Metaplanet Surpasses MARA Holdings with 43,000+ Bitcoin
Japanese publicly listed company Metaplanet has reported that its Bitcoin holdings have exceeded 43,000 BTC, overtaking MARA Holdings (formerly Marathon Digital) to become the third-largest corporate Bitcoin holder globally. The milestone places Metaplanet behind only Strategy (formerly MicroStrategy) and one other top holder.
Q2 Purchases: 2,823 BTC for ¥35.89 Billion
During the second quarter, Metaplanet acquired 2,823 Bitcoin through a combination of loans and bond issuances, spending approximately ¥35.89 billion (about $240 million). Cumulatively, the company has spent roughly ¥659 billion on its Bitcoin treasury, with the current market value standing at around ¥409 billion — reflecting an unrealized loss of about 38% on paper. However, Metaplanet has actively managed its position by generating $10.95 million in profits from Bitcoin options trading, applying those gains to purchase additional coins and effectively lowering its average cost basis.
16% Discount vs Strategy's 8% Premium: Market Pricing Divergence
A notable observation is the disparity between Metaplanet's stock price and the net asset value (NAV) of its Bitcoin holdings. The company's shares currently trade at a 16% discount to the underlying Bitcoin NAV, while Strategy (the renamed MicroStrategy) commands an 8% premium. This contrast suggests differing investor perceptions of corporate governance, leverage strategies, and sustainability of accumulation plans. Metaplanet's discount may be attributed to its higher debt servicing costs, exposure to yen fluctuation risks, and uncertainty about the long-term viability of its aggressive buying program.
Industry Implications: Corporate Bitcoin Adoption Accelerates in Asia
Metaplanet's rapid ascension signals deepening corporate Bitcoin adoption outside North America. Previously, the top tier of corporate holders was dominated by U.S. firms — Strategy with over 200,000 BTC, MARA Holdings with approximately 40,000. Metaplanet has grown its stash more than tenfold in under two years since its first Bitcoin purchase in 2024. Its playbook echoes Strategy's early days: raise cheap yen-denominated debt and supplement with options income. Yet the 16% discount serves as a cautionary tale that equity valuations of Bitcoin holding companies may not always align with their asset values, especially when currency and financing risks are at play.