ENVALITH
株式会社メタプラネット logo

Metaplanet Inc.

3350・Standard Market・Wholesale Trade

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株式会社メタプラネット logo
Metaplanet Inc.3350

Business

Metaplanet Inc. is a TSE Standard-listed company that adopted a Bitcoin Standard policy in April 2024, transforming from its former Hotel Business and Web3-Related Business into a Bitcoin treasury company. The company has six consolidated subsidiaries (Metaplanet Holdings Inc., Metaplanet Treasury Corporation, Metaplanet Income Corp., Metaplanet Capital Limited, Bitcoin Japan Co., Ltd., and Wen Tokyo Inc.), and operates two segments: the Bitcoin-Related Business (holdings and options trading) and the domestic Hotel Business. As of the end of December 2025, BTC holdings reached 35,102 BTC, with Bitcoin-related assets accounting for the majority of total assets of ¥505,286 million. As the world's second company to adopt a Bitcoin Standard policy, following Nasdaq-listed Strategy, the company is leading the global trend toward corporate BTC treasuries.

Business Model

The primary revenue source is the Bitcoin Income Business (cash-secured BTC options trading), with option premiums received reaching ¥7,976 million in FY2025 (ending December 2025). Fund procurement combines multiple layers, including stock acquisition rights exercises, overseas offerings (385 million shares), Class B preferred shares (MERCURY, total issuance of ¥21.2 billion), and a BTC-collateralized credit facility (upper limit of USD 500 million), with the raised funds used to acquire and accumulate BTC. The Hotel Business (revenue of ¥436 million) functions as a complementary, stable revenue source.

Company Strengths

Holdings expanded roughly 20-fold from 1,761 BTC at the end of December 2024 to 35,102 BTC at the end of December 2025. This was the result of an aggressive capital policy combining stock acquisition rights exercises, an overseas offering of 385 million shares, issuance of Class B preferred shares, and utilization of a credit facility, bringing BTC-related segment assets to ¥499,225 million.

The Bitcoin Income Business (Options Trading), launched in Q4 of FY2024 (ended March 2025)—note: originally Q4 FY2024 Dec.—began full-scale operation, recording option premiums received of ¥7,976 million and Bitcoin-Related Business net sales of ¥8,468 million (up 1,124.5% year on year) for the full fiscal year FY2025 (December 2025). Operating profit of ¥7,191 million demonstrated high profitability.

A three-tier structure was built consisting of common stock, perpetual preferred stock (Class B shares, MERCURY), and a BTC-collateralized credit facility (up to USD 500 million). This framework enables continued BTC accumulation while avoiding common stock dilution even in phases where mNAV falls below 1x, and the full-year 2025 BTC yield reached 568%.

ENVALITH's Perspective

Of the ¥114,493 million quarterly net loss attributable to owners of the parent in Q1 FY2026, the bitcoin valuation loss recorded under non-operating expenses reached ¥116,356 million (versus ¥7,413 million in the same period of the previous fiscal year). This is an accounting-based mark-to-market loss resulting from the decline in BTC price, and does not reflect an actual sale of BTC. Meanwhile, operating income remained in positive territory at ¥2,267 million, highlighting an extremely large divergence between business substance and accounting profit/loss. Investors need to clearly distinguish between the company's proprietary KPIs, such as BTC Yield and BTC Gain, and the accounting profit/loss when conducting their evaluation.

BTC Yield in Q1 FY2026 came in at 2.8%, a significant slowdown from the previous quarter (11.9%) and the quarter before that (33.0%). During this period, the number of shares of common stock issued increased by approximately 11.5%, from 1,142,274,340 shares to 1,274,171,340 shares, indicating progressing share dilution. The company maintains a capital allocation policy stating that, in principle, it will not raise capital through common stock issuance when mNAV falls below 1x; however, maintaining capital efficiency remains a challenge amid external factors such as soft BTC prices and risk-off conditions occurring simultaneously.

Short-term borrowings as of the end of March 2026 reached ¥61,074 million (up 39.3% from ¥43,836 million at the end of the previous fiscal year), and as of May 13, 2026, the company had already drawn down USD 302 million from its credit facility. The company has indicated a policy of keeping BTC-collateralized borrowings at generally less than 10% of BTC NAV, but the risk of forced liquidation due to erosion of collateral value in the event of a sharp decline in BTC price remains present. The equity ratio declined from 90.7% (end of previous fiscal year) to 86.2% (end of Q1), and the trend toward expanding financial leverage warrants continued monitoring.

Growth Strategy

Continuously accumulating BTC through multi-layered capital raising while pursuing global expansion via the Digital Credit strategy

Pursuing maximization of BTC holdings per share (BTC Yield) through multi-layered capital raising combining common stock, Class B preferred stock, and BTC-collateralized credit facilities. As of the end of March 2026, the company held 40,177 BTC, achieving a fully diluted BTC holdings per share of 0.0247319 BTC, up 2.8% from the previous year-end.

Aiming for the listing of the Class B preferred stock (MERCURY), issued on December 29, 2025, on a securities exchange. This represents the embodiment of an ALM strategy that matches perpetual capital with no redemption date to BTC, a long-term holding asset, seeking to establish a permanent capital-raising foundation independent of common stock. Preliminary consultations have already begun, but depending on the outcome of the review, the listing may not be approved.

Expanding into adjacent financial infrastructure areas such as the Bitcoin Income Business, preferred stock, and stablecoins, through the establishment of the venture investment subsidiary "Metaplanet Ventures Co., Ltd.," investment in JPYC Co., Ltd. (Japan's first yen-denominated stablecoin), and the establishment of the U.S. asset management subsidiary "Metaplanet Asset Management Inc." (April 2026).

Policy of utilizing a total of USD 500 million BTC-collateralized credit facility as flexible bridge financing, while gradually shifting toward permanent equity-type capital such as Digital Credit (Perpetual Preferred Stock) over the medium to long term. Outstanding borrowings are managed with a guideline of keeping them below approximately 10% of BTC NAV. As of May 13, 2026, USD 302 million had been borrowed.

Last updated: July 17, 2026