Japan Specialist

Mark Chadwick

Equity Bottom-Up

<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

<ul>
<li>Metaplanet’s secret weapon? Moving-strike warrants that raise equity into strength—fueling BTC buys while sidestepping the deep discounts typical of Japan’s small-cap raises.</li>
<li>Forget buybacks. Metaplanet is redefining shareholder value by issuing stock, not retiring it—turning dilution into accretion via Bitcoin per-share growth.</li>
<li>A 4.6x mNAV premium gives Metaplanet unmatched BTC buying power—creating a capital flywheel that most traditional treasuries can only envy.</li>
</ul>


Metaplanet’s secret weapon? Moving-strike warrants that raise equity into strength—fueling BTC buys while sidestepping the deep discounts typical of Japan’s small-cap raises.
Forget buybacks. Metaplanet is redefining shareholder value by issuing stock, not retiring it—turning dilution into accretion via Bitcoin per-share growth.
A 4.6x mNAV premium gives Metaplanet unmatched BTC buying power—creating a capital flywheel that most traditional treasuries can only envy.


Metaplanet (3350) | Japan’s Bitcoin Rocket

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jun 13th. The aggregated net margin trading position is USD17,593m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor, Isuzu Motors, Skylark, Fujikura, Nintendo, Mcdonald's.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jun 13th. The aggregated net margin trading position is USD17,593m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor, Isuzu Motors, Skylark, Fujikura, Nintendo, Mcdonald's.


JPX Margin Trading Weekly (Jun 13th): Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor

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) | Metaplanet’s Treasury Ambition Grows

Metaplanet plans to raise ¥745B through a share issuance to increase Bitcoin holdings, aiming for 100,000 BTC by 2026. Early investors could...

Mark Chadwick

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

In total, there are 53 Potential ADDs and 47 Potential DELs (unique names) presented in the current Quiddity Leaderboard. The HIGH & MED Exp ADDs...

Janaghan Jeyakumar, CFA

Metaplanet (3350) | The Bitcoin Yield Illusion

Tokyo-listed firm Metaplanet, mirroring MicroStrategy, grows Bitcoin holdings rapidly as share price surges 30%, but trading at 6x net asset value...

Mark Chadwick

Metaplanet (3350) | Japan’s Bitcoin Rocket

Metaplanet's innovative strategy of issuing stock to fuel Bitcoin purchases is redefining shareholder value and creating unmatched buying power.

Mark Chadwick

JPX Margin Trading Weekly (Jun 13th): Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor

We analyzed JPX margin trading positions report for the past week and highlighted Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor, Isuzu...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Metaplanet (3350) | Metaplanet’s Treasury Ambition Grows

​Metaplanet plans to raise ¥745B through a share issuance to increase Bitcoin holdings, aiming for 100,000 BTC by 2026. Early investors could...

Mark Chadwick

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

In total, there are 53 Potential ADDs and 47 Potential DELs (unique names) presented in the current Quiddity Leaderboard. The HIGH & MED Exp ADDs...

Janaghan Jeyakumar, CFA

Metaplanet (3350) | The Bitcoin Yield Illusion

​Tokyo-listed firm Metaplanet, mirroring MicroStrategy, grows Bitcoin holdings rapidly as share price surges 30%, but trading at 6x net asset value...

Mark Chadwick

Metaplanet (3350) | Japan’s Bitcoin Rocket

​Metaplanet's innovative strategy of issuing stock to fuel Bitcoin purchases is redefining shareholder value and creating unmatched buying power.

Mark Chadwick

JPX Margin Trading Weekly (Jun 13th): Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor

We analyzed JPX margin trading positions report for the past week and highlighted Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor, Isuzu...

Ke Yan, CFA, FRM

Metaplanet plans to raise ¥745B through a share issuance to increase Bitcoin holdings, aiming for 100,000 BTC by 2026. Early investors could...

Tokyo-listed firm Metaplanet, mirroring MicroStrategy, grows Bitcoin holdings rapidly as share price surges 30%, but trading at 6x net asset value...

Metaplanet's innovative strategy of issuing stock to fuel Bitcoin purchases is redefining shareholder value and creating unmatched buying power.