Bitcoin Baron: Metaplanet’s Daring Feat 🤑

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  • Oh, joyous day! Metaplanet hath surpassed its 10,000 BTC target, leaving Coinbase Global in the dust 🚀
  • Investors, it seemeth, are enamored with Metaplanet’s BTC strategy, as evidenced by a most impressive 7.56 mNAV premium 💸

Verily, Metaplanet, that most intrepid of Bitcoin treasury companies, hath achieved its 2025 goal of 10,000 BTC holdings. ‘Twas on the 16th of June, a most auspicious day, that the Tokyo-based firm acquired an additional 1112 BTC for a sum of $117.2 million 💸

This grand stash of 10,000 BTC, which took but one year and two months to amass, hath cost the firm a pretty penny: $947 million, to be exact. Yet, its value now exceeds $1.06 billion, yielding an unrealized profit of $120 million 🤑

But, alack! Metaplanet’s 10,000 BTC hath also allowed it to surpass Coinbase Global’s 9,267 BTC, as reported by Bitcoin Treasuries 📊

And, if Metaplanet’s ambitious target of 100,000 BTC by 2026 is achieved, why, it shall outshine even Mara, becoming the second-largest public company to hold BTC, after Michael Saylor’s Strategy 🌟

But, we must confess, dear reader, that Metaplanet’s stockholders have been the greatest beneficiaries of this most daring BTC strategy. Since adopting BTC last April, the firm’s share hath rallied a staggering 9,695% or 97x 🚀

The 10,000 BTC milestone, in fact, hath pumped the stock by 25% as of this writing. Measured from April lows, the share hath recovered nearly 500% from $2 to over $13 📈

This, we dare say, hath rivalled even BTC’s 42% gain over the same period, suggesting that treasury companies offer relatively higher returns than the underlying asset 🤑

And, on the valuation side, Metaplanet’s mNAV, which expresseth the firm’s enterprise value relative to BTC NAV, was at 7.56 📊

Ah, but what doth this mean, dear reader? Why, it meaneth that the market is willing to pay a premium for Metaplanet’s stock, a strong confidence in its BTC strategy and bullish expectation for BTC 🤑

Yet, we must caution, dear reader, that if the premium falleth and mNAV droppeth below 1, like the Semler Scientific case (0.8), then more issuance could dilute the stock and expose stockholders to risk, as warned by VanEck’s Head of Research, Matthew Siggel ⚠️

“As some of these companies raise capital through large at-the-market (ATM) programs to buy BTC, a risk is emerging: If the stock trades at or near NAV, continued equity issuance can dilute rather than create value.”

And, in fact, Siggel added that companies should pause, launch a stock buyback program, or discard the BTC strategy if mNAV droppeth below 0.95 📝

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2025-06-16 14:19