Metaplanet Surpasses Coinbase With 10K BTC, Shares Surge 25%
Metaplanet overtakes Coinbase with 10,000 BTC, stock jumps 25% as investors reward aggressive Bitcoin strategy.
Metaplanet has officially crossed the 10,000 BTC threshold, achieving its 2025 target and surpassing Coinbase Global’s holdings. Following the latest acquisition of 1,112 BTC for $117.2 million on June 16, the Tokyo-based Bitcoin treasury firm now holds Bitcoin worth over $1.06 billion.
The total cost of Metaplanet's BTC stash stands at $947 million, translating into an unrealized gain of $120 million. More significantly, the company has now overtaken Coinbase, which holds 9,267 BTC, positioning Metaplanet as a rising force in corporate Bitcoin adoption.
Investor enthusiasm is also reflected in the firm’s valuation. Its mNAV (market net asset value), which measures the premium investors are willing to pay over the firm's BTC NAV, stood at 7.56—indicating robust confidence in its Bitcoin-first strategy. This premium not only validates investor bullishness but also gives Metaplanet leverage to raise more capital through equity issuance.
The stock’s performance has mirrored this confidence. Shares jumped 25% following the 10K BTC announcement and are up nearly 500% from April lows. Since the company pivoted to a Bitcoin treasury model in April 2024, its stock has soared an astonishing 9,695%, or roughly 97x.
With a new goal of 100,000 BTC by 2026, Metaplanet aims to become the world’s second-largest public Bitcoin holder, trailing only Strategy (formerly MicroStrategy). Meeting this goal would require acquiring an additional 90,000 BTC in less than two years.
However, analysts caution that the current bullish sentiment could reverse if valuation premiums shrink. VanEck's Head of Research, Matthew Siggel, warned that if mNAV falls below 1, additional equity issuance could dilute shareholder value. He suggested that companies should consider buybacks or halting BTC accumulation if mNAV drops below 0.95.
For now, though, Metaplanet remains a standout performer in the crypto treasury space, delivering returns that have outpaced even Bitcoin’s own recent rally of 42%.
