TLDR
- Metaplanet has surpassed MicroStrategy in Bitcoin returns with a faster investment strategy.
- Adam Back revealed that Metaplanet achieves a 2x BTC yield in three months.
- Metaplanet’s market Net Asset Value is currently at 3.3x and could reach 8.3x if the trend continues.
- MicroStrategy takes around 19 months to reach a 2.16x mNAV, making it slower than Metaplanet.
- Metaplanet plans to raise $25 million to continue its aggressive Bitcoin acquisition.
Metaplanet has taken a stronger lead in the Bitcoin market by adopting a faster and more efficient accumulation strategy. According to recent insights, Metaplanet’s approach has outpaced Strategy in terms of returns and speed of mNAV coverage. Adam Back highlighted this comparison, highlighting how both companies are performing under current market conditions.
Metaplanet Outpaces MicroStrategy in Bitcoin Investment Strategy
Metaplanet has implemented a rapid Bitcoin acquisition model, showing quicker returns than MicroStrategy’s traditional approach. The company has reached a 2x BTC yield within just three months, significantly ahead of its counterpart. As a result, its market Net Asset Value (mNAV) stands at 3.3x, with potential to grow further.
Adam Back’s analysis indicates that Metaplanet’s strategy accelerates value creation compared to MicroStrategy’s timeline of 19 months to reach 2.16x mNAV. This suggests that Metaplanet has increased its BTC position more efficiently, creating a higher return in a shorter time. The company plans to raise $25 million to expand its BTC holdings further.
suggested treasury company metric: "months to mNAV cover" eg @Metaplanet_JP has 2x yield (100%) in 3 months. and yet mNAV is 3.3x. so it would take 5 months at 2x to cover the mNAV, after that further yield is all upside (assuming btc/share increases reflect in pricing).
— Adam Back (@adam3us) May 10, 2025
Regarding stock performance, Metaplanet’s share price could jump from ¥533 to ¥1,340 if the current growth trend continues. The company has adopted an aggressive yet structured financial strategy to optimize Bitcoin accumulation. Moreover, this speed gives Metaplanet a significant edge in capitalizing on Bitcoin’s upward momentum.
MicroStrategy Maintains Long-Term Bitcoin Standard Model
MicroStrategy continues to rely on a long-term Bitcoin investment plan centered on strong reserve accumulation and corporate strategy integration. The firm has consistently increased its BTC reserves but at a slower pace than Metaplanet. Its current mNAV stands at 2.16x, taking 19 months to reach that level.
Despite slower yield generation, MicroStrategy aims to standardize Bitcoin use across enterprises through a new financial model. CEO Phong Le confirmed that this model will help companies add Bitcoin to their balance sheets. This upcoming release positions MicroStrategy as a leader in corporate BTC guidance, not just acquisition.
While MicroStrategy’s strategy is methodical, its returns have not matched the speed seen in Metaplanet’s recent performance. Still, the firm holds a strong position in long-term BTC adoption. It remains focused on building Bitcoin’s role in corporate finance rather than competing on speed.
Bitcoin Remains Strong as Both Firms Expand Holdings
Bitcoin remains the central asