Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>Revenue reached JPY2.1bn, with Bitcoin Treasury Operations at JPY1.9bn and Hotel business at JPY212mn (+25.8% YoY).</li><li>Operating profit was JPY1.4bn, with Bitcoin Treasury at JPY1.6bn and Hotel business contributing JPY82mn.</li><li>Bitcoin holdings increased to 13,350 BTC, with BTC yield at 129.4% in Q2, exceeding the 35% target.</li></ul>

Revenue reached JPY2.1bn, with Bitcoin Treasury Operations at JPY1.9bn and Hotel business at JPY212mn (+25.8% YoY).Operating profit was JPY1.4bn, with Bitcoin Treasury at JPY1.6bn and Hotel business contributing JPY82mn.Bitcoin holdings increased to 13,350 BTC, with BTC yield at 129.4% in Q2, exceeding the 35% target.

Metaplanet (3350 JP): 1H FY12/25 flash update

Japan Specialist

Mark Chadwick

<ul>
<li>Metaplanet has raised over $500 million via stock acquisition rights, using proceeds to repay short-term bonds and expand its Bitcoin holdings.</li>
<li>Evo Fund, the main financier, has exercised 54 million shares and likely profited over $100 million through a share borrowing arrangement and market arbitrage.</li>
<li>A $5 billion capital injection into its U.S. subsidiary hints at potential U.S listing (?), with an EGM scheduled for September to clarify strategic direction.</li>
</ul>


Metaplanet has raised over $500 million via stock acquisition rights, using proceeds to repay short-term bonds and expand its Bitcoin holdings.
Evo Fund, the main financier, has exercised 54 million shares and likely profited over $100 million through a share borrowing arrangement and market arbitrage.
A $5 billion capital injection into its U.S. subsidiary hints at potential U.S listing (?), with an EGM scheduled for September to clarify strategic direction.


Metaplanet (3350) | From Tokyo to the U.S?

<ul>
<li>Metaplanet aims to raise ¥745B via a 555M share issuance to expand its Bitcoin holdings, targeting 100,000 BTC by end-2026.</li>
<li>The raise implies significant dilution, but rising share prices and strong NISA retail demand could make the capital goal achievable within 12–18 months.</li>
<li>Early investors benefit structurally from raises above NAV, as Metaplanet evolves into a long-term institutional vehicle for Bitcoin exposure and monetary debasement hedging.</li>
</ul>


Metaplanet aims to raise ¥745B via a 555M share issuance to expand its Bitcoin holdings, targeting 100,000 BTC by end-2026.
The raise implies significant dilution, but rising share prices and strong NISA retail demand could make the capital goal achievable within 12–18 months.
Early investors benefit structurally from raises above NAV, as Metaplanet evolves into a long-term institutional vehicle for Bitcoin exposure and monetary debasement hedging.


Metaplanet (3350) | Metaplanet’s Treasury Ambition Grows

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.</li>
<li>The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.</li>
<li>Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-May 2025.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-May 2025.


Quiddity JPX-Nikkei 400 Rebal 2025: End-May 2025 Ranks

<ul>
<li>Metaplanet, the Tokyo-listed firm modelling itself after MicroStrategy, continues to rapidly expand its Bitcoin holdings.</li>
<li>For now, equity markets are playing along. Metaplanet’s share price has surged 30% in the past week</li>
<li>But with the firm trading at nearly 6x its net asset value, market enthusiasm looks stretched</li>
</ul>


Metaplanet, the Tokyo-listed firm modelling itself after MicroStrategy, continues to rapidly expand its Bitcoin holdings.
For now, equity markets are playing along. Metaplanet’s share price has surged 30% in the past week
But with the firm trading at nearly 6x its net asset value, market enthusiasm looks stretched


Metaplanet (3350) | The Bitcoin Yield Illusion

Japan

Metaplanet Inc. operates as a Bitcoin treasury company. The Company strategically acquires and manages Bitcoin as a core corporate asset, leveraging capital markets to enhance shareholder value. Metaplanet also manages a hotel in Tokyo and holds the exclusive license for Bitcoin magazine in Japan.

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Metaplanet (3350 JP)