Metaplanet has made headlines by surpassing Coinbase in Bitcoin holdings, achieving a significant milestone of 10,000 BTC. On June 16, the Tokyo-based Bitcoin treasury company acquired an additional 1,112 BTC for $117.2 million. Accumulating this stash has taken approximately one year and two months, costing Metaplanet a total of $947 million.
With the current valuation of their holdings now exceeding $1.06 billion, the company has realized a profit of $120 million. This accomplishment not only highlights Metaplanet’s aggressive investment strategy but also allows it to surpass Coinbase Global, which holds 9,267 BTC, according to data from Bitcoin Treasuries. If Metaplanet continues its ambitious trajectory and achieves its target of 100,000 BTC by 2026, it could potentially become the second-largest public company to hold Bitcoin, right behind Michael Saylor’s strategy.
This achievement would require the addition of 90,000 BTC within a mere two years. The impact of this strategy has resulted in significant benefits for Metaplanet’s shareholders. Since the company began its Bitcoin investment in April, its stock price has skyrocketed by 9,695%—an increase of nearly 500% from $2 to over $13.
The recent milestone of holding 10,000 BTC saw the stock gain 25% at the time of writing, surpassing Bitcoin’s own 42% increase during the same period. This positions treasury companies like Metaplanet as offering comparatively higher returns than the underlying asset itself. However, the firm’s mNAV, or market Net Asset Value, stands at 7.56, indicating that investors are willing to pay a premium for its stock due to confidence in its BTC strategy.
Nonetheless, there are risks associated with this approach. If the mNAV were to dip below 1, it could lead to stock dilution and other financial complications, raising concerns about the viability of their ongoing BTC strategy.