Metaplanet’s 10,000 Bitcoin holding trades at $759K each

Japanese investment firm Metaplanet has reached its short-term goal of acquiring 10,000 Bitcoin, following a recent purchase of 1,112 BTC for approximately $117 million.The acquisition was completed at an average price of $105,405 per coin, pushing Metaplanet past Coinbase in the rankings of public companies with the most significant Bitcoin holdings.The milestone means the company doubled its BTC reserves in just six months. At the start of 2025, Metaplanet held fewer than 5,000 BTC but has aggressively acquired around 6,000 BTC during the ensuing period.This rapid accumulation signals the firm’s deepening commitment to Bitcoin as a core treasury asset.Despite hitting the 10,000 BTC goal, Metaplanet is not slowing down. Instead, the company’s board approved a significant funding move that would see it issue $210 million in zero-interest ordinary bonds to EVO Fund.These 18th-series bonds, maturing in December 2025, are designated exclusively for additional Bitcoin purchases.Looking ahead, Metaplanet has set aggressive accumulation targets. It plans to hold 30,000 BTC by the end of 2025, 100,000 BTC by 2026, and a staggering 210,000 BTC by 2027.Metaplanet’s rising valuationInvestor sentiment appears to be strongly aligned with Metaplanet’s strategy.Following the Bitcoin acquisition announcement, the company’s stock rose by 26% to 1,895 yen, according to data on its website.The company stock has increased by almost 10,000% since it adopted the Bitcoin standard, pushing its market capitalization to surpass ¥1 trillion ($6.9 billion).Beyond that, crypto firm Matrixport pointed out that Metaplanet’s Bitcoin holdings are trading at a steep premium.According to the firm, Metaplanet’s market net asset value (mNAV) stands at 7.23x, effectively pricing each BTC in its reserves at $759,000, over seven times the spot rate.Metaplanet Stock Compared to Bitcoin (Source: Matrixport)Matrixport attributes this premium to speculative demand, limited share float, and future expectations of Bitcoin’s value tied to Metaplanet’s growing holdings.In addition, the company is also benefiting from Japan’s revised tax rules, which eased restrictions on corporate Bitcoin holdings and classified BTC as a reserve asset rather than a speculative one. As a result, local investors now see Metaplanet as a tax-efficient gateway to Bitcoin exposure.Mentioned in this article



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