Overview
Wholesale Trade

Metaplanet Inc.

Metaplanet Inc. is a Japan-listed company primarily engaged in Bitcoin Treasury operations, acquiring and holding Bitcoin as a core corporate strategy. The company also operates hotel businesses through its subsidiaries, including properties in Okinawa and Tokyo, and conducts other ancillary businesses through its subsidiary Metamarket Co., Ltd. Metaplanet has positioned itself as a Bitcoin-focused treasury company, drawing comparisons to MicroStrategy's capital allocation model.

Market Cap
¥340B
US$2.17B
EV
¥414B
US$2.64B
Stock¥265▼-1.49%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
49.6
x
LTM EV/EBIT
50.4
x
LTM PER
NM
LTM PBR
1.0
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-64.8%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
340BUS$2.17BMarket Cap75.5BUS$481M+ Debt1.09BUS$6.93M− Cash0.00BUS$0.00M− Inv. Sec.414BUS$2.64BEV
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Performance & Balance
Revenue 5Y (¥B)
0.52US$3.30M'21/120.37US$2.33M'22/120.26US$1.66M'23/121.06US$6.77M'24/128.91US$56.8M'25/12
EBITDA 5Y (¥B)
-0.94-US$6.02M'21/12-0.70-US$4.45M'22/12-0.43-US$2.72M'23/120.37US$2.34M'24/126.35US$40.5M'25/12
Net Income 5Y (¥B)
-0.74-US$4.70M'21/120.98US$6.23M'22/12-0.68-US$4.36M'23/124.44US$28.3M'24/12-95.0-US$606M'25/12
Capital Structure
82%
18%
EquityD/E 0.22xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
0.41US$2.64M11.8US$75.2M'21/120.21US$1.32M3.67US$23.4M'22/120.63US$4.00M0.13US$0.83M'23/120.29US$1.88M11.3US$71.7M'24/122.55US$16.3M43.8US$280M'25/12
Shareholders
Top 10 hold 40.4%
1
CLEARSTREAM BANKING S.A. (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
9.49%
2
STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)
6.15%
3
NATIONAL FINANCIAL SERVICES LLC (Standing Proxy: Citibank, N.A.)
5.64%
4
CHARLES SCHWAB FBO CUSTOMER (Standing Proxy: Citibank, N.A.)
4.32%
5
INTERACTIVE BROKERS LLC (Standing Proxy: Interactive Brokers Securities Japan Inc.)
3.71%
6
MMXX VENTURES LIMITED (Standing Proxy: Evolution Japan Securities Co., Ltd.)
3.26%
7
DEUTSCHE BANK TRUST COMPANY AMERICAS (Standing Proxy: MUFG Bank, Ltd.)
2.62%
8
BNP PARIBAS LONDON BRANCH FOR PRIME BROKERAGE CLEARANCE ACC FOR THIRD PARTY (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
2.30%
9
EUROCLEAR Bank S.A./N.V. (Standing Proxy: MUFG Bank, Ltd.)
1.52%
10
MORGAN STANLEY SMITH BARNEY LLC CLIENTS FULLY PAID SEG ACCOUNT (Standing Proxy: Citibank, N.A.)
