Metaplanet Shifts Treasury Strategy: A Tactical Halt in Bitcoin Accumulation

Metaplanet, the Asian corporate leader in Bitcoin holdings, has entered a strategic pause in its digital asset acquisition. The company is temporarily shifting its focus from aggressive Bitcoin purchases to risk management and shareholder value initiatives, including a new share buyback program. This recalibration follows a significant rally in the company’s stock price, with markets now assessing the implications of this changed treasury approach on valuation and price stability.

A Strategic Pivot to Capital Stewardship

For ten consecutive weeks, Metaplanet has suspended its Bitcoin purchases, a decision maintained even during recent cryptocurrency price corrections. This marks a clear transition from an accumulation-focused model to one emphasizing controlled capital allocation and balance sheet fortification.

The core elements of the current tactical shift include:

• Cessation of Bitcoin Buys: No additional Bitcoin has been added to the treasury since late September. The company’s holdings remain steady at approximately 30,823 BTC.
• Reprioritized Capital Use: Management is now prioritizing equity price stabilization. To support its market capitalization without diluting existing shareholders, the firm has initiated a share repurchase plan and secured new credit facilities.
• MARS Strategy Framework: The overarching “Metaplanet Acquisition and Reserve Strategy” (MARS) maintains its growth-oriented foundation. It provisions for the future issuance of preferred shares to fund acquisitions, while deliberately preserving short-term liquidity.

Trading on the Frankfurt exchange today saw the shares move between €2.65 and €2.76. After a 12% surge on Wednesday following the MARS strategy announcement, the stock is consolidating these gains, defending this support range.

Valuation Context and MicroStrategy Parallels

This hiatus in Bitcoin buying coincides with a period of expanded valuation. The ratio of enterprise value to Bitcoin Net Asset Value (mNAV) has recently climbed to 1.17, its highest level in two months. Consequently, the equity is trading at a premium to the underlying value of its Bitcoin reserves.

Should investors sell immediately? Or is it worth buying Metaplanet?

The share repurchase program is explicitly designed to help stabilize this valuation premium and prevent a return to trading at a discount to NAV, as witnessed in October.

This approach draws parallels to U.S.-based MicroStrategy, which also employs sophisticated capital structures to enhance shareholder returns. A key difference, however, is Metaplanet’s current acquisition pause and its tailored strategy for the Japanese financial environment, which benefits from low interest rates and specific local tax advantages.

With its treasury holding firm at 30,823 BTC—valued at over $2.8 billion—Metaplanet retains its position as Asia’s largest corporate Bitcoin holder. Institutional observers largely interpret this phase as a consolidation period following the aggressive expansion of 2024 and 2025, rather than a fundamental strategic reversal.

The Path Forward: A Critical December Vote

Attention now turns to an extraordinary general meeting scheduled for late December. Shareholders will vote on the full implementation of the MARS strategy and the introduction of new Mercury share classes. This corporate structure is viewed as essential for the company to resume its long-term acquisition targets actively.

Market perspectives can be summarized as follows:

• Near-Term: Sentiment is largely neutral to cautiously positive, contingent on the successful execution of the buyback program and the defense of the key support zone around €2.60.
• Long-Term: The ambitious target of accumulating 100,000 BTC by 2026 remains intact.
• Technical View: Following a pullback from recent highs near 480 JPY (approximately €3.00), the share price is consolidating. A sustained break above €2.80 would suggest a resumption of the upward trend, while a close below €2.50 could signal a deeper correction phase.