Metaplanet Stock: Japan's Bitcoin Treasury Explained

Short answer: Metaplanet stock (3350.T) is a share in Japan's largest bitcoin company. Tokyo-based Metaplanet has held bitcoin as its main reserve since April 2024 and owns 44’000 BTC. Each share represents around 3’500 sats. The stock currently costs less than its bitcoin, but because of debt and preferred stock it swings more than bitcoin (as of Nov 13, 2026).

You've heard of "Japan's Strategy", you see a stock for just over one euro and wonder whether it is a cheap way into bitcoin. Metaplanet stock has become worth twelve times as much since April 2024, bitcoin in yen only around 10% more. Since its peak in June 2025, however, it has lost almost nine tenths. Here you'll see how Metaplanet came by its bitcoin, what you really buy with one share and what Metaplanet does differently from Strategy in 2026.

What is Metaplanet?

Metaplanet Inc. is a Tokyo company listed on the Tokyo Stock Exchange (Standard segment) under the code 3350. It used to run hotels. On Apr 8, 2024, the board decided to make bitcoin its main reserve. The CEO is Simon Gerovich.

The reasoning was Japanese: the yen had lost around half its value against the dollar in ten years, interest rates had been at or below zero for years, and government debt stood at over 250% of economic output. Metaplanet no longer wanted to hoard yen, but bitcoin. The model was Strategy, which took the same path in 2020; you'll find its profile under Strategy stock (MSTR).

Source: Metaplanet announcements, holdings list of Oct 5, 2026. Metaplanet had not reported newer holdings by Nov 13, 2026.

How this type of company works in general is explained in the overview Bitcoin treasury companies.

How Metaplanet paid for its bitcoin

In 2024 Metaplanet had hardly any money of its own. Almost every bitcoin was bought with money from the capital markets. In total, Metaplanet paid ¥684 billion for its bitcoin, an average of ¥15.56 million per bitcoin, around €87’900 (as of Sep 30, 2026).

1. New shares via warrants. Most of the money came from so-called "moving strike warrants": an investor gets the right to keep buying new shares at the current price and sells them on the exchange. In 2025, the "21 Million Plan" and part of the "555 Million Plan" ran this way. In September 2025, 385 million new shares for investors abroad were added.
2. Bonds and a loan. Metaplanet has issued bonds and uses a credit facility of up to $500 million, secured by bitcoin as collateral. These loans are meant to stay below 10% of the bitcoin value.
3. Preferred stock. Since December 2025 there has been MERCURY, a preferred stock paying 4.9% in yen. What exactly MERCURY and the planned security MARS are is in the article Metaplanet MARS and MERCURY.
4. A zero-coupon convertible bond. In October 2026, Metaplanet raised ¥52 billion until 2031. If the share rises above ¥339, the creditors can convert into shares instead of demanding their money back.

Rule to remember: Metaplanet grew from 1’762 to 44’000 bitcoin in 18 months, almost entirely with money from new shareholders. As long as they paid more than the value of the bitcoin, the bitcoin per share rose for everyone.

Metaplanet also earns money by selling bitcoin options. In 2025 this brought in most of its ¥8.9 billion revenue. In 2026 this business is shrinking: from ¥3.0 billion in the first to ¥0.85 billion in the third quarter.

How much bitcoin is in one Metaplanet share?

The easiest way to understand Metaplanet stock is to convert it into bitcoin. After the buyback in October 2026, there are 1’267.8 million shares outstanding and 44’000 BTC. Each share therefore stands for 0.0000347 BTC, around 3’470 sats.

On Nov 12, 2026, one share cost ¥229 (€1.29 or CHF 1.19). The bitcoin in it was worth around ¥392. At first glance you get it at a 42% discount; the mNAV is 0.58×.

But bonds, loans and MERCURY rank ahead of the shareholders, together around ¥148 billion after deducting cash. Subtract those, and the shareholders own around 70% of the bitcoin net, about 2’440 sats per share. Net, you pay around 0.83× its value. The discount is smaller than it looks, but it is there.

What the mNAV reveals about expensive and cheap treasury stocks is in the overview of treasury companies. You'll find the live values on the Metaplanet page of the treasury overview.

