Capital Research and Management Company Cuts Stake in Metaplanet (3350) to 11.09% | Large Shareholding Report

A large shareholding report (EDINET filing) shows that Capital Research and Management Company has reduced its stake in Metaplanet (3350) to 11.09%. The sale was executed by an investment management company within Capital Group, a major U.S. asset management group. Metaplanet operates bitcoin-related businesses, bitcoin treasury operations, and hotel business segments, with the investor's stake representing approximately 11% of the company's issued shares as a major shareholder. The holding ratio declined by 0.45 percentage points from the previous disclosure, indicating an ongoing gradual reduction in position.

Capital Research and Management Company began holding Metaplanet shares on June 20, 2025, with an initial stake of 7.96%. Over approximately 14 months, the company filed 24 large shareholding reports, building up its position before the current phase of gradual reduction. From the initial disclosure to the present, the holding ratio increased by 3.13 percentage points before settling at current levels, with transactions executed in small increments throughout this period. The estimated proceeds from the current sale amount to ¥1.9 billion.

The investor's other positions above the 5% threshold show a diversified sector approach. Its holdings include Resonac Holdings (4004, chemicals, 9.82%) and Dexerials (4980, chemicals, 8.57%), both in the chemical sector, along with Kokutsai Electric (6525, electrical machinery, 10.17%), Ryohin Keikaku (7453, retail, 9.49%), and Mitsui Metals (5706, non-ferrous metals, 9.24%). These positions span multiple industries, placing the 11.09% stake in Metaplanet at a moderate level within the group's overall portfolio.

Within Metaplanet's shareholder structure, Capital Research and Management Company is not the largest stockholder. Evo Fund holds 20.82% and Simon Gerovitch maintains 14.12%, positioning the U.S. firm as the third-largest shareholder. This compares to MMX Ventures Limited at 5.62%, making Capital Research's position substantially larger by comparison.

At the disclosure date, Metaplanet's share price stood at 330 yen with a PBR of 0.86x and a 52-week range position of 17% (where 0% represents the 52-week low and 100% represents the high). The low PBR indicates the stock trades at a discount to book value, while the position within the 52-week range suggests current pricing remains near the lower end of annual trading levels.

*Speculation: The gradual, methodical reduction of position by a major U.S. asset manager over an extended period may reflect a shift in the investment evaluation of Metaplanet's operations or a changed priority regarding continued ownership.