Metaplanet’s Radical Makeover: A Brokerage Pivot to Salvage a Bitcoin-Tarnished Balance Sheet
18.06.2026 - 16:21:14 | boerse-global.de
Metaplanet is abandoning its pure-play Bitcoin treasury model in favor of a regulated securities business, a dramatic pivot triggered by billions in crypto-related losses. The Japanese firm has agreed to acquire Tokyo broker Siiibo Securities for approximately $13.1 million, a deal expected to close on July 13, 2026. Upon completion, Metaplanet will obtain a Type-I financial license and rechristen itself Metaplanet Securities, allowing it to issue tokenized Bitcoin bonds directly to domestic investors and bypass traditional exchange constraints.
The move comes as the company’s aggressive accumulation of digital assets weighs heavily on its bottom line. For the fiscal year 2025, Metaplanet posted a net loss of ¥95 billion ($636 million at current rates), despite operating revenue surging to ¥8.9 billion and operating profit reaching ¥6.28 billion. The red ink deepened in the first quarter of 2026, with a net loss of $725 million — nearly all of it attributable to a $736 million impairment charge on its Bitcoin holdings. Stripping out the crypto volatility, core operations remain highly profitable: Q1 2026 operating profit stood at $14.3 million on revenue of $19 million, a 251% year-over-year jump.
Metaplanet now holds between 35,000 and 40,000 Bitcoin, acquired at an average price of roughly $107,000. With Bitcoin sliding below $71,000 after the Federal Reserve left interest rates at 3.5%-3.75% and signaled only one cut this year, the company is sitting on an unrealized paper loss of approximately $1.35 billion. The purchase spree that made Metaplanet the world’s third-largest publicly listed Bitcoin holder — overtaking MARA Holdings — has come to a halt. After buying over 5,000 tokens in the first quarter for $400 million, management has paused all acquisitions since the start of the second quarter.
Should investors sell immediately? Or is it worth buying Metaplanet?
Shareholders have not been spared. The stock traded at €1.27 on Thursday, down 4.29% on the day and nearly 43% year to date. At that price, it is 89% below the 52-week high of €11.35 and well beneath the 200-day moving average of €2.45. The relative strength index sits at 36, signalling oversold conditions, though the extreme volatility offers no guarantee of a near-term rebound.
To stabilise the equity, Metaplanet has shifted its capital allocation strategy. With the net asset value per share now below 1, the board is avoiding new equity issuance and instead exploring share buybacks and Bitcoin-backed financings. The company has already drawn $302 million of a $500 million secured credit facility, and recently raised $52 million through zero-coupon bonds plus another $137 million via a capital increase.
CEO Simon Gerovich has pushed back against accusations that the firm obscured details of its leveraged positions, insisting the strategy remains sound. For the current fiscal year, management forecasts revenue of ¥16 billion and operating profit of ¥11.4 billion. The critical test comes in mid-July, when the Siiibo acquisition must be finalised and the new securities arm begins to prove it can monetise the company’s vast Bitcoin hoard through regulated products.
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