Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Equity-Funded Bitcoin accumulation stalls, as Metaplanet’s share price and mNAV collapse, closing the window for reflexive BTC yield growth</li>
<li>BIG trading desk delivers outsized returns, but sustainability remains uncertain amid falling Bitcoin volatility and rising funding obligations.</li>
<li>Phase II pivots toward platform ambitions, signalling a shift from accumulation to architecture, and potentially, from treasury to Bitcoin bank.</li>
</ul>


Equity-Funded Bitcoin accumulation stalls, as Metaplanet’s share price and mNAV collapse, closing the window for reflexive BTC yield growth
BIG trading desk delivers outsized returns, but sustainability remains uncertain amid falling Bitcoin volatility and rising funding obligations.
Phase II pivots toward platform ambitions, signalling a shift from accumulation to architecture, and potentially, from treasury to Bitcoin bank.


Metaplanet (3350) | When the Bitcoin Flywheel Stops Spinning

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>On 27 August, <a href="https://www.smartkarma.com/entities/metaplanet-inc" target="_blank" data-smartkarma-citation="entities:2130:1" rel="noopener">Metaplanet (3350 JP)</a> announced a large overseas offering in line with a pause in the 20th Warrant Issuance program it had outstanding. The goal? Buy more bitcoin.</li>
<li>Shares had been ¥890 on the 27th, trading higher through the 29th. The offering priced at ¥553. Down 38%. Ouch. But it meant index upweight due to higher share count.</li>
<li>Friday post-close, global index provider M _ _ _ announced a consultation on digital asset treasury companies, suspending the upweight for Metaplanet. Watch out MSTR!</li>
</ul>


On 27 August, Metaplanet (3350 JP) announced a large overseas offering in line with a pause in the 20th Warrant Issuance program it had outstanding. The goal? Buy more bitcoin.
Shares had been ¥890 on the 27th, trading higher through the 29th. The offering priced at ¥553. Down 38%. Ouch. But it meant index upweight due to higher share count.
Friday post-close, global index provider M _ _ _ announced a consultation on digital asset treasury companies, suspending the upweight for Metaplanet. Watch out MSTR!


[Quiddity Index] Index Consultation on Digital Asset Treasury Cos. The 'Tutes Are Leaving?

<ul>
<li>Metaplanet raises JPY 205bn via discounted share issue, doubling Bitcoin holdings to ~32,000 BTC and reframing investor focus toward Bitcoin-per-share growth.</li>
<li>Despite 50% dilution, BTC yield per share rises ~50% in Q3, positioning Metaplanet as a structural proxy for digital monetary assets.</li>
<li>Enhanced balance sheet flexibility should enable a further JPY 125bn raise in Q4, reinforcing the company’s long-term accumulation strategy and premium valuation.</li>
</ul>


Metaplanet raises JPY 205bn via discounted share issue, doubling Bitcoin holdings to ~32,000 BTC and reframing investor focus toward Bitcoin-per-share growth.
Despite 50% dilution, BTC yield per share rises ~50% in Q3, positioning Metaplanet as a structural proxy for digital monetary assets.
Enhanced balance sheet flexibility should enable a further JPY 125bn raise in Q4, reinforcing the company’s long-term accumulation strategy and premium valuation.


Metaplanet (3350) – 50% Dilution or 50% Accretion?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front,  a few US$1bn+ IPOs are said to be looking to launch later this month, across regions.</li>
<li>On the placements front, deals continue to flow through as the market remains receptive. </li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front,  a few US$1bn+ IPOs are said to be looking to launch later this month, across regions.
On the placements front, deals continue to flow through as the market remains receptive. 


ECM Weekly (8 September 2025)- Metaplanet, Lifedrink, Koei, Hesai, Orion, Myungin, Hesai, Chery

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/metaplanet-inc" target="_blank" data-smartkarma-citation="entities:2130:1" rel="noopener">Metaplanet (3350 JP)</a> is looking to raise around US$1bn from a primary placement.</li>
<li>The deal is a relatively small one, representing 4.8 days of the stock’s three month ADV, despite being 22.8% of total shares outstanding.</li>
<li>In this note, we look at Metaplanet and its peers.</li>
</ul>



Metaplanet (3350 JP) is looking to raise around US$1bn from a primary placement.
The deal is a relatively small one, representing 4.8 days of the stock’s three month ADV, despite being 22.8% of total shares outstanding.
In this note, we look at Metaplanet and its peers.


Metaplanet Placement: A Look at Other Treasury Play Issuances and Performance

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)

Metaplanet (3350) | When the Bitcoin Flywheel Stops Spinning

Equity-funded BTC accumulation slows as Metaplanet's share price drops, while BIG sees high returns but faces sustainability concerns. Phase II...

Mark Chadwick

[Quiddity Index] Index Consultation on Digital Asset Treasury Cos. The 'Tutes Are Leaving?

Metaplanet issued stock. It priced. Normally it goes into indices. Global Index Provider M _ _ _ has decided to do a consultation instead. That's...

Travis Lundy

Metaplanet (3350) – 50% Dilution or 50% Accretion?

Metaplanet more than doubles Bitcoin holdings, increases BTC yield per share, and plans further fundraising to reinforce long-term accumulation...

Mark Chadwick

ECM Weekly (8 September 2025)- Metaplanet, Lifedrink, Koei, Hesai, Orion, Myungin, Hesai, Chery

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Metaplanet Placement: A Look at Other Treasury Play Issuances and Performance

Metaplanet is looking to raise around US$1bn from a primary placement. In this note, we look at Metaplanet and its peers.

Nicholas Tan

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Metaplanet (3350) | When the Bitcoin Flywheel Stops Spinning

​Equity-funded BTC accumulation slows as Metaplanet's share price drops, while BIG sees high returns but faces sustainability concerns. Phase II...

Mark Chadwick

[Quiddity Index] Index Consultation on Digital Asset Treasury Cos. The 'Tutes Are Leaving?

Metaplanet issued stock. It priced. Normally it goes into indices. Global Index Provider M _ _ _ has decided to do a consultation instead. That's...

Travis Lundy

Metaplanet (3350) – 50% Dilution or 50% Accretion?

​Metaplanet more than doubles Bitcoin holdings, increases BTC yield per share, and plans further fundraising to reinforce long-term accumulation...

Mark Chadwick

ECM Weekly (8 September 2025)- Metaplanet, Lifedrink, Koei, Hesai, Orion, Myungin, Hesai, Chery

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Metaplanet Placement: A Look at Other Treasury Play Issuances and Performance

Metaplanet is looking to raise around US$1bn from a primary placement. In this note, we look at Metaplanet and its peers.

Nicholas Tan

Equity-funded BTC accumulation slows as Metaplanet's share price drops, while BIG sees high returns but faces sustainability concerns. Phase II...

Metaplanet more than doubles Bitcoin holdings, increases BTC yield per share, and plans further fundraising to reinforce long-term accumulation...