Metaplanet’s Brokerage Ambition and Token Giveaway: A Last-Ditch Effort to Reverse an 88% Rout

Metaplanet is trying to break free from its Bitcoin shadow — but the market is not convinced yet. The Japanese corporate crypto-holder, which has seen its shares tumble nearly 88% from their peak, announced a partnership program with three domestic blockchain firms and a plan to acquire a local securities house. Yet the stock continues to trade just a whisker above its 52-week floor.

The Tokyo-listed shares closed Thursday at €1.14, a slim margin above the year’s trough of €1.12. Over the past seven sessions, the stock lost more than 12%, and it has shed roughly 30% in the last 30 days alone. The slide has dragged the relative strength index to 29.9, deep in oversold territory on a technical basis, while the share price sits more than 50% below its 200-day moving average of €2.36 — a stark measure of just how severe the correction has been.

Behind the sell-off lies a familiar story of Bitcoin-linked leverage. Metaplanet suffered a net loss of $619 million in fiscal 2025, driven primarily by unrealized write-downs on its bitcoin holdings. Short sellers have circled the stock, making it one of the most heavily shorted names on the Tokyo exchange. They question whether the company’s aggressive plan to accumulate 100,000 BTC by year-end can be executed without massive shareholder dilution — a fear that has kept the equity under persistent pressure.

Should investors sell immediately? Or is it worth buying Metaplanet?

To counter the erosion of investor confidence, Metaplanet is now pursuing a two-pronged strategic pivot. First, it will launch a shareholder rewards program in collaboration with HashPort, stablecoin issuer JPYC, and leading crypto exchange Coincheck. The initiative aims to distribute digital tokens to retail holders, deepening ties with Japan’s crypto-native community. Second, the company is moving to acquire Siiibo Securities, with plans to rebrand it as “Metaplanet Securities” and build a full-fledged brokerage business. Management argues that combining a securities license with Bitcoin-linked services could eventually decouple the stock from the gyrations of the underlying cryptocurrency.

CEO Simon Gerovich has also dangled the prospect of share buybacks if the stock persistently trades below the net asset value of its bitcoin reserves — a condition that currently holds true. But the market has yet to embrace the narrative. The broader crypto-proxy sector remains under assault: Strategy (formerly MicroStrategy) slid as much as 25% in a five-day stretch when bitcoin dipped below $60,000, pulling down names like Metaplanet in its wake.

For now, all eyes are on whether the €1.12 support level can hold. A break below that floor would leave the stock without any clear chart-based footing. The coming weeks will test whether a loyalty token program and a brokerage license can do what a giant bitcoin pile alone could not — persuade investors that Metaplanet is more than just a wager on the next crypto cycle.

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