Capital Research and Management Company has increased its stake in Metaplanet to 10.6% of voting rights, according to a notice the Tokyo-listed bitcoin treasury firm filed on Monday, rebuilding a position that had been diluted below Japan's major-shareholder threshold as recently as March.
Capital Research Rebuilds Metaplanet Stake After March Dilution
21 July 2026 - 13:04 CEST
By Stu Clelland
The Los Angeles-based investment adviser, a subsidiary of Capital Group and the manager behind the American Funds family, held 1.36m voting rights as of 13 Jul, up from 1.19mn before the change, according to Metaplanet. Capital Research remains Metaplanet's largest shareholder, a position it has held since September 2025.
Stake had fallen below reporting threshold
The increase marks a reversal. Metaplanet's issuance of new equity instruments in March to fund further bitcoin purchases diluted Capital Research's stake from 10.2% to 9.32%, pushing it below the threshold Japanese disclosure rules require to qualify as a major shareholder. Since then, Metaplanet has continued issuing stock, including 107mn common shares on 31 Mar 2026, according to the filing's figures.
Caveats in Metaplanet's own disclosure
Metaplanet said the change was disclosed via an amendment to Capital Research's large shareholding report, filed with Japan's Kanto Local Finance Bureau on 21 Jul, and cautioned that it has "not independently confirmed the actual number of shares beneficially owned or the number of voting rights held by the shareholder." The reported total also excludes 5.9mn Class B preferred shares included in the amendment, meaning Capital Research's broader economic position in Metaplanet may extend beyond the common-stock figures disclosed here. Metaplanet said there were "no matters requiring special mention regarding the outlook."
Capital Research bought through dilution
Metaplanet's own figures make the case. Had Capital Research simply held its position while Metaplanet's total voting rights grew through new issuance, its stake would have drifted down to roughly 9.27%. Instead, it rose to 10.6%. That means Capital Research added close to 17.4mn shares outright over the period, a roughly 15% increase in its own position, large enough to outrun the dilution and more.
Sandmark has approached Capital Group for comment on the rationale behind the increase, and will update this article if a response is received.
