Metaplanet CEO Signals Crucial Bitcoin Vote Ahead of December EGM Meeting

TLDR

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Metaplanet will hold an online extraordinary general meeting on December 22.
The company’s mNAV rose to 1.17, its highest level since early October.
Metaplanet holds 30,823 BTC valued near $2.86 billion.
Shares gained nearly 30% since late November, outpacing bitcoin’s rise.

Metaplanet’s leadership has placed investors on alert as the company prepares for a decisive shareholder vote later this month. With bitcoin prices recovering and its stock outperforming the market, the firm is approaching a moment that could shape its treasury strategy for 2025. An upcoming extraordinary general meeting has been described as crucial, as management signals a key decision on future bitcoin accumulation.

Metaplanet CEO Signals Crucial Vote Ahead of December EGM

Metaplanet has scheduled an online extraordinary general meeting for December 22. The company shared the notice through its official X account. The meeting comes as the firm’s valuation metrics recover after months of pressure. Management described the gathering as “crucial” and urged early voting by shareholders.

The company stated, “If you have not yet exercised your voting rights, please promptly do so in advance.” A QR code was provided to support early participation. The announcement follows a rebound in bitcoin prices and a rise in Metaplanet’s share price. Investors are awaiting clarity on the firm’s bitcoin strategy for 2025.

mNAV Recovers as Shares Outperform Bitcoin

Metaplanet’s multiple to net asset value has climbed to 1.17. This marks its highest reading since before the October liquidation crisis. The mNAV model compares the value of a firm’s bitcoin holdings with its enterprise value. A figure above one suggests shares trade above net bitcoin value.

From mid-October through November, the mNAV remained below one. It fell to a low near 0.84 during November trading. Since bitcoin bottomed near $80,000 on November 21, prices have risen about 15%. Over the same period, Metaplanet shares gained nearly 30%.

Bitcoin Holdings and Capital Structure

Metaplanet currently holds 30,823 BTC valued at about $2.86 billion. This makes it the fourth largest publicly traded company holding bitcoin. The company’s enterprise value stands near $3.33 billion. Its market capitalization is around $3.43 billion, with roughly $304 million in outstanding debt.

Metaplanet has not added to its bitcoin position since late September. It last made two large purchases totaling more than 10,000 BTC. Those purchases included buys of 5,268 BTC and 5,419 BTC. Management has not announced further acquisitions since that period.

Strategy Review and Shareholder Agenda

The December meeting will include discussions on governance matters. Shareholders will also review the bitcoin accumulation plan for next year. Metaplanet has filed for perpetual preferred equities. The move reflects a strategy similar to that used by Strategy, formerly MicroStrategy.

The company has not disclosed details of proposals ahead of the vote. However, management emphasized the importance of shareholder participation. Metaplanet shares closed 12% higher on Wednesday at 471 yen. The stock move followed the EGM announcement and broader market recovery.