Bitcoin News
Metaplanet’s Bitcoin strategy beats MicroStrategy’s yield
The 10,000 BTC milestone
Metaplanet’s strategy beats MicroStrategy’s per-share yield. The firm holds 43,000 BTC, valued at $2.8 billion, making it the third-largest publicly traded corporate Bitcoin holder globally, trailing only MicroStrategy and Marathon Digital Holdings. It recently issued a ¥12 billion convertible bond to expand its cryptocurrency reserve. Bitcoin Japan intends to allocate at least 662 million yen of the proceeds toward an initial purchase of Bitcoin. The remaining funds cover additional cryptocurrency acquisitions and general corporate purposes. This expansion follows the acquisition of Siiibo Securities for 2.1 billion yen. Siiibo Securities, founded in January 2019, has facilitated over 100 bond offerings in the past. This deal provides the firm with a Type I Financial Instruments Business Operator registration. This license allows the company to distribute Bitcoin-linked products to its 250,000 investors. The acquisition also allows for joint underwriting of bond issuances in collaboration with Metaplanet Ventures Inc. Project Nova builds a Bitcoin-centric financial platform in Japan. Metaplanet’s CEO, Simon Gerovich, views Bitcoin as the foundation of next-generation financial ecosystems. The firm plans to buy 169,823 more Bitcoin as part of an ambitious long-term vision. The addition of 2,823 BTC helped it reach its target. The company can also draw on Bitcoin-backed credit facilities with an aggregate capacity of $500 million.
Metaplanet holds 43,000 BTC.
Divergent funding models
The two companies use different capital structures to grow their treasuries. MicroStrategy holds 845,050 BTC. This dwarfs Metaplanet’s 43,000 BTC. MicroStrategy trades at an mNAV of 0.79x, while Metaplanet trades at 0.58x. MicroStrategy sold 3,588 BTC for approximately $216 million to fund its first large preferred stock dividend. This sale proved that fixed cash obligations force companies to sell Bitcoin when they lack fresh capital.
The funding models split the companies apart. MicroStrategy raises capital through equity, convertible debt, and preferred stock. These preferred shares carry fixed dividend obligations. Metaplanet uses yen-denominated loans and ordinary bonds. These bonds have fixed maturity dates instead of recurring cash costs. This structure defers pressure to specific dates rather than spreading it across every dividend period. The mNAV premium drives the compounding engine, and a premium above one allows companies to buy more Bitcoin per share sold. MicroStrategy has a five-year track record of using its treasury to grow, while Metaplanet captures momentum. The scale of MicroStrategy’s holdings makes it a market leader.
| Metric | MicroStrategy | Metaplanet |
|---|---|---|
| BTC Holdings | 845,050 | 43,000 |
| mNAV | 0.79x | 0.58x |
| Primary Funding | Equity and Preferred Stock | Yen-denominated Debt |
MSTR sold coins.
Currency tailwinds and risks
The yen sits at 162 per dollar. This weak currency provides Metaplanet an advantage when it borrows in yen to buy Bitcoin. You know that volatility remains a risk for any treasury model. Metaplanet’s debt maturity dates create different pressure than MicroStrategy’s recurring dividends. Japan allows companies to hold Bitcoin as a treasury asset without special regulatory approval. The Financial Services Agency regulates exchanges, but it does not regulate companies holding their own Bitcoin. The FSA ensures that crypto-asset exchanges operate with sufficient security and segregated accounts to protect users. Any transfer of crypto-assets exceeding ¥30 million in value into or out of Japan requires reporting to the Ministry of Finance under the Foreign Exchange and Foreign Trade Act. Recent tax reforms in Japan also mean that companies no longer pay tax on unrealized gains for certain crypto-assets. This removes the previous burden of year-end mark-to-market taxation. This change, implemented for the 2023-2024 fiscal year, helps firms hold assets longer.
MicroStrategy sold 3,588 BTC for approximately $216 million to fund its first large preferred stock dividend, which proved that fixed cash obligations can force liquidations at the worst times.
The yen weakens.
Bitcoin prices fluctuate.
Will the mNAV premium stay above one?
The firm’s Bitcoin holdings could lose value if prices drop, especially as it holds assets worth billions.
