asset value multiplier exceeds 1.01. With the simple mNAV currently at 0.82, the threshold is not met, though diluted metrics sit at 1.04 and 1.08. In a related move, Metaplanet has suspended the exercise rights for its 23rd and 24th warrant series until December 2027, affecting rights to up to 210 million shares.

The ADR program itself, launched in December 2025 and administered by Deutsche Bank and MUFG Bank, provides a regulated pathway for US investors under the ticker MPJPY. Each ADR represents one common share, ensuring no dilution occurs from the program itself. CEO Simon Gerovich framed the fee suspension as a response to investor feedback over several quarters, aimed at boosting global liquidity and improving the company's valuation without a material impact on its balance sheet.

These efforts to court US retail investors, including a new listing on the Robinhood platform, unfold against a backdrop of substantial paper losses. Metaplanet's Bitcoin treasury, now totaling 40,177 BTC worth approximately $3.92 billion, was acquired at an average cost of around $107,607 per coin. As of an April 11 analysis, this has resulted in an unrealized loss of roughly $1.45 billion, representing a 38.5% decline on the total position.

Undeterred, the company continues its aggressive accumulation strategy. During the first quarter of 2026, it purchased an additional 5,075 Bitcoin for about $398 million, at a weighted average price between $78,000 and $79,898. This activity solidifies Metaplanet's position as the world's third-largest publicly traded corporate Bitcoin holder.

To partially offset its cost basis, the firm runs an options strategy, selling secured put options below the market price. When these options expire worthless, Metaplanet keeps the premium. This generated $18.63 million in Q1 2026, which was reinvested into Bitcoin, effectively lowering the acquisition cost of the recent tranche by around $3,900 per coin to approximately $76,227.

However, the pace of Bitcoin accumulation per share is slowing due to ongoing equity issuance. The Bitcoin yield—measuring the growth in holdings per diluted share—fell to 2.8% in Q1 2026, down from 11.9% the previous quarter and 33% in Q3 2025.

The company's overarching ambition remains unchanged: to hold 100,000 Bitcoin by the end of 2026. Funding this goal is expected to come from further share and warrant issuances, potentially totaling up to ¥44.46 billion. Investors will get the next formal update on the company's financials and options strategy with the quarterly report due in May 2026.