Metaplanet’s Share Price Declines Ahead of Critical Shareholder Vote

Metaplanet JP3481200008

Shares of Metaplanet, the Japanese company known for its substantial Bitcoin treasury strategy, are facing selling pressure as a pivotal shareholder meeting approaches. The stock closed at 398 yen, marking a decline of approximately 8.9% in its latest trading session. Investor attention has shifted from the firm's Bitcoin acquisition policy to a proposed overhaul of its corporate financing framework.

The immediate catalyst for the stock's weakness appears to be the upcoming Extraordinary General Meeting (EGM) scheduled for December 22, 2025. At this gathering, the management team, led by CEO Simon Gerovich, will seek shareholder approval for a new capital structure involving preferred shares. The proposal specifically calls for the creation of Class-A "MARS" and Class-B "MERCURY" preferred stock categories.

This vote is viewed as a crucial step for the company's future financial capacity. The proposed instruments are designed to allow Metaplanet to raise capital for further Bitcoin purchases without causing the immediate dilution typically associated with issuing common equity. CEO Gerovich has been actively encouraging shareholders to vote, emphasizing the proposals' significance for the company's medium to long-term strategic direction.

Bitcoin Accumulation Strategy Paused

Concurrent with the EGM preparations, Metaplanet's previously active Bitcoin acquisition program has been on hold. Despite being closely associated with a "buy the dip" methodology, the firm has not added to its Bitcoin holdings for ten weeks. The market is currently pricing in the execution risks of the new financial structure. Until the proposals are passed and the new funding channels become operational, the previously aggressive accumulation strategy remains suspended.

Key Data Points:
* Current Share Price: 398 yen (previous close)
* Recent Movement: Down roughly 9% in the last session
* Next Key Event: EGM on December 22, 2025
* Bitcoin Treasury: Approximately 30,000 BTC

Valuation Context and Market Sentiment

As one of Asia's larger corporate holders of Bitcoin, Metaplanet's equity is highly sensitive to movements in the cryptocurrency's price, as well as to its internal corporate governance timeline. The drop to 398 yen represents a notable pullback from a recent high of 471 yen reached on December 10. Prior to this correction, the ratio of market capitalization to its modified net asset value (mNAV) had risen above 1.17, indicating a premium. The current cooling-off period suggests the market is awaiting concrete results from the EGM before making further commitments.

The outcome of the December 22 vote on the "MARS" and "MERCURY" instruments is now a central prerequisite for Metaplanet to fully resume its core strategy of leveraged Bitcoin accumulation.