Shares of Japan’s Metaplanet Inc. faced significant selling pressure on Thursday. The stock, which had surged by double digits the previous day, declined by 10.83 percent to 420 yen. This pullback erased a substantial portion of the 12 percent gains recorded on Wednesday for the company, a Bitcoin-focused investment firm frequently dubbed the “Asian MicroStrategy.”
The catalyst for this corporate shift is a recently announced comprehensive capital restructuring plan. To pave the way for its new MARS and MERCURY financing instruments, Metaplanet has cancelled older share rights from Series 20-22. Investors are currently repositioning themselves ahead of a critical extraordinary general meeting scheduled for late December, where shareholders will vote on approving these new financial tools.
Bitcoin Strategy and Share Price Volatility
Metaplanet’s share price continues to demonstrate a high correlation with Bitcoin’s market movements. Its market-to-net-asset-value ratio fluctuates between 1.0 and 1.17, indicating that the market is constantly reassessing whether the equity trades at a premium or discount to the value of its Bitcoin holdings.
The company’s strategic goal is to accumulate 30,000 BTC by the end of 2025. The new capital structure is designed to finance further Bitcoin acquisitions while insulating long-term capital providers from the short-term volatility associated with the common stock.
Should investors sell immediately? Or is it worth buying Metaplanet?
A Two-Tier Capital Model
Following a blueprint similar to MicroStrategy, Metaplanet is implementing a two-class share structure:
- MARS (Class A Shares): This class represents a senior, non-dilutive preferred stock offering variable monthly dividends linked to share price performance.
- MERCURY (Class B Shares): These are perpetual preferred shares aimed at raising $150 million. They carry a fixed annual dividend of 4.9 percent and are convertible into common stock.
The cancellation of the old share rights underscores management’s determination to execute this new strategy. However, the transition also introduces near-term implementation risks, which the market appeared to price in during Thursday’s trading session.
December Vote Looms as Key Catalyst
Technical indicators now suggest the stock has entered a consolidation phase. The immediate focus for traders is whether the share price can defend the psychologically important 400-yen level in the coming days.
All eyes are on the extraordinary general meeting set for December 22, 2025. Shareholder approval of the MARS and MERCURY share classes at this meeting is the final prerequisite for the planned $150 million capital raise to proceed.
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