3350 · JPY · dashboard as of Oct 21, 2026

Metaplanet Inc.

Share price ¥275 · $1.74₿44,000 heldSource: company dashboard + filings

Trades below liquidation value

Assets against the capital stack

Liquidation value to common¥436.96B¥339 per share

Market value of common¥354.83B¥275 per share

Share price move to match liquidation value+23.1%discount ¥82.13B · +23% upon liquidation

Hover or tap a block for detail.

Left out of the bars for simplicity: payables ¥1.80B; 20th series bonds ¥7.90B.
Not in the stack: 135,826,200 stock acquisition rights and options. Their terms suspend exercise while mNAV is below 1.01x, so at today's price they could not be exercised in a wind-up. If they all were, at no cost, value per share would be ¥306 (+11% upon liquidation).
Zero coupon Euro-yen convertible bonds due 2031 stays debt today; it converts to common only above BTC $83,697.

% gain/loss upon liquidation+23%Liquidation mNAV 0.81x

Liquidation value / share¥339$2.14 in US$

Market price¥275$1.74 in US$

Wipe-out BTC price$20,81375% below the current BTC price

BTC price (US$)

$83,632live

Who gets paid, in order

RankClaimPosition in the stack (teal paid, red unpaid)RecoveryImpaired below BTC

–Assets realized₿44,000 BTC ¥581.73B + cash and other ¥43.28B

¥625.01B

1Credit facility (BTC-backed)claim ¥102.54B

100%$8,519

220th Series of Ordinary Bondsclaim ¥7.90B

100%$17,419

3Bitbondsclaim ¥198.6M

100%$17,419

4Zero coupon Euro-yen convertible bonds due 2031claim ¥52.00B

100%$17,419

5Mercury Class B Preferred (private), 4.90%claim ¥23.61B

100%$20,813

–Common shareholders1,290,301,224 shares

¥436.96B¥339 / share

Payables and other liabilities (¥1.80B, 0.3% of assets) are left out of this table for simplicity. They are immaterial, and they are still deducted in every figure on this page.

Does Metaplanet Inc. try to beat BTC?

Issues common when mNAV > 1.0x source
Buys back common when mNAV < 1.0x source
Issues preferreds (Mercury) source
Issues converts (¥52B, due 2031) source
Writes options source
Invests in income assets (planned) source

Inputs and sources

Input	Value	Source
BTC holdings	₿44,000	Metaplanet dashboard, analytics.metaplanet.jp · Oct 21, 2026 BTC holdings
Cash	¥43.28B	Metaplanet dashboard, Market Valuation & Premium; Credit tab · Oct 21, 2026 Dashboard-implied ¥10.69B (market cap ¥375.18B + debt ¥110.45B + preferred ¥23.61B − EV ¥498.55B) + ~¥51.9B net from the ¥52B convertible (pro forma, settles ~Oct 29) − ¥19.31B paid for the Oct 14 buyback. The ~¥23.6B loan repayment planned for November is not yet reflected
Common shares	1,290,301,224	News reports of Metaplanet notices of Oct 13–14, 2026 (Crypto Times, Mugglehead), web · Oct 14, 2026 1,364,282,624 basic shares (dashboard, Sep 30) less 73,981,400 repurchased at ¥261 via ToSTNeT-3 on Oct 14, 2026 (¥19,309,145,400). Company notice not machine-readable here; figures agree across two reports
Zero coupon Euro-yen convertible bonds due 2031	¥52.00B	News reports of Metaplanet notices of Oct 13–14, 2026 (Crypto Times, Mugglehead), web · Oct 14, 2026 ¥52B, 0% coupon, due Oct 29, 2031; terms set Oct 14, settles ~Oct 29 (pro forma)
Mercury Class B Preferred (private), 4.90%	¥23.61B	Metaplanet dashboard, analytics.metaplanet.jp · credit · Oct 21, 2026 Notional ¥23.61B at ¥1,000 par (issued at ¥900)

All figures from company dashboards unless only available from the most recently filed financials.