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?

<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

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

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

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

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

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...

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.