Metaplanet stock and bitcoin compared

If you got in in April 2024, you are far ahead. If you bought in summer 2025, you have lost almost everything. The reason is not only bitcoin, but the premium: in June 2025 investors paid a multiple of the bitcoin value; today they pay less than the bitcoin value.

Share prices adjusted for the 2025 split. Source: Yahoo Finance, closing prices; bitcoin price of Nov 13, 2026 from the bitcoin-powerlaw.com price bar.

Metaplanet bought its bitcoin at an average of ¥15.56 million. At today's price, the holdings are around 27% below cost. Almost all of the bitcoin dates from 2025, when the price was high.

According to the Power Law model, on Nov 13, 2026 bitcoin stood at 0.65 times the trend, in the accumulation zone and 5% above the floor of €60’574 (CHF 55’922). For Metaplanet that means: the bitcoin is historically cheaply valued, but the leverage is currently working downwards. How the model calculates is in the methodology.

2026: what Metaplanet does differently from Strategy

Both companies got into the same situation in 2026: the share fell below the value of its bitcoin. Selling new shares would have cost existing shareholders bitcoin. Strategy nevertheless kept selling shares and gave up bitcoin for dividends. In March 2026, Metaplanet adopted a fixed rule:

1. Below 1×, no new common shares. If the mNAV is below 1, Metaplanet doesn't issue shares. The exception is a rights issue in which all shareholders can participate equally.
2. Below 1×, buybacks. From Oct 14 to 31, 2026, Metaplanet bought back 96.4 million of its own shares for ¥25.3 billion. Up to 200 million shares or ¥60 billion are permitted until October 2027.
3. Growth through other routes. Preferred stock, bonds and its own securities firm: Metaplanet is taking over the Tokyo bond broker Siiibo Securities in order to place securities with Japanese investors itself.

The result shows in the bitcoin per share. At the end of 2025, each share stood for 3’073 sats; at the end of October 2026 for 3’471 sats, an increase of 13%. At Strategy, the same figure fell in 2026.

Superplanet: the step into the US

In August 2026, Metaplanet agreed to contribute 2’100 bitcoin and $2.5 million to the Nasdaq company Super League. In return it receives around 96% of the shares. The company is to be called "Superplanet" and issue dollar preferred stock, which cannot yet be listed in Japan. The bitcoin stay within the group. Completion is planned for the fourth quarter of 2026.

What happens to Metaplanet stock if bitcoin falls?

Bonds, loans and MERCURY stay the same no matter where bitcoin stands. Every move in the bitcoin price therefore hits the common shareholders first, and amplified. At Metaplanet this leverage is smaller than at Strategy, because the claims ahead amount to only around 30% of the bitcoin instead of 33%.

44’000 BTC, claims ahead of the shareholders ¥147.6 billion (€0.83 billion), as of Nov 13, 2026.

Below around €19’000 per bitcoin, the bitcoin would no longer even cover debt and MERCURY. That is 69% below the floor. The floor is a model value, not a guarantee. Where it lies on a given day, you can work out in the floor calculator.

Unlike Strategy, Metaplanet has a loan secured by bitcoin as collateral. If the price falls sharply, the lender can demand more collateral. Metaplanet therefore keeps the loan small and plans to repay around ¥23.6 billion of it in November 2026 with the money from the convertible bond.

Worked example: €10’000 or CHF 10’000 in Metaplanet

A discount alone doesn't make the stock the better bitcoin. It is the price of buying the company, management, debt and yen risk along with it.

The risks of Metaplanet stock

Many of these risks apply to all treasury stocks. The article The risks of bitcoin preferred stocks goes through the preferred stocks one by one.

Metaplanet, Strategy or bitcoin directly?

Metaplanet as of Nov 13, 2026, Strategy as of Nov 12, 2026.

Metaplanet stock suits you if you deliberately want a company with bitcoin leverage, keep the position small and can withstand a 90% drop. From June 2025 to June 2026, the share fell from ¥1’895 to ¥197. For your long-term reserve, bitcoin in your own custody is simpler: no management, no debt, no exchange rates. How to set that up is shown in the guide Storing bitcoin safely.