Metaplanet Surpasses Coinbase With 10,000 BTC Holding, Stock Soars 25%

Metaplanet, a Tokyo-based Bitcoin treasury company, has achieved its 2025 target of holding 10,000 Bitcoin (BTC) after acquiring an additional 1,112 BTC for $117.2 million on June 16. This purchase marks a significant milestone for the company, as it took one year and two months to accumulate the 10,000 BTC stash, which is now valued at $1.06 billion, resulting in an unrealized profit of $120 million.

With this acquisition, Metaplanet has surpassed Coinbase Global's BTC holdings, which stand at 9,267 BTC. This achievement positions Metaplanet as a leader in the Bitcoin treasury space. The company's aggressive strategy of targeting 100,000 BTC by 2026 could potentially make it the second-largest public company to hold BTC, trailing only Michael Saylor’s Strategy. To reach this goal, Metaplanet would need to add 90,000 BTC in less than two years.

Metaplanet's stockholders have greatly benefited from the company's aggressive BTC strategy. Since adopting BTC in April of last year, the firm’s share has rallied by 9,695%, or 97 times its original value. The 10,000 BTC milestone further boosted the stock by 25%, bringing the share price from $2 to over $13, a nearly 500% recovery from its April lows. This performance outpaced BTC's 42% gain over the same period, indicating that treasury companies can offer relatively higher returns than the underlying asset.

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. An mNAV reading above 1 indicates that the market is willing to pay a premium for Metaplanet’s stock, reflecting strong confidence in its BTC strategy and bullish expectations for BTC. This premium positions Metaplanet favorably to sell more stocks to fund additional BTC purchases. However, if the premium falls and mNAV drops below 1, as seen in the case of Semler Scientific with an mNAV of 0.8, continued equity issuance could dilute the stock and expose stockholders to risk. Analysts suggest that companies should consider pausing equity issuance, launching a stock buyback program, or reevaluating their BTC strategy if mNAV drops below 0.95.