The Bitcoin financial company Metaplanet (3350), listed on the Tokyo Stock Exchange Standard, disclosed the status of its own stock acquisition and the exercise of stock acquisition rights on the 5th, with a maximum stock acquisition limit of 75 billion yen set; however, the actual stock purchase in December was zero.
On the other hand, the three stock acquisition rights issued for the EVO FUND have been completely extinguished. The stock price on the same day ended trading at 468 yen, up 15.56% from the previous day, marking a significant increase since the beginning of the year. Behind the surge in stock prices is the expectation for a major additional purchase of 4279 BTC announced at the end of last year and an upward revision of earnings.
Capital policy progresses despite the decision to suspend share buybacks
At the board meeting on October 28, 2025, MetaPlanet decided on a large-scale treasury stock acquisition program, authorizing the purchase of up to 150 million shares, equivalent to 13.13% of the issued share capital, with a maximum acquisition amount of 75 billion yen. The acquisition period is one year until October 28, 2026, and market purchases under a Tokyo Stock Exchange trading authorization agreement are planned.
However, during the initial month of acquisition, from December 1 to December 31, 2025, no actual purchases were made. The number of existing treasury shares remained at 26,311 shares, as the company maintained a cautious stance. Although the share buyback was suspended, the company's capital policy advanced in another form.
The company announced that as of the end of December, the outstanding balance of unexercised rights from the 20th to 22nd new share subscription rights, issued as EVO FUND as the recipient, had been fully exercised and reduced to zero. At the end of November, there were 28.44 million shares equivalent of unexercised rights for the 20th, and 185 million shares equivalent for both the 21st and 22nd. Exercise was halted after November 28, and the acquisition and cancellation procedures were completed on December 8. This was part of a refinancing of the capital-raising method disclosed on November 20, 2025, and new 23rd and 24th new share subscription rights have since been issued.
BTC additional purchases and earnings revisions lifted stock prices
On January 5, MetaPlanet stock closed at 468 yen (+63 yen from the previous day, equivalent to 3.11 USD), recording a significant rise of +15.56% from the previous day and +19.16% from the previous week. This sharp increase is believed to be mainly due to a series of positive announcements made toward the end of the year.
The company announced on December 30, 2025, that it had acquired 4,279 bitcoins during the fourth quarter at an average purchase price of 163.2 million yen, with the total purchase amount reaching 6.98 billion yen. As a result, the total number of held bitcoins reached 35,102, and the cumulative purchase amount amounted to 55.97 billion yen. The average purchase price was 159.4 million yen.
During the fourth quarter, the company secured multiple credit facilities backed by Bitcoin, completing borrowings totaling 280 million USD (approximately 28 billion yen). Additionally, on December 29, the company fully repaid the remaining balance of 3.75 billion yen from the 19th ordinary bonds, and on the same day completed the capital contribution for 23.61 million shares of Class B preferred stock, raising 21.249 billion yen. These funds are being used to continue active Bitcoin purchases.
The BTC yield for the company from October 1 to December 30, 2025, was 11.9%, resulting in a BTC gain of 3,672 BTC and a yen gain of 50.56 billion yen. The annual BTC yield trended as follows: Q1 309.8%, Q2 95.6%, Q3 129.4%, Q4 33.0%, reflecting a consistent record of aggressive buying.
Independent upward trajectory despite Bitcoin stagnation
A key focus in the market is MetaPlanet's independent strength, even as Bitcoin prices have remained weak. Bitcoin's price rose from 93,507 USD at the beginning of 2025 to a record high of 126,000 USD in October, but selling pressure intensified toward year-end, leading to a year-end close around 88,000 USD. The annual result was a negative growth, marking a challenging year.
In contrast, MetaPlanet stock rose sharply from 375 yen on January 6, 2025, to a temporary high of 1,800 yen in June, before quickly declining. Although it ended the year at 402 yen, down about 78% from its peak, it still achieved a positive return compared to the starting price of the year. Since the beginning of 2026, the upward trend has strengthened, and the stock recovered to 468 yen on the 5th.
Among market participants, MetaPlanet's performance surpassing Bitcoin in annual investment returns is being reevaluated. The company has set an ambitious goal of acquiring 210,000 BTC by 2027, aiming for a substantial increase from its current holding of 35,102 BTC. The combination of the large-scale purchase announcement at year-end and the upward revision of earnings is believed to have heightened investor expectations, driving the sharp stock price surge since the beginning of the year.
