Japan Specialist

Mark Chadwick

Equity Bottom-Up

<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?

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jun 20th. The aggregated net margin trading position is USD17,331m.</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 Advantest, Disco, Mitsubishi Heavy Industries, Lasertec, Skylark, Isuzu Motors, Softbank, Joyful Honda, Nippon Steel, Mitsubishi Ufj Financial.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jun 20th. The aggregated net margin trading position is USD17,331m.
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 Advantest, Disco, Mitsubishi Heavy Industries, Lasertec, Skylark, Isuzu Motors, Softbank, Joyful Honda, Nippon Steel, Mitsubishi Ufj Financial.


JPX Margin Trading Weekly (Jun 20th): Advantest, Disco, Mitsubishi Heavy Industries, Lasertec

<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

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published over the past two weeks on Smartkarma</li>
<li>In this cut, we look at an Asian toy manufacturer not named Pop Mart or Dream Int'l, the mashup between crypto and equity markets and the takeaways from tracking buybacks</li>
<li>Want to dig deeper? Comment or message on the themes you think should be highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published over the past two weeks on Smartkarma
In this cut, we look at an Asian toy manufacturer not named Pop Mart or Dream Int'l, the mashup between crypto and equity markets and the takeaways from tracking buybacks
Want to dig deeper? Comment or message on the themes you think should be highlighted next


Curator's Cut: The Next Labubu, Crypto Equities & Tracking APAC Buybacks

<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

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) | From Tokyo to the U.S?

Metaplanet raises $500 million through stock acquisition rights, repays bonds, expands Bitcoin holdings. EGM in September to clarify strategic...

Mark Chadwick

JPX Margin Trading Weekly (Jun 20th): Advantest, Disco, Mitsubishi Heavy Industries, Lasertec

We analyzed JPX margin trading positions report for the past week and highlighted Advantest (6857 JP), Disco (6146 JP), Mitsubishi Heavy Industries...

Ke Yan, CFA, FRM

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

Curator's Cut: The Next Labubu, Crypto Equities & Tracking APAC Buybacks

In this cut, we look at an Asian plush toy manufacturer not named Pop Mart or Dream Int'l, the mashup between crypto and equity markets and the...

Pranav Rao

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

​Metaplanet raises $500 million through stock acquisition rights, repays bonds, expands Bitcoin holdings. EGM in September to clarify strategic...

Mark Chadwick

JPX Margin Trading Weekly (Jun 20th): Advantest, Disco, Mitsubishi Heavy Industries, Lasertec

We analyzed JPX margin trading positions report for the past week and highlighted Advantest (6857 JP), Disco (6146 JP), Mitsubishi Heavy Industries...

Ke Yan, CFA, FRM

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

Curator's Cut: The Next Labubu, Crypto Equities & Tracking APAC Buybacks

In this cut, we look at an Asian plush toy manufacturer not named Pop Mart or Dream Int'l, the mashup between crypto and equity markets and the...

Pranav Rao

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

Metaplanet raises $500 million through stock acquisition rights, repays bonds, expands Bitcoin holdings. EGM in September to clarify strategic...

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