Metaplanet Inc.
3350 · Tokyo Stock Exchange (OTCQX: MTPLF)Treasury vehicleMediumJapan
BTC held
43,000
as of Jul 2, 2026 · 0.205% of 21M
Value now
$3.3B
at BTC $77,041
Basic mNAV
0.69×
mkt cap $2.3B as of Sep 4, 2026
Sats per share
3,359
1280M shares as of Aug 31, 2026
Cost basis
- Average cost per BTC
- $102,500
- Total invested
- $4.2B
- Unrealized gain
- $-1.1B (-24.8%)
Treasury debt
- 20th series ordinary bonds, JPY 8.0B (~$50M), zero-coupon, fully subscribed by EVO Fund (Apr 2026) to fund BTC purchases - the latest of a string of 0% JPY bond issuances; funding also comes from serial moving-strike share acquisition rights (27th series exercised in 2026) and a planned MARS/Mercury preferred-share program · 0%$50M · due 2027-04-23
Recent activity
Bought 2,823 BTC in Q2 2026 at an average ~JPY 12.71M (~$80k) per coin, reaching 43,000 BTC on July 2, 2026 (after adding 5,075 BTC in Q1 to 40,177), making it the third-largest corporate holder. In August 2026 Metaplanet denied rumors of a $320M bitcoin sale and reaffirmed 43,000 BTC, moved 1,000 BTC (~$79.8M) to Coinbase Prime on Aug 25 in what was classified as a custody deposit rather than a sale, and per its stockanalysis.com profile agreed to transfer 2,100 BTC to Super League Enterprise for a U.S. treasury platform initiative.
Risk notes
Aggregate cost basis of ~JPY 659.25B (avg ~JPY 15.33M / ~$102.5k per BTC, USD figures FX-dependent) is far above Aug 2026 BTC prices, and the stock trades below NAV (tracker mNAV 0.68-0.90x); shares fell 9.8% to JPY 312 on Aug 31, 2026 (52-week range JPY 192-933, market cap JPY 399.8B). Continuous dilution from moving-strike warrants and 0% bonds funds purchases, and August's sale rumors plus large exchange transfers highlight confidence sensitivity.
Sources
- https://stockanalysis.com/quote/tyo/3350/market-cap/
- https://bitcoinmagazine.com/news/metaplanet-adds-2823-bitcoin-reaches-43000
- https://bitcointreasuries.net/public-companies/metaplanet
- https://stockanalysis.com/quote/tyo/3350/
- https://www.coindesk.com/markets/2026/04/24/bitcoin-holder-metaplanet-raises-usd50-million-in-zero-interest-bonds-to-buy-more-btc
- https://news.bitcoin.com/metaplanet-buys-5075-bitcoin-in-q1-2026-total-holdings-hit-40177-btc/
- https://en.cryptonomist.ch/2026/08/25/metaplanet-bitcoin-transfer/
- https://blockchainreporter.net/metaplanet-denies-320m-bitcoin-sale-rumor-confirms-43000-btc-holdings
Figures are compiled from public disclosures and may lag. This page is information, not investment advice or a recommendation regarding 3350 securities.