1.35%
Management
10 officers
Simon GEROVICH
Representative Executive Officer and CEO, Director and Chairman of the Board
May 2000 Graduated from Harvard University, USA Sep 2000 Joined Goldman Sachs Securities Co., Ltd. Apr 2007 Assumed CEO position at Evolution Capital Public Company Limited Apr 2013 Director of the Company Oct 2015 Chairman of the Board and Representative Director of the Company Mar 2022 Representative Director and President of the Company Oct 2022 Representative Director, Wen Tokyo Inc. (current) Jul 2024 Director, Metaplanet Capital Limited (current) May 2025 Director, Metaplanet Treasury Corporation (current) Jul 2025 Director, Metaplanet Holdings Inc. (current) Sep 2025 Director, Metaplanet Income Corp. (current) Sep 2025 Representative Director, Bitcoin Japan K.K. (current) Mar 2026 Representative Executive Officer and CEO, Director and Chairman of the Board of the Company (current)
1977-04-28
Richard KINCAID
Director
Jun 2000 Joined Goldman Sachs Securities Co., Ltd. Jan 2003 CFO, Speedwell Advisors Ltd. Aug 2004 President and COO, Nezu Asia Capital Management Limited Jan 2011 CEO and COO, Nezu Asia Capital Management (Singapore) Pte. Ltd. Aug 2017 President and COO, Nezu Asia Capital Limited Mar 2018 Outside Director, Healios K.K. Jul 2019 Director and Executive Officer, CFO, Healios K.K. (current) Oct 2019 Director, Healios NA Aug 2020 President, Healios NA (current) Jan 2021 Member of the Board of Managers, Saisei Ventures LLC (current) Mar 2025 Director of the Company (current)
1976-11-19
Drew EDWARDS
Director
1994 Joined Pfizer Pharmaceuticals Inc. 2000 Investment Banking Division, Lehman Brothers, Inc. 2001 Earned MBA from Kellogg School of Management, Northwestern University; earned JD from its law school 2002 Corporate Planning, McKesson Specialty Pharmaceuticals 2005 Japanese small-cap equities, Taiyo Pacific Partners 2008 Portfolio Manager, Advisory Research, Inc. 2017 Founder and CEO, Usonian Investments LLC 2020 Head of Japan Equities, Grantham Mayo Van Otterloo (current) Feb 2023 Director of the Company (current)
1971-04-02
Hiroaki KUWAJIMA
Director
May 2003 Joined Mitsubishi Corporation May 2010 Completed joint MBA/MPA program, Harvard Business School and John F. Kennedy School of Government, Harvard University Sep 2010 Joined Dream Incubator Inc. Apr 2012 Co-Representative and CFO, Aoyama Shachu Co., Ltd. Apr 2016 Senior Managing Director, LINKERS Inc. (President, LINKERS INTERNATIONAL CORPORATION) Dec 2018 Representative Director, K&Associates Inc. (current) Apr 2021 Haas Executive Fellow, Haas School of Business, University of California, Berkeley (current) Mar 2024 Director of the Company (current) Jul 2025 Completed Corporate Director Certificate Program, Harvard Business School Jan 2026 Director, 3S Capital Inc. (current)
1980-11-29
Tyler EVANS
Director
May 2014 Graduated from Department of Chemical and Biological Engineering, University of Alabama Aug 2014 Co-founder, BTC Inc. (current) Sep 2019 Co-founder and Managing Partner, UTXO Management (current) Sep 2023 General Partner, Unbroken Chain (current) Jun 2024 Director of the Company (current)
1992-01-30
Benjamin TSAI
Director
Jun 1995 Graduated from University of California, Berkeley, B.S. in Materials Science and Engineering Jun 2001 Earned MBA, UCLA Anderson School of Management Aug 2001 Structured Products Group, Merrill Lynch Japan Securities May 2011 CEO, Merrill Lynch Singapore Securities Oct 2013 Senior Vice President, AllianceBernstein Jan 2017 Co-founder and CFO, LA Blockchain Lab Jan 2018 Founder, Cardinal Mark Investments (current) Aug 2018 Co-founder and President, Wave Digital Assets (current) Mar 2021 Director, Ziliqa Capital Sep 2021 Lecturer in Crypto Finance, UCLA Anderson School of Management (current) Jun 2024 Director of the Company (current)
