Shares of Japan-listed Metaplanet traded unevenly this week as investors awaited a pivotal extraordinary general meeting (EGM) scheduled for December 22, where shareholders will vote on proposals that could reshape the firm’s long-term Bitcoin strategy. The stock hovered around ¥440, reflecting market caution ahead of what management has described as a “crucial” decision point.
The company issued a formal convocation notice to shareholders on December 15, underscoring the importance of participation. The meeting will be held online and will address strategic and governance matters central to Metaplanet’s evolving identity as a Bitcoin treasury-focused company.
Management has urged investors to cast votes in advance, signaling that the outcome could materially influence the firm’s balance sheet strategy in 2026 and beyond.
CEO Pushes Shareholders to Vote
Chief Executive Simon Gerovich has taken a direct approach in rallying shareholder engagement, emphasizing that the EGM includes proposals critical to Metaplanet’s medium- and long-term growth plans. Among the most consequential items is the potential issuance of new preferred equity designed to support capital flexibility.
Metaplanet has outlined two new share classes:
- Class A preferred shares (MARS)
- Class B preferred shares (MERCURY)
These instruments are intended to give the company greater latitude in funding future initiatives, including its aggressive Bitcoin accumulation roadmap. Another proposal seeks approval to reduce capital stock and capital reserves, a move that could improve capital efficiency and balance sheet management.
At the center of the debate is Metaplanet’s stated ambition to expand its Bitcoin holdings to 100,000 BTC by the end of 2026, a target that would place it among the largest corporate holders globally if achieved.
Stock and Bitcoin Prices Remain Volatile
Market reaction has been mixed in recent sessions. Metaplanet shares rebounded nearly 15% earlier this month after the company’s modified net asset value (mNAV) recovered above 1. However, momentum has faded as uncertainty around the EGM outcome persists.
Key market figures include:
- Metaplanet (Tokyo): Closed 1.36% lower at ¥436, with a daily range of ¥408–¥439
- MTPLF (U.S. listing): Fell 2.8% to $2.71, giving back recent gains
- Bitcoin: Trading near $89,000, with a 24-hour range between $87,634 and $90,302
Bitcoin trading volumes declined by roughly 30% over the past 24 hours, highlighting broader market hesitation as investors weigh macro uncertainty and upcoming corporate decisions.
As the EGM approaches, Metaplanet’s share price is likely to remain sensitive to both Bitcoin volatility and shareholder sentiment. The vote will not only determine near-term governance changes but also signal how far investors are willing to back one of Japan’s most ambitious corporate Bitcoin strategies.
