Metaplanet Slips Behind Strive as Governance Fight Overshadows Bitcoin Expansion
Published on 09/11/2026 at 02:50 | Editorial boerse-global.de
Metaplanet has ceded its crown as Asia's most valuable listed Bitcoin vehicle. The US asset manager Strive overtook the Japanese firm on market capitalization, according to Bitcoin Treasuries, with Strive worth $2.32 billion on Tuesday while Metaplanet closed Wednesday's Tokyo session at just $2.10 billion. The shift is the clearest signal yet of how badly investor confidence has eroded — and the damage traces back to a governance dispute that management has yet to contain.
At the heart of the turmoil is an expanded stock option program tied to the tenth series of subscription rights, alongside CEO Simon Gerovich's relationship with MMXX Ventures, a Metaplanet shareholder. Critics argue the management option pool has swelled with every new share issuance used to fund additional Bitcoin purchases, diluting existing holders in the process. One shareholder posting as Bitcoin Pharaoh calculated that 273 million potential shares stem from adjustments made after the company pivoted to its Bitcoin strategy. Metaplanet has not adopted that figure as an official calculation.
Gerovich publicly conceded on September 6 that the company had failed to adequately explain the structure and rationale of the subscription rights program, as well as MMXX Ventures' role. He described himself as a significant but non-majority shareholder in MMXX's parent company and stressed he holds no influence over its trading decisions. Just how much he has personally profited from share sales by that entity remains unclear — Metaplanet has released no details.
Shareholders Want Names, Not Reassurances
Rather than calming the waters, Gerovich's statement appears to have stirred fresh questions. Investors operating under pseudonyms including "The Bitcoin Pharaoh" and "Ragnar" have demanded far more than a promise of better communication going forward, according to media reports. They want the owners of MMXX Ventures named outright, a full accounting of the economic benefits derived from earlier share sales, and a rollback of the expanded executive option pool.
Gerovich has insisted he serves neither as a director nor an executive at MMXX. Still, investors keep pressing on the scale of his gains from sales MMXX is said to have made during the 2024 rally, while Metaplanet was simultaneously raising public capital.
Should investors sell immediately? Or is it worth buying Metaplanet?
The board moved to address part of the problem on August 18, amending the terms of the tenth subscription rights series and scrapping the adjustment mechanism that had tied the number of underlying shares to the fully diluted share count. The potential shares from the remaining rights were fixed at 319,464,000. Holders of already-exercised rights accepted a five-year lock-up running through August 2031.
That did little to settle nerves. Gerovich exercised 92,000 subscription rights on August 28, receiving just over 64 million common shares and lifting his total holding to roughly 79.6 million shares. For investors already uneasy about dilution, the move added another reason for caution — even though it fell within the previously set terms.
A Stock Searching for a Floor
The market has been left with the picture of a share trying to find its footing after a sharp slide. Metaplanet's Thursday close came in at EUR 1.38, barely 1.8% above its 50-day moving average, with the stock down another 12% over seven days. The prior week's rout lopped roughly 17% off the price across two sessions — a 7.5% drop in Tokyo the day after Gerovich's shareholder letter, followed by a decline of just under 10%. That seven-day loss of about 17% still shows up in the current tally.
The equity now trades at EUR 1.40, a hair above the previous day's EUR 1.39 close, hinting that the selloff has at least paused. It sits only a few percentage points above its 50-day average of EUR 1.36 — a fragile sideways drift after the shock. Even so, the stock remains 66% below its 52-week high set on September 11, 2025, and with 30-day annualized volatility at 81%, Metaplanet stays a highly speculative proposition whose trajectory is currently shaped more by governance questions than by operational progress.
Operations and a US Listing Provide the Counterweight
On the business side, Metaplanet has shown real substance. In the first quarter of the current fiscal year, group revenue climbed 251.1% to JPY 3,080 million, powered by Bitcoin activities and the hotel business. Operating profit jumped 282.5% to JPY 2,267 million, though valuation losses on Bitcoin left a net loss of JPY 114,493 million. For the full fiscal year, the company projects revenue of JPY 16,000 million and operating profit of JPY 11,400 million.
International expansion is advancing in parallel. Through its wholly controlled US subsidiary Metaplanet Holdings, the firm plans to contribute 2,100 Bitcoin — worth roughly $132.1 million — plus $2.5 million in cash into the US company Super League. In return, Metaplanet receives 44,859,400 common shares at three dollars apiece, along with preferred shares and warrants. Following the transaction, targeted for the fourth quarter of 2026, Super League is to be renamed "Superplanet, Inc." and trade under the ticker SUPA — subject to approval by Super League shareholders and regulatory clearances in the US and Japan.
The governance debate looks set to trail Metaplanet for some time. The next scheduled vesting date for Gerovich's remaining subscription rights falls in February 2027, assuming the company does not alter the terms before then. Investors will also be watching the quarterly report on November 13 for signs that management has answered the transparency questions raised. Until then, the loss of trust remains the central drag on the stock — weighing more heavily than any single price move.
Ad
Metaplanet Stock: New Analysis - 11 September
Fresh Metaplanet information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