1973-01-19
Junko SWAIN
Director
1985 Graduated from Meiji University Junior College, Department of Economics 1985 Joined World Co., Ltd. 1995 Graduated from Department of Accounting, University of Hawaii 1996 Joined Deloitte LLP, USA 1999 Obtained US CPA license (CPA-3762) 2003 Finance leadership role, eBay Inc. 2009 Finance leadership role, VMware Inc. 2010 Finance leadership role, Apple Inc. 2011 Vice President and Assistant Controller, Vantiv Inc. (currently Worldpay Inc.; IPO in 2012) 2013 Chief Accounting Officer, KIXEYE Inc. 2015 Chief Accounting Officer, Upwork Inc. (IPO in 2018) 2022 Outside Director and Chair of the Audit Committee, Pebl (formerly Velocity Global LLC) (2022-2025) 2023 SVP and Chief Accounting Officer, Workiva Inc. (current) Mar 2026 Director of the Company (current)
1964-07-13
Christopher WELLS
Director
1979 Admitted to the State Bar of California, USA 1987 Registered as Gaikokuho Jimu Bengoshi (Foreign Lawyer) in Japan Sep 1989 Joined Baker & McKenzie (Aoyama Tokyo Law Offices) Jan 1992 Partner, White & Case Tokyo 1993 Administrative Partner, Tokyo Office, White & Case 2001 Executive Partner, Tokyo Office, White & Case (2001-2009) May 2013 Partner (Tokyo), Bingham McCutchen Nov 2013 Partner, Morgan, Lewis & Bockius LLP (Tokyo, Hong Kong, Shanghai) Oct 2022 Principal, ACADAE Services LLC (current) Mar 2026 Director of the Company (current)
1954-09-25
Fred TOFAI
Director
Jun 1988 Graduated from University of California, Irvine, majoring in Economics and Political Science May 1995 Earned MBA, McDonough School of Business, Georgetown University Jul 1995 Joined Goldman Sachs Asia LLC 2008 Partner, Goldman Sachs Securities Co., Ltd. Jan 2013 President, Goldman Sachs (Singapore) Pte. Dec 2017 Left the same company Jul 2018 Outside Director, Old Peak Asia Fund Ltd. (current) Feb 2019 Operating Partner, SoftBank Investment Advisers Jul 2020 Left the same company Apr 2021 Audit & Supervisory Board Member, AltX Research K.K. (current) Jun 2021 Asia Pacific Chairman and Strategic Advisor, GFO-X (current) Mar 2026 Director of the Company (current)
1965-05-19
Atsushi NARUMATSU
Director
Mar 1991 Graduated from Waseda University, Faculty of Political Science and Economics, Department of Economics Apr 1996 Joined Hara Accounting Office May 1998 Joined Deloitte Touche Tohmatsu (now Deloitte Tohmatsu LLC) Dec 2004 Seconded to Listing Department, Tokyo Stock Exchange, Inc. Jan 2007 Joined Cookpad Inc. Jun 2007 Director, Cookpad Inc. Jul 2007 Executive Officer, Cookpad Inc. Apr 2013 President and Director, Museo Inc. (currently Neue Garten Inc.) (current) May 2013 Outside Audit & Supervisory Board Member, Nile Inc. Oct 2013 Outside Audit & Supervisory Board Member, Rarejob Inc. Dec 2013 Outside Director, Healios K.K. May 2015 Outside Director (Audit and Supervisory Committee Member), Nile Inc. Nov 2015 Outside Director, Wantedly, Inc. (current) Jun 2016 Outside Director (Audit and Supervisory Committee Member), Rarejob Inc. (current) Mar 2017 Outside Director (Audit and Supervisory Committee Member), Cross Marketing Group Inc. (current) Mar 2018 Outside Director, Healios K.K. Mar 2018 Outside Director, Nile Inc. Mar 2025 Director (Audit and Supervisory Committee Member), Nile Inc. (current) Mar 2026 Director of the Company (current)
1968-11-14
Large Shareholding Reports
Capital Research and Management Company
2026-10-23
9.76%→10.90%
Morgan Stanley & Co. International plc
2026-10-22
3.64%
Merrill Lynch International
2026-10-22
4.62%
Simon GEROVICH
2026-10-20
9.14%→9.14%
Simon GEROVICH
2026-09-25
14.12%→9.14%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Simon GEROVICH
2026-09-18
14.12%→9.14%
Simon GEROVICH
2026-09-18
14.12%→14.12%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Capital Research and Management Company
2026-09-15
11.09%→9.76%
Simon GEROVICH
2026-09-04
14.12%→14.12%
Capital Research and Management Company
2026-08-26
11.54%→11.09%
Simon GEROVICH
2026-08-25
17.86%→14.12%
Capital Research and Management Company
2026-07-30
10.94%→11.54%
Capital Research and Management Company
2026-07-21
9.93%→10.94%
Evo Fund
2026-05-15
21.14%→20.82%
Capital Research and Management Company
2026-05-01
11.06%→9.93%
Capital Research and Management Company
2026-04-17
11.06%→11.06%
Capital Research and Management Company
2026-04-13
10.68%→11.06%
Evo Fund
2026-04-08
17.75%→21.14%
Capital Research and Management Company
2026-03-17
10.68%→10.68%
Capital Research and Management Company
2026-03-13
10.68%→10.68%
Capital Research and Management Company
2026-03-04
12.25%→10.68%
Capital Research and Management Company
2026-02-26
13.43%→12.25%
Capital Research and Management Company
2026-02-20
13.43%→13.43%
Capital Research and Management Company
2026-02-09
13.15%→13.43%
Capital Research and Management Company
2025-12-17
11.56%→13.15%
Evo Fund
2025-12-15
27.84%→17.75%
Capital Research and Management Company
2025-11-10
11.56%→11.56%
Capital Research and Management Company
2025-10-29
11.57%→11.56%
Capital Research and Management Company
2025-10-20
11.57%→11.57%
Capital Research and Management Company
2025-10-15
11.57%→11.57%
Evo Fund
2025-10-10
37.78%→27.84%
Citigroup Global Markets Limited
2025-10-07
6.99%→1.28%
Capital Research and Management Company
2025-10-03
11.57%→11.57%
Capital Research and Management Company
2025-09-30
11.39%→11.57%
Capital Research and Management Company
2025-09-25
7.86%→11.39%
Citigroup Global Markets Limited
2025-09-22
6.99%
Gerovich Simon
2025-09-19
18.01%→17.86%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Gerovich Simon
2025-09-17
18.01%→17.86%
MMXX Ventures Limited
2025-09-17
6.66%→5.62%
Evo Fund
2025-09-03
38.56%→37.78%
Evo Fund
2025-09-01
40.55%→38.56%
Capital Research and Management Company
2025-08-22
6.72%→7.86%
Evo Fund
2025-08-21
41.48%→40.55%
Evo Fund
2025-08-18
42.64%→41.48%
Evo Fund
2025-08-07
43.68%→42.64%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-23
Large Shareholding Report
EDINET
2026-10-22
Large Shareholding Report
EDINET
2026-10-22
Large Shareholding Report
EDINET
2026-10-20
Large Shareholding Report
EDINETAmended
2026-10-02
Amended Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINETAmended
2026-10-02
Amended Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINETAmended
2026-10-02
Amended Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINETAmended
2026-10-02
Amended Semi-Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINETAmended
2026-09-25
Change Report
EDINET
2026-09-18
Large Shareholding Report
EDINETAmended
2026-09-18
Change Report
EDINET
2026-09-15
Large Shareholding Report
EDINET
2026-09-04
Large Shareholding Report
EDINET
2026-08-26
Large Shareholding Report
EDINET
2026-08-25
Large Shareholding Report
EDINET
2026-08-13
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-08-13
Q2 Earnings Flash
FY ending Dec 2026
EDINET
2026-07-30
Large Shareholding Report
EDINET
2026-07-21
Large Shareholding Report
EDINETAmended
2026-06-12
Amended Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2026-05-15
Large Shareholding Report
TDnet
2026-05-13
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-05-01
Large Shareholding Report
EDINET
2026-04-17
Large Shareholding Report
EDINET
2026-04-13
Large Shareholding Report
EDINET
2026-04-08
Large Shareholding Report
EDINETAmended
2026-03-26
Amended Securities Registration Statement
EDINET
2026-03-26
Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2026-03-17
Large Shareholding Report
EDINET
2026-03-16
Securities Registration Statement
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