MicroStrategy vs Metaplanet: The Bitcoin treasury race

MicroStrategy scales while Metaplanet issues bonds

MicroStrategy acquired 24,869 bitcoin for $2.01 billion, pushing its total holdings to 843,738 BTC. This purchase, made between October 31 and November 10, averages $80,985 per coin. MicroStrategy’s cumulative spend reaches approximately $61.56 billion. The firm funds these acquisitions through equity sales and its STRC preferred stock offering. Despite its expanding position, which equals 3.8% of the total bitcoin supply, shares slipped in pre-market trading as investors weighed the aggressive capital strategy. Metaplanet issued ¥8 billion ($50 million) in zero-interest bonds to expand its bitcoin holdings. These bonds mature in April 2027 and carry no interest. The firm allocated the funds to EVO FUND, a Cayman-based investor tied to Evolution Financial Group. Metaplanet’s decision to issue ¥8 billion in zero-interest bonds to the Cayman-based investor EVO FUND allows the company to acquire between 640 and 700 BTC while aiming to expand its digital asset reserves at current market prices near the $78,000 level. The firm holds 40,177 BTC, valued at $3.1 billion, and targets 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027. Metaplanet reported a ¥95 billion net loss for fiscal 2025 because of unrealized valuation declines. The firm added 5,075 BTC during the first quarter and reported a BTC Yield of 2.8%.

Debt mechanics and liquidity risks

MicroStrategy uses convertible debt to fund its accumulation. The company issued $3 billion in notes due in 2029 that lack regular interest. These notes convert to Class A common stock at a ratio of 1.5 shares per $1,000 of principal, which equals a 55% premium at the time of issue. Starting June 1, 2028, debt holders can require the company to repurchase notes for cash. This mechanism creates risk because a drop in bitcoin prices could force the company to liquidate assets to meet cash demands. If the bitcoin price fell to $20,000, MicroStrategy would need to cover an $8.2 billion debt redemption. This could require unloading more than half its bitcoin or doubling its public float. MicroStrategy reported a 12.6% BTC Yield year-to-date in 2026. You should notice the massive difference in scale between these two players. Metaplanet faces different hurdles. The company postponed its planned listing of the Mars and Mercury preferred stock programs due to the immaturity of the Japanese preferred stock market and exchange rule restrictions. Will the Japanese market ever support such aggressive debt structures?

Comparative valuation and market premiums

Investors evaluate these treasuries through the market capitalization divided by the value of the bitcoin on the balance sheet. MicroStrategy trades at 0.88x mNAV, while Metaplanet trades at 0.59x mNAV. MicroStrategy’s total bitcoin holdings exceed $67 billion in market value. Metaplanet holds 40,177 BTC, valued at $3.1 billion, with an average acquisition cost of $104,106 per coin. MicroStrategy’s average price for its total stash stands at $75,700 per bitcoin. Metaplanet’s share price fell 4% to 456 yen recently. Metaplanet shows a 2026 year-to-date return of -32.80%, whereas MicroStrategy shows a 1.30% return. Metaplanet’s current drawdown from its peak reached 89.06%, while MicroStrategy’s current drawdown stands at 67.52%. MicroStrategy’s 6-month volatility reached 57.81%, compared to Metaplanet’s 50.62%. MicroStrategy’s 1-year volatility reached 81.74%, while Metaplanet’s 1-year volatility reached 90.62%. The MicroStrategy strategy wins on scale.