About / Securities · MPJPY / 3350 · Tape
$MPJPY Metaplanet
Metaplanet is a Japanese Bitcoin treasury company focused on accumulating Bitcoin. Its shares trade in Tokyo as 3350 and in the U.S. through its MPJPY depositary receipts.
Loading…
OCTOBER 5 DISCLOSURE · Q3 2026
Metaplanet sold 10,000 BTC and later purchased 11,000 BTC during Q3. The net addition of 1,000 BTC brought holdings to 44,000 BTC at September 30. The company says the transactions demonstrated its ability to turn Bitcoin into cash; its existing bonds and borrowings remain outstanding.
The 11.3% quarterly BTC Yield compares September 30 with June 30 and includes the September option reset. Diluted shares remain at 1,500,108,824, unchanged from the September 11 update.
Transaction figures are preliminary and unaudited. The potential $97 million deferred tax asset has not been confirmed by the auditor and is excluded from the site’s cash and net-backing calculations. Read the October 5 disclosure.
GROSS & NET BITCOIN EXPOSURE
MPJPY · CEBE
Net Bitcoin-equivalent backing after debt and preferred claims, offset by cash.
Basic common shares · Snapshot 2026-09-30
Fixed FX: ¥157.35/US$ on 2026-09-30.
- Net claims / BTC value
- —
- Net sats / $100 of stock
- —
- Net mNAV
- —
- Direct BTC sats / $100
- —
Loading market quotes…
Calculation, dates & sources
- BTC held
- 44,000
- Common shares
- 1,364,282,624
- Net claims
- $777,718,462.03
Net sats/share = [BTC − net claims ÷ BTC price] ÷ common shares × 100,000,000. Net claims = debt + preferred − cash. Metaplanet uses the issuer’s disclosed net total, including its stablecoin offset.
Net sats/$100 = net sats/share × 100 ÷ stock price. Net mNAV = stock price ÷ net backing per share in dollars. Direct BTC assumes no fees.
Preliminary, unaudited September 30 capital estimate disclosed October 5, 2026. Net claims are ¥122.374 billion: bonds, borrowings and preferred shares less cash, cash equivalents and USD-denominated stablecoins. The disclosure does not separately restate those components.
Converted at the September 30 MUFG USD/JPY mid-rate of ¥157.35 per US dollar disclosed in section 5 note (5). This fixed conversion is not live FX. Stablecoins are included in the issuer's offset even though they are not accounting cash equivalents.
Basic ordinary shares only. Preferred claims are already included in net claims, so MERCURY is not deducted again or also counted as converted common shares. One MPJPY ADR represents one ordinary share.
The approximately $97 million potential deferred tax asset is unconfirmed and excluded. The Bitcoin sale and repurchase did not retire the outstanding bonds and borrowings.
- Metaplanet October 5 disclosure ↗ · 2026-09-30
Section 4: preliminary net claims; section 5: BTC holdings, basic shares and the dated MUFG FX reference. Published October 5, 2026.
Uses unconverted claims and basic/effective common shares. Options and potential conversion shares are excluded. Debt and preferred amounts are modeled notionals, not a comprehensive liquidation waterfall. Other liabilities, accrued or future dividends, operating costs and taxes are excluded.
CEBE means Common Equity Bitcoin Exposure. Framework credited to Bobby Tierney / CEBE Tracker. BTCperShare calculates independently; asset offsets, preferred claim bases and reporting dates may differ. This notional model retains signed net claims; CEBE Tracker floors net senior claims at zero.
