Metaplanet Faces Twin Threats: MSCI Exclusion Risk and a Shareholder Revolt Over 273 Million Shares

Metaplanet confronts a possible MSCI index removal and shareholder backlash over its executive options pool, as its stock falls 65% year to date.

Metaplanet's troubles are piling up on two separate fronts, and neither has anything to do with the daily gyrations of Bitcoin. On one side sits a potential eviction from major equity benchmarks; on the other, an increasingly vocal shareholder campaign against a compensation structure that critics say quietly erodes their stakes.

The index provider MSCI opened a consultation on August 3 that could reclassify balance-sheet-heavy companies holding large pools of non-operating assets as "non-operating companies," stripping them from key benchmarks. Based on data from May 2026, the Tokyo-listed firm ranks among the possible candidates for removal. For a company whose core business is accumulating Bitcoin, that designation would carry real consequences: passive funds tracking MSCI benchmarks would be forced to unwind their positions, generating selling pressure entirely divorced from Metaplanet's operating performance. No final ruling has been issued, but the mere prospect of exclusion is likely to make institutional investors more cautious.

A Financing Squeeze From Japan's Bond Market

The macro backdrop is hardly helping. On September 3, a 30-year Japanese government bond was allocated at a yield of 4.079%, up 14.2 basis points from the August 6 auction. Rising long-term rates make life harder for a company that depends on capital markets to fund its Bitcoin purchases. The more expensive it becomes to raise money, the tougher it gets to sustain the aggressive accumulation strategy Metaplanet has pursued in recent years.

That headwind arrives at a fragile moment. Barely a week ago, a change to the subscription-rights terms of Series 10 rattled shareholders, and the stock has shed roughly 18% since. Market data reflects the sour mood: the shares trade at EUR 1.39, just above the 50-day moving average of EUR 1.36 but well below the 200-day average of EUR 1.78 — a gap of 22% to the downside. Year to date, the stock is off 65%.

Shareholders Push Back Against the Options Pool

The internal dispute centers on 273 million additional shares tied to the company's tenth executive options pool. Under the contested plan, executives would receive options equivalent to 20% of all fully diluted shares. The flashpoint: the pool grows automatically whenever Metaplanet issues new stock to finance further Bitcoin acquisitions. Detractors call it structural dilution at the expense of existing holders, worsening with every capital raise. David Bailey, chief of Bitcoin Magazine, publicly defended the model, pointing out that the options pool builds up over a five-year horizon.

The fight follows a string of governance clashes that have weighed on confidence in Metaplanet's capital structure. The recent Series 10 subscription-rights change — which triggered roughly an 18.6% decline in the share price — set the stage for the current standoff over executive compensation.

Price Action and Valuation

Metaplanet closed Thursday at EUR 1.38, essentially flat with a decline of 0.3% from the prior session. Over the past year the stock has lost 38%, and across twelve months its value has more than halved. Market capitalization stands at roughly EUR 1.89 billion — a fraction of what the company was worth at the peak of the Bitcoin-treasury frenzy. The relative strength index sits at 43.2, signaling neither oversold nor overbought conditions; the market appears to be waiting to see how management handles the internal conflict.

Bitcoin Holdings and Expansion Plans Continue

Despite the mounting pressure, Metaplanet is pressing ahead with expansion. As of June 30, the company reported holding 43,000 Bitcoin. Through its US subsidiary, Metaplanet Holdings, roughly USD 132.1 million worth of Bitcoin plus USD 2.5 million in cash is set to flow to Nasdaq-listed Super League in exchange for shares, preferred stock, and warrants. The deal is expected to close in the fourth quarter of 2026, subject to approval by Super League shareholders and regulatory clearances in the US and Japan.

Regional Momentum Offers a Contrast

The governance battle unfolds against a far more dynamic backdrop elsewhere in Asia's crypto sector. According to Tracxn data, funding for crypto startups in Southeast Asia doubled to USD 680 million in 2026 across 25 financing rounds, up from USD 319 million over 46 rounds the previous year. Singapore dominates, capturing 82.5% of the region's total equity funding and hosting 2,285 of the 3,957 registered blockchain firms.

Competition among Bitcoin-treasury vehicles is also shifting. Strategy, formerly MicroStrategy, is working to lift its S&P credit rating out of junk territory (B-) after its dollar liquidity ballooned from USD 54 million to USD 6.54 billion in a single year. S&P sees an upgrade as realistic no earlier than October 2026.

For Metaplanet investors, the pivotal question is whether shareholder protests against the options pool will actually force a change in the issuance terms. Should those demands fail, the erosion of trust that recent price action already hints at would likely deepen. The company's next opportunity to address these concerns comes with its quarterly report, scheduled for November 13.