Metaplanet Targets Japanese Savers with Securities Arm to Fund Bitcoin Stockpile

Metaplanet targets 210,000 BTC by 2027 via ¥2.1B securities deal, but faces dilution risks and a 41% drop in Bitcoin-linked revenue.

Metaplanet is betting that Japan’s household savings, not the capital markets, will provide the fuel for its drive to own one percent of all Bitcoin. In July, the company expects to complete its ¥2.1 billion acquisition of Siiibo Securities, rebranding it as Metaplanet Securities and launching a suite of Bitcoin-linked yield products aimed squarely at the country’s retail and institutional cash piles.

The move comes as the Tokyo-based firm accelerates its crypto treasury strategy at a pace that has surprised even its own management. On 2 July 2026, Metaplanet disclosed the purchase of an additional 2,823 Bitcoin for ¥35.886 billion, pushing its total holdings to 43,000 BTC. The average price paid for the latest tranche was approximately ¥12.712 million per coin, dragging the overall cost base down to ¥15.332 million.

Under the so-called "555 Million Plan", Metaplanet wants to control 210,000 Bitcoin – exactly one percent of the maximum global supply – by the end of 2027. An interim target of 100,000 BTC is set for end-2026. The blueprint mirrors MicroStrategy’s playbook, relying on a mix of equity issuance and debt to accumulate the digital asset.

But the market is demanding a heavy price for that ambition. Analysts estimate the company will need up to $18 billion in additional capital over the next 18 months, raising the spectre of severe shareholder dilution. The stock has already lost nearly half its value since the start of 2026, closing at €1.12 on Wednesday before a modest recovery. On Friday, the shares climbed 4.95% to €1.16, though they remain barely above a 52-week low of €1.04 struck on 30 June. The relative strength index of 38.6 points to a consolidation phase after months of wild swings.

The valuation gap is stark. Metaplanet trades at a discount to its net asset value, with a multiple of roughly 0.9 – meaning the market prices the entire company below the value of its Bitcoin holdings alone. While some analysts see a clear undervaluation, others warn that the cost of raising the necessary funds will wipe out any perceived bargain.

Metaplanet’s financial results for the second quarter of fiscal 2026 underscore the challenges. Revenue from Bitcoin-linked activities, mainly options premiums and realized gains, came in at ¥1.747 billion, down 41% from the previous quarter’s ¥2.969 billion. The decline reflects lower market volatility, which has compressed option-writing returns. Still, first-half revenue reached ¥4.717 billion, and management is sticking to its full-year forecast of ¥16 billion in revenue and ¥11.4 billion in operating profit.

The first quarter painted a grimmer picture, with a net loss of $728 million largely driven by write-downs on the Bitcoin portfolio. Chief executive officers have flagged the possibility of buybacks if the stock continues to trade deep below NAV, though no repurchases were executed in June amid a pause in both issuance and buyback activity.

With the securities acquisition set to close this month, Metaplanet is pivoting from pure accumulation to distribution. The goal is to tap into the vast reservoir of Japanese household savings, estimated at over ¥1 quadrillion, by offering structured Bitcoin yield products. Whether that strategy can close the funding gap – and revive a stock that has fallen 88% from its 52-week high of €9.68 – remains the billion-dollar question.