Reported denominator history
The effective-diluted denominator includes issued common shares, MERCURY convertible preferred shares, and in-scope warrants/options. It is not the same as basic shares outstanding.
| As of | BTC | Basic shares | Effective diluted | Basic sats | Diluted sats | BTC Yield |
|---|---|---|---|---|---|---|
| 24-06-30 | 141.073 | 181,692,180 | 227,692,180 | 78 | 62 | — |
| 24-09-30 | 398.832 | 181,692,180 | 454,201,850 | 220 | 88 | +41.7% |
| 24-12-31 | 1,761.98 | 362,683,340 | 489,604,170 | 486 | 360 | +309.8% |
| 25-03-31 | 4,046 | 459,823,340 | 574,779,175 | 880 | 704 | +95.6% |
| 25-06-30 | 13,350 | 654,714,340 | 826,567,925 | 2,039 | 1,615 | +129.4% |
| 25-09-30 | 30,823 | 1,140,974,340 | 1,434,392,925 | 2,701 | 2,149 | +33.0% |
| 25-12-31 | 35,102 | 1,142,274,340 | 1,459,627,925 | 3,073 | 2,405 | +11.9% |
| 26-03-31 | 40,177 | 1,274,171,340 | 1,624,499,175 | 3,153 | 2,473 | +2.8% |
| 26-06-30 | 43,000 | 1,281,283,624 | 1,631,543,380 | 3,356 | 2,636 | +6.6% |
| 26-09-11 | 43,000 | 1,364,282,624 | 1,500,108,824 | 3,152 | 2,866 | +8.8% |
| 26-09-30 | 44,000 | 1,364,282,624 | 1,500,108,824 | 3,225 | 2,933 | +11.3% |
Bitcoin acquisition ledger
55 reported additions and net changes since the first completed purchase. The Q3 2026 row shows 11,000 BTC purchased less 10,000 BTC sold, dated to the September 30 reporting period and disclosed October 5. Individual trade dates were not disclosed. Two small 2024 additions are sourced to the issuer dashboard.
| Transaction / period end | Type | Net BTC added | Total BTC | Source |
|---|---|---|---|---|
| 26-09-30 | Sale + repurchase (Q3 net) | +1,000 | 44,000 | Disclosure ↗ |
| 26-06-30 | Purchase | +2,823 | 43,000 | Disclosure ↗ |
| 26-03-31 | Purchase | +5,075 | 40,177 | Disclosure ↗ |
| 25-12-30 | Purchase | +4,279 | 35,102 | Disclosure ↗ |
| 25-09-30 | Purchase | +5,268 | 30,823 | Disclosure ↗ |
| 25-09-22 | Purchase | +5,419 | 25,555 | Disclosure ↗ |
| 25-09-08 | Purchase | +136 | 20,136 | Disclosure ↗ |
| 25-09-01 | Purchase | +1,009 | 20,000 | Disclosure ↗ |
| 25-08-25 | Purchase | +103 | 18,991 | Disclosure ↗ |
| 25-08-18 | Purchase | +775 | 18,888 | Disclosure ↗ |
| 25-08-12 | Purchase | +518 | 18,113 | Disclosure ↗ |
| 25-08-04 | Purchase | +463 | 17,595 | Disclosure ↗ |
| 25-07-28 | Purchase | +780 | 17,132 | Disclosure ↗ |
| 25-07-14 | Purchase | +797 | 16,352 | Disclosure ↗ |
| 25-07-07 | Purchase | +2,205 | 15,555 | Disclosure ↗ |
| 25-06-30 | Purchase | +1,005 | 13,350 | Disclosure ↗ |
| 25-06-26 | Purchase | +1,234 | 12,345 | Disclosure ↗ |
| 25-06-23 | Purchase | +1,111 | 11,111 | Disclosure ↗ |
| 25-06-16 | Purchase | +1,112 | 10,000 | Disclosure ↗ |
| 25-06-02 | Purchase | +1,088 | 8,888 | Disclosure ↗ |
| 25-05-19 | Purchase | +1,004 | 7,800.01 | Disclosure ↗ |
| 25-05-12 | Purchase | +1,241 | 6,796.01 | Disclosure ↗ |
| 25-05-07 | Purchase | +555 | 5,555.01 | Disclosure ↗ |
| 25-04-24 | Purchase | +145 | 5,000.01 | Disclosure ↗ |
| 25-04-21 | Purchase | +330 | 4,855.01 | Disclosure ↗ |
| 25-04-14 | Purchase | +319 | 4,525.01 | Disclosure ↗ |
| 25-04-02 | Purchase | +160 | 4,206.01 | Disclosure ↗ |
