Metaplanet Pauses Bitcoin Buying as Tokyo-Licensed Securities Arm Takes Shape
Published on 08/06/2026 at 17:33 | Redaktion boerse-global.de
The Japanese firm that modeled itself on MicroStrategy's playbook is quietly shifting gears. Metaplanet has halted fresh Bitcoin purchases for the first time in months, with no new acquisitions recorded since mid-July as of August 3. The pause comes just days before the company's second-quarter earnings release on August 13 — and at a moment when management is juggling a securities license, an options-driven income stream, and a shareholder vote on future capital plans.
A License That Changes the Game
The centerpiece of Metaplanet's transformation is the acquisition of Tokyo-based Siiibo Securities, signed in June and completed on July 13 for 2.1 billion yen. The entity will be renamed Metaplanet Securities Inc. by the end of August, bringing with it a first-class securities dealer license in Japan.
That license is the real prize. It opens the door for Metaplanet to sell regulated Bitcoin yield products directly to Japanese retail investors — a step beyond the pure accumulation strategy that defined its early days. The company is also exploring a research initiative launched July 10 with JPYC and Progmat to develop Bitcoin-collateralized lending products, including tokenized corporate bonds settled in yen-pegged stablecoins. The project remains in its early experimental phase, with no concrete products yet on the market.
Options Income Fills the Gap
While the securities arm takes shape, Metaplanet has been building a second revenue engine. Its "Bitcoin Income Generation" strategy — using options trading to fund further token accumulation — generated $10.95 million in operating revenue during the second quarter, according to media reports. The figure suggests a meaningful pivot from passive holding toward yield-oriented management of its Bitcoin position.
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The company's board has set July 30 as the record date for an extraordinary general meeting, where shareholders will vote on capital measures and the future framework for additional Bitcoin purchases. A mandatory disclosure on July 21 detailed changes among major shareholders and the identity of the largest stakeholder. Separately, the company continues to report on its ongoing share buyback program and the monthly exercise of the 27th series of subscription rights from a private placement.
Custody Concerns and a Growing Hoard
CEO Simon Gerovich addressed custody arrangements publicly following a recent security incident involving the Coldcard hardware wallet. He emphasized that Metaplanet relies on institutional custody solutions rather than individual self-custody to mitigate operational risks.
The company's Bitcoin treasury reached exactly 43,000 BTC on July 2, after adding 2,823 BTC during the second quarter at a cost of roughly $225 million. The current buying pause appears tactical rather than strategic — a breather ahead of the shareholder vote and earnings report.
Market Remains Unconvinced
The stock's performance tells a more cautious story. Shares last traded at €1.20, down 1.79 percent on the day, with a year-to-date decline of 46.27 percent and a 78.53 percent drop over twelve months. The price sits 80.55 percent below its 52-week high of €6.16 and 36.59 percent under the 200-day moving average of €1.89 — technical markers that point to a persistent downtrend.
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The annualized 30-day volatility of 79.11 percent reflects the difficulty of pricing a company mid-transformation with heavy exposure to Bitcoin's swings. An earlier capital raise of 21 billion yen (approximately $137 million) funded the aggressive purchases of recent months, but the focus has now shifted to operational execution.
Automated analysis service StockInvest.us upgraded the stock from "Sell" to "Buy Candidate" on July 31, while noting the long-term downtrend remains intact. Investors will likely treat the August 13 earnings report as the key test of whether the new income strategy can stabilize a balance sheet that has yet to convince the market.
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