Metaplanet Unveils Quarterly Dividend Plan Amid Bitcoin Valuation Pressures

Metaplanet projects 80% revenue growth for 2026 and announces a quarterly dividend plan for preferred shareholders, despite facing over $1.2B in unrealized losses on its Bitcoin holdings.

For the first time, Metaplanet has provided specific financial projections for its 2026 fiscal year, coupled with a new plan for quarterly dividend payments to its Class B preferred shareholders. This dual announcement of forward guidance and a shareholder return strategy provided a boost to the company's shares this week. However, a significant unresolved challenge remains: substantial unrealized losses tied to its sizable Bitcoin holdings.

Operational Strength Masks a Net Loss

Metaplanet reported revenue of ¥8.905 billion for the fiscal year ending March 2025, representing a staggering 738% increase from the prior year. Operating profit surged to ¥6.287 billion, up 1,694%. According to company reports, this explosive growth was primarily driven by premium income from writing Bitcoin options, which allegedly accounted for approximately 95% of total revenue.

Despite this operational performance, the bottom line told a different story. The company posted a net loss of ¥95.046 billion. This was caused by a non-cash impairment charge of ¥102.2 billion on its Bitcoin assets, a accounting requirement under Japanese mark-to-market regulations. This contrasts sharply with the previous fiscal year, which recorded a ¥4.4 billion gain from the same holdings.

2026 Forecast and Preferred Shareholder Focus

Looking ahead to the fiscal year ending March 31, 2026, Metaplanet has issued consolidated group targets. The company forecasts revenue of ¥16.000 billion and operating profit of ¥11.400 billion, implying growth of roughly 80% for each metric. In tandem with this outlook, management outlined a schedule for quarterly dividend distributions specifically for its Class B preferred shares. Following these disclosures, the company's stock price advanced by 6.1%.

The preferred share structure utilizes financial instruments Metaplanet refers to as "MERCURY" and "MARS." This approach is reminiscent of the model employed by U.S. firm Strategy (formerly MicroStrategy), which also utilizes similar securities. For the "MERCURY" instrument, the company has indicated a placement of 23.6 million shares, equivalent to ¥21.2 billion, via a third-party allocation.

Mounting Scrutiny and Valuation Compression

CEO Simon Gerovich has recently publicly refuted allegations concerning undisclosed loans against Bitcoin holdings or governance issues. Reports indicate the company's wallet addresses are publicly accessible, and a live dashboard purportedly provides real-time visibility into its cryptocurrency reserves.

As of December 31, 2025, Metaplanet's treasury held 35,102 Bitcoin. Based on data analysis, this position made it the world's fourth-largest publicly traded corporate holder of Bitcoin, trailing only Strategy, MARA Holdings, and Twenty One Capital. Concurrently, the company faces unrealized losses on these Bitcoin holdings exceeding $1.2 billion, with an reported average purchase price of around $107,000 per Bitcoin.

An additional pressure point is the company's valuation metric. Its mNAV premium—the ratio of its market capitalization to the net asset value of its Bitcoin—has reportedly contracted to just above 1x. This marks a dramatic decline from levels exceeding 10x in early 2025 and over 20x in 2024. The share price currently trades more than 80% below its historical highs, with a 52-week range quoted between ¥284 and ¥1,930.

This challenging environment also impacts the firm's funding strategy. Analysis suggests that "Moving Strike Warrants," a core fundraising tool, are most effective when the share price is higher and the mNAV premium sits comfortably above 1x. With both conditions currently under strain, Metaplanet is increasingly relying on permanent preferred share issuances to raise capital for additional Bitcoin acquisitions. In late January, the company reportedly raised approximately $137 million through a third-party allocation using this method.

Investors can expect the next financial update on May 19, when the subsequent earnings report is scheduled for release.