Metaplanet Flywheel Paused at NAV Discount as Bitcoin Yield Push Advances

Metaplanet shares now trade below net asset value after a sharp decline, pausing the equity-issuance flywheel that funded prior BTC purchases. The June 12 acquisition of Siiibo Securities for ¥2.1 billion advances Project Nova, securing a Type I license to distribute BTC-linked bonds and yield products to Japan’s $7.1 trillion household savings pool. Coverage on June 15 highlighted new credit and leverage risks from undisclosed product mechanics, yet the June 16 analysis concludes the strategy remains intact, supported by 40,177 BTC holdings and options-writing revenue offsetting weak price action.