Tokyo-based Bitcoin treasury firm Metaplanet has officially crossed the milestone of holding 10,000 BTC, overtaking Coinbase Global’s Bitcoin stash. The company’s recent $117.2 million purchase of 1,112 BTC pushed its total holdings to this impressive level, marking a significant moment for the firm and its investors.

$117 Million Bitcoin Buy Pushes Holdings to 10,000 BTC

Metaplanet completed this milestone after just over a year of steady accumulation. The 10,000 BTC position cost the company around $947 million, but with Bitcoin’s current price near $106,000, the holdings are now valued at approximately $1.06 billion. This translates into an unrealized gain of $120 million for the company.

The recent purchase underscores Metaplanet’s aggressive strategy of steadily acquiring Bitcoin to bolster its treasury and capitalize on long-term growth prospects.

Metaplanet Flips Coinbase to Become a Top BTC Holder

By surpassing Coinbase’s 9,267 BTC holdings, Metaplanet now ranks among the largest public companies holding Bitcoin. According to data from Bitcoin Treasuries, this places Metaplanet in a prominent position within the BTC treasury landscape.

Looking ahead, Metaplanet has set an ambitious goal of holding 100,000 BTC by 2026. Achieving this would catapult the company to the status of the second-largest public BTC holder, trailing only Michael Saylor’s MicroStrategy, which currently leads with a massive Bitcoin treasury.

Metaplanet Stock Soars with Investor Confidence

Investors have been rewarded handsomely by Metaplanet’s Bitcoin-focused approach. Since the company adopted its BTC treasury strategy in April last year, its stock price has surged by an astonishing 9,695% (nearly 97 times).

Following the statement of the 10,000 BTC milestone, Metaplanet’s shares jumped 25% intraday, reaching over $13 from lows of just $2 a few months ago — a near 500% recovery. This surge notably outpaced Bitcoin’s 42% gain over the same period, suggesting that investors see more upside in Metaplanet’s stock than in Bitcoin itself.

Strong mNAV Premium Reflects Bullish Market Sentiment

A key measure of investor sentiment toward Metaplanet is its market net asset value (mNAV) premium, which stands at 7.56. This metric compares the company’s enterprise value to the net asset value of its Bitcoin holdings.

An mNAV above 1 indicates that the market values Metaplanet’s stock at a premium relative to the underlying Bitcoin it holds, reflecting strong investor confidence in the company’s BTC acquisition strategy.

This premium also positions Metaplanet favorably to raise additional capital by issuing shares to fund future Bitcoin purchases.

Risks of Dilution if mNAV Premium Drops

However, experts caution that this premium must be maintained. VanEck’s Head of Research, Matthew Siggel, warns that if the mNAV falls below 1—as seen in other companies like Semler Scientific at 0.8—additional stock issuance to buy BTC can dilute shareholder value.

Siggel advises companies to consider halting stock issuance, initiating share buybacks, or even reconsidering their Bitcoin strategies if the mNAV premium declines below 0.95 to protect shareholders.

What’s Next for Metaplanet?

With its bold target of 100,000 BTC by 2026, Metaplanet’s trajectory could redefine the public company landscape in the crypto space. The company’s ability to maintain investor confidence, execute strategic BTC acquisitions, and manage stock issuance will be crucial to sustaining its growth and stock price momentum.

As Bitcoin continues to garner mainstream attention, Metaplanet’s aggressive treasury approach offers a compelling example of how firms are capitalizing on the digital asset’s potential.