Metaplanet, a Bitcoin treasury company, has achieved its target of holding 10,000 BTC, surpassing Coinbase's Bitcoin holdings.
Metaplanet's Achievements in Bitcoin Accumulation
Metaplanet, based in Tokyo, reached its 2025 target by accumulating 10,000 bitcoins after its latest acquisition. The company purchased an additional 1,112 BTC on June 16 for $117.2 million. The total acquisition cost was $947 million, taking one year and two months, while the current asset value stands at $1.06 billion, resulting in an unrealized profit of $120 million.
Comparison with Coinbase and Other Players
Metaplanet’s achievement of 10,000 BTC holdings has allowed it to surpass Coinbase Global, which holds 9,267 BTC. If Metaplanet achieves its next ambitious target of holding 100,000 BTC by 2026, it could become the second-largest public company holding BTC, following Michael Saylor’s strategy, requiring the addition of 90,000 BTC in under two years.
Market Valuation and Risks
Metaplanet’s mNAV, a measure of the company’s market value relative to BTC 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. However, if mNAV falls below 1, as seen in the case of Semler Scientific, it could lead to stock dilution and risks for shareholders. Matthew Siggel, Head of Research at VanEck, noted that companies should pause, initiate a stock buyback program or drop the BTC strategy if mNAV drops below 0.95.
Metaplanet's achievements in accumulating bitcoins reflect investor confidence in the company's strategy, yet there are risks associated with market valuation changes.