| 25-03-31 | Purchase | +696 | 4,046.01 | Disclosure ↗ |
| 25-03-24 | Purchase | +150 | 3,350.01 | Disclosure ↗ |
| 25-03-18 | Purchase | +150 | 3,200.01 | Disclosure ↗ |
| 25-03-12 | Purchase | +162 | 3,050.01 | Disclosure ↗ |
| 25-03-05 | Purchase | +497 | 2,888.01 | Disclosure ↗ |
| 25-03-03 | Purchase | +156 | 2,391.01 | Disclosure ↗ |
| 25-02-25 | Purchase | +135 | 2,235.01 | Disclosure ↗ |
| 25-02-20 | Purchase | +68.59 | 2,100.01 | Disclosure ↗ |
| 25-02-17 | Purchase | +269.43 | 2,031.42 | Disclosure ↗ |
| 24-12-23 | Purchase | +619.7 | 1,761.99 | Disclosure ↗ |
| 24-11-19 | Purchase | +124.117 | 1,142.29 | Disclosure ↗ |
| 24-10-28 | Purchase | +156.783 | 1,018.17 | Disclosure ↗ |
| 24-10-16 | Other BTC addition | +5.91 | 861.385 | Dashboard ↗ |
| 24-10-15 | Purchase | +106.976 | 855.476 | Disclosure ↗ |
| 24-10-11 | Purchase | +108.999 | 748.5 | Disclosure ↗ |
| 24-10-07 | Purchase | +108.786 | 639.501 | Disclosure ↗ |
| 24-10-03 | Other BTC addition | +23.972 | 530.715 | Dashboard ↗ |
| 24-10-01 | Purchase | +107.913 | 506.743 | Disclosure ↗ |
| 24-09-10 | Purchase | +38.464 | 398.83 | Disclosure ↗ |
| 24-08-20 | Purchase | +57.273 | 360.366 | Disclosure ↗ |
| 24-08-13 | Purchase | +57.103 | 303.093 | Disclosure ↗ |
| 24-07-22 | Purchase | +20.381 | 245.99 | Disclosure ↗ |
| 24-07-16 | Purchase | +21.877 | 225.609 | Disclosure ↗ |
| 24-07-08 | Purchase | +42.466 | 203.732 | Disclosure ↗ |
| 24-07-01 | Purchase | +20.195 | 161.266 | Disclosure ↗ |
| 24-06-10 | Purchase | +23.351 | 141.071 | Disclosure ↗ |
| 24-05-09 | Purchase | +19.87 | 117.72 | Disclosure ↗ |
| 24-04-23 | Purchase | +97.85 | 97.85 | Disclosure ↗ |
CAPITAL POLICY & INCOME · OCTOBER 5
The revised policy targets roughly 85–90% of assets in Bitcoin and 10–15% in strategic investments. The new Net Interest Income Strategy plans to invest in income-producing assets, principally preferred securities, using financing whose costs it expects those investments to exceed.
The guideline keeping Bitcoin-related borrowings below roughly 10% of BTC NAV applies to Bitcoin financing. Income-strategy borrowing has separate risk limits; the guideline is not a cap on all company leverage. These targets do not establish completed purchases of specific preferred securities.
The existing Bitcoin Income Generation business reported ¥848.4 million of Q3 revenue from options and related strategies. That figure includes premiums, realized results and valuation changes; it is not net interest income or cash available for dividends.
Sources: Capital allocation policy · Net Interest Income Strategy · Q3 income results.
Primary security: TSE Standard 3350 in JPY. Site pricing line: MPJPY, the sponsored Level I ADR, in USD at a 1:1 ordinary-share ratio. MTPLF is not used. This avoids a second FX input and keeps market-cap mNAV aligned to the disclosed ordinary-share count. Superplanet is treated as a separate U.S. platform; its proposed 2,100 BTC contribution is not deducted until Metaplanet reports a completed transaction and revised holdings.
Sources: Metaplanet disclosures · Metaplanet analytics · Deutsche Bank ADR directory. Not financial advice.