Data checked
2026-06-21
Equity data is a dated snapshot. Prices and NAV move intraday.
BTC EquityHospitality / BTC Treasury3350.T / MTPLFTokyo Stock Exchange Standard Market / OTC Markets
Metaplanet Inc.
Japan's leading public bitcoin treasury company.
6.6/10Overall score = 7.1*25% + 7.2*20% + 7.8*15% + 3.0*15% + 5.5*10% + 8.0*10% + 8.0*5% = 6.6. NAV premium/discount uses common market capitalization versus BTC market value only, before cash, debt, taxes, warrants, and operating business value.
Key Metrics
NAV Premium / Discount
-27.52%
Market cap: $1.87B vs BTC value: $2.58B
BTC per Share
₿0.00003139
₿40,177 total BTC held
Market Cap
$1.87B
Tokyo Stock Exchange Standard Market / OTC Markets
Share Price
$1.46
Tokyo Stock Exchange Standard Market / OTC Markets
Avg Daily Volume
$50.0M
Liquidity: high
Shares Outstanding
1,280,000,000
Float: 1,200,000,000
Total Debt
$275.0M
D/E ratio: 0.10
Revenue (TTM)
$55.8M
Japan-listed company with legacy hotel and hospitality opera…
Leverage Ratio
0.1068
Debt / BTC market value
Score Breakdown
Methodology: Overall score = 7.1*25% + 7.2*20% + 7.8*15% + 3.0*15% + 5.5*10% + 8.0*10% + 8.0*5% = 6.6. NAV premium/discount uses common market capitalization versus BTC market value only, before cash, debt, taxes, warrants, and operating business value.
View full scoring methodology →Dilution & Share Structure
heavy dilution1,280,000,000 shares outstanding
Metaplanet has used moving-strike warrants, stock acquisition rights, and other capital-market programs to finance rapid BTC accumulation. Share count expanded sharply from 2025 into 2026.
Leverage & Debt
Total Debt
$275.0M
Debt-to-Equity
0.10
Leverage Ratio
0.1068
Public disclosures emphasize warrants and stock acquisition rights more than conventional U.S.-style convertible notes. Debt estimates include market-data reported borrowings and may not fully reflect yen-denominated instruments.
Operating Business
Revenue (TTM)
$55.8M
CEO
Simon Gerovich
Japan-listed company with legacy hotel and hospitality operations; BTC treasury operations became an official business line in December 2024 and now drive the investment case.
Liquidity
Avg Daily Volume
$50.0M
Bid-Ask Spread
0.25%
Liquidity Tier
high
Management & Capital Allocation
CEO
Simon Gerovich
Management Score
8.0/10
Management has positioned Metaplanet as Asia-focused BTC treasury equity and has accumulated BTC rapidly, but the strategy depends heavily on continued capital-market access.
Highlights
- +Reported 40,177 BTC holdings at March 31, 2026 after a large first-quarter purchase.
- +Tokyo-listed public equity with an OTC ticker for U.S. market access.
- +High visibility among investors looking for Asia-listed BTC treasury exposure.
Considerations
- !Heavy warrant and stock acquisition-right usage creates material dilution risk.
- !Market data can differ between the Tokyo listing, OTC ticker, and ADR-related instruments.
- !Legacy operating business is small relative to the BTC treasury strategy.
Best for
Investors comparing non-U.S. BTC treasury equities with meaningful liquidity and aggressive bitcoin accumulation.
Evidence
Why trust this view
Verification
Sources
5 cited
Each data point is traced back to a named source listed below.
How we score
Equity methodology
Open the scoring rules before relying on a ranking.
Boundary
Not investment advice
Pledge provides comparison data for educational purposes only.
Sources
verifiedOfficial
Metaplanet April 2, 2026 BTC purchase notice
Official disclosure reports 40,177 BTC held as of March 31, 2026 and describes BTC treasury operations and dilution methodology for stock acquisition rights.
https://metaplanet.jp/disclosure/en/20260402T160721Z-_4_2_2026__-_Notice_of_Additional_Purchase_of_Bitcoin___2_.pdf ↗verifiedOfficial
Metaplanet official site
Official site identifies Metaplanet as a bitcoin treasury company and lists current disclosures.
https://metaplanet.jp/home ↗partialResearch
CoinGecko Metaplanet treasury profile
Research profile tracks 40,177 BTC, estimated market value, mNAV, BTC per share, ticker, website, and leadership.
https://www.coingecko.com/en/treasuries/companies/metaplanet ↗partialMarket Data
StockAnalysis 3350.T statistics
Market-data snapshot used for market capitalization, shares outstanding, float, and valuation metrics for the Tokyo listing.
https://stockanalysis.com/quote/tyo/3350/statistics/ ↗partialResearch
BitcoinQuant Metaplanet profile
Cross-check for debt estimate, trading volume, volatility, and BTC treasury metrics.
https://bitcoinquant.co/company/3350.T ↗Notes
Ticker correction: Metaplanet trades primarily as 3350.T in Japan; MTPLF is an OTC U.S. symbol. BTC market value uses a $64,101 BTC reference price (live spot, June 21, 2026). Market cap is converted from a Tokyo close of approximately JPY 301.1B (JPY 235/share, June 19, 2026) at USD/JPY 161.3; holdings of 40,177 BTC remain current per bitcointreasuries.net. Not investment advice.
Not investment advice. Pledge provides comparison data for educational purposes only. This snapshot was checked 2026-06-21. Past performance does not guarantee future results.
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NAV estimates. NAV per share calculations use a reference BTC price and may not reflect all corporate assets, liabilities, debt, taxes, or operating costs.
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