- Metaplanet crossed its 10K BTC target for 2025, flipping Coinbase Global’s holdings.
- Metaplanet investors were bullish on the firm’s BTC strategy, as shown by a high 7.56 mNAV premium.
Metaplanet has hit its 2025 target of 10,000 Bitcoin [BTC] holdings after the latest purchase. On the 16th of June, the Tokyo-based Bitcoin treasury company acquired an additional 1112 BTC for $117.2 million.
The 10K BTC stash cost the firm $947 million and took one year and two months to achieve. Now the holding is worth $1.06 billion, translating to an unrealized profit of $120 million.
Metaplanet flips Coinbase
Interestingly, the 10K BTC has tipped Metaplanet to surpass Coinbase Global’s 9,267 BTC, according to data from Bitcoin Treasuries.
If the firm’s aggressive target of 100K BTC by 2026 is achieved, then it could outshine even Mara to become the second-largest public company to hold BTC, after Michael Saylor’s Strategy. That would mean adding 90K BTC in less than two years.
That said, Metaplanet stockholders have been the greatest beneficiaries of the above aggressive BTC strategy. Since adopting BTC last April, the firm’s share has rallied 9,695% or 97x.
The 10K BTC milestone pumped the stock by 25% as of the time of writing. Measured from April lows, the share has recovered nearly 500% from $2 to over $13.
This rivalled even BTC’s 42% gain over the same period, suggesting that treasury companies offered relatively higher returns than the underlying asset.
Source: Metaplanet stock performance, TradingView (3:15 AM, Monday, New York Time Zone)
On the valuation side, Metaplanet’s mNAV, which expresses the firm’s enterprise value relative to BTC NAV(net asset value), was at 7.56.
Notably, an mNAV reading above 1, means the market is willing to pay a premium for Metaplanet’s stock – A strong confidence in its BTC strategy and bullish expectation for BTC. Besides, this puts it in a great position to sell more stocks to fund BTC buys.
However, if the premium falls and mNAV drops below 1, like the Semler Scientific case (0.8), then more issuance could dilute the stock and expose stockholders to risk, wrote VanEck’s Head of Research, Matthew Siggel.
“As some of these companies raise capital through large at-the-market (ATM) programs to buy BTC, a risk is emerging: If the stock trades at or near NAV, continued equity issuance can dilute rather than create value.”
In fact, Siggel added that companies should pause, launch a stock buyback program, or discard the BTC strategy if mNAV drops below 0.95.
