Metaplanet’s stockholders are effectively paying more than five times the current market price of Bitcoin, as the cryptocurrency’s high valuation deters direct retail investment.
The Japanese investment firm—recognized as Asia’s leading corporate holder of Bitcoin—is seeing its implied Bitcoin valuation approach $600,000 per BTC, according to a May 27 report by 10x Research. This surge in premium reflects continued investor interest as the company pursues its ambitious goal of accumulating 21,000 BTC by 2026.
The report highlights that Metaplanet’s stock is trading as though Bitcoin is worth $596,154 per coin, despite actual market prices being far lower. “A little-known Japanese stock trades as if Bitcoin were worth $596,154—more than five times its real value,” the report noted.
This disparity raises concerns, especially for retail investors who may not fully grasp the relevance of a company’s net asset value (NAV)—a measure calculated by dividing a firm’s total assets (minus liabilities) by the number of shares outstanding. Without that understanding, investors risk severely overpaying for Bitcoin exposure without gaining any additional upside potential.
Even with the steep premium, Bitcoin-holding companies like Metaplanet and MicroStrategy play a key role in advancing mainstream adoption of Bitcoin. They’re seen as early movers in a potential “hyperbitcoinization” scenario—a transition of global finance toward Bitcoin that Blockstream CEO Adam Back suggests could unlock a $200 trillion market.
Metaplanet currently ranks as Asia’s largest and the world’s 10th-largest Bitcoin-holding corporation, with 7,800 BTC valued at approximately $855 million, according to Bitbo—representing 0.037% of Bitcoin’s total supply. The firm’s momentum continues following a recent purchase of 1,004 BTC for $104.6 million on May 19, its second-largest acquisition to date.
Despite the excessive premium, proxy stocks like Metaplanet are becoming more attractive to retail investors, who are increasingly priced out of direct Bitcoin purchases, notes Markus Thielen, CEO and head of research at 10x Research. “Retail only accounts for about 7% of the Bitcoin market, and that peaked in December 2023,” he told Cointelegraph, adding that retail participation started dropping off once Bitcoin surpassed $45,000, roughly the cost of a new car in the U.S.
Education Gap Driving Premiums
Other public Bitcoin-focused companies are also trading at notable premiums to spot BTC prices. For instance, MicroStrategy—run by Michael Saylor—is currently priced at an implied Bitcoin value of $174,100 per coin. Though less inflated than Metaplanet’s, the premium is still “significant,” the report notes.
The report also explains how MicroStrategy capitalizes on this premium by issuing new stock backed by Bitcoin holdings that are worth only a fraction of the stock’s market value. The company treats the difference as a form of “Bitcoin yield.”
While existing investors often welcome these share issuances, the downside is that new shareholders bear the dilution, as the NAV per share declines over time.
