Metaplanet Charts a Dual Course: Stable Dividends Amid Bitcoin Volatility

Japanese investment firm Metaplanet is navigating the turbulent cryptocurrency markets with a dual-pronged strategy. The company has announced a dividend payment for preferred shareholders while simultaneously providing updated revenue guidance and confirming details for its upcoming Annual General Meeting (AGM). This move highlights an attempt to balance the inherent volatility of its substantial Bitcoin holdings with more predictable shareholder returns.

The company has formalized the details for its 27th Ordinary General Meeting of Shareholders. The gathering is scheduled for 10:00 AM on March 25, 2026, and will be held at the Pia Arena MM in Yokohama. Shareholders of record as of December 31, 2025, will be eligible to vote at the meeting, which will address key corporate resolutions. These are expected to include discussions on capital structure, the future dividend policy, and the strategic direction of the firm's Bitcoin-related activities.

A Dividend Shielded from Crypto Swings

In a significant policy decision, Metaplanet's board has approved a dividend distribution specifically for its Class B preferred shares. The payout will be 0.40 Japanese Yen per share, amounting to a total distribution of approximately 9.44 million Yen.

A critical detail is the source of these funds. The dividend will be paid explicitly from the company's capital reserve, not from retained earnings or operating profit. This structural choice deliberately decouples the dividend policy from the significant valuation fluctuations of Metaplanet's Bitcoin treasury. By drawing on the capital reserve, the company aims to provide a relatively stable distribution to its preferred shareholders, irrespective of mark-to-market gains or losses on its digital asset holdings.

• Dividend per Class B Share: 0.40 Yen
• Total Distribution Volume: ~9.44 million Yen
• Funding Source: Capital reserve
• Record Date: December 31, 2025
• Payment Date: On or after January 31, 2026

Bitcoin Holdings and Financial Performance Outlook

Metaplanet continues to execute its Bitcoin treasury strategy without deviation. As of the end of January 2026, the company's holdings stand at 35,102 BTC. Based on prevailing market prices, this position is valued at roughly $3.1 billion.

The profound influence of cryptocurrency markets on the balance sheet is evident. For the 2025 fiscal year, the company recorded an unrealized loss of approximately $680 million. This paper loss resulted from downward revaluations of its Bitcoin assets and impacts the book value, though the coins themselves were not sold.

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Operationally, however, the revenue trajectory appears more robust. Management has raised its sales forecast for 2025 from $44 million to $57.8 million. Furthermore, the revenue outlook for 2026 points to further growth, with projections around $104 million. This suggests expanding business operations despite the accounting pressures from the crypto portfolio.

Separately, data from TipRanks cites an analyst price target of 573 Yen per share for Metaplanet, though the report provides no additional context regarding the assumptions or timeframe for this target.

Market Context and Strategic Positioning

The broader market environment sees Bitcoin consolidating above the $89,000 level. Observers note that fluctuations in the Japanese Yen and the yield on Japanese Government Bonds (JGBs) continue to influence capital flows into alternative assets like Bitcoin—a correlation recently highlighted by commentators including Arthur Hayes, co-founder of BitMEX.

For Metaplanet, this creates a two-sided exposure. On one hand, sharp price movements in Bitcoin directly impact the valuation side of its balance sheet, as seen in the booked unrealized losses. On the other hand, the company's substantial direct holdings mean it stands to benefit significantly from any positive price momentum in the cryptocurrency.

By combining this crypto-centric strategy with a capital-reserve-funded dividend and upgraded operational revenue forecasts, Metaplanet is sketching a corporate profile that merges a clear dependence on digital asset markets with an ambition to deliver more stable returns to a specific class of its investors.