Key Points
- Metaplanet has reached its 2025 target of 10,000 Bitcoin (BTC) holdings, surpassing Coinbase Global’s BTC holdings.
- The company’s aggressive BTC strategy has resulted in a significant increase in its stock value.
Metaplanet, a Bitcoin treasury company based in Tokyo, has achieved its 2025 target of holding 10,000 Bitcoin (BTC) after its latest acquisition. The company purchased an additional 1,112 BTC on the 16th of June for $117.2 million.
The acquisition of 10,000 BTC cost the company $947 million and took a year and two months to complete. The holdings are now valued at $1.06 billion, resulting in an unrealized profit of $120 million.
Metaplanet Surpasses Coinbase
Interestingly, Metaplanet’s 10,000 BTC holdings have allowed it to surpass Coinbase Global’s BTC holdings of 9,267. This data comes from Bitcoin Treasuries.
If Metaplanet achieves its ambitious target of holding 100,000 BTC by 2026, it could surpass even Mara to become the second-largest public company holding BTC, after Michael Saylor’s Strategy. This would involve adding 90,000 BTC in less than two years.
Metaplanet’s aggressive BTC strategy has greatly benefited its stockholders. Since adopting BTC in April of the previous year, the company’s share value has increased by 9,695% or 97x. The achievement of the 10,000 BTC milestone resulted in a 25% increase in the company’s stock value.
Valuation and Risks
Metaplanet’s mNAV, a measure of the company’s enterprise value relative to BTC NAV(net asset value), currently stands at 7.56. An mNAV reading above 1 indicates that the market is willing to pay a premium for Metaplanet’s stock, demonstrating confidence in its BTC strategy.
However, if the mNAV falls below 1, like in the case of Semler Scientific, more issuance could dilute the stock and expose stockholders to risk. This was noted by Matthew Siggel, Head of Research at VanEck. He suggested that companies should pause, launch a stock buyback program, or discard the BTC strategy if mNAV drops below 0.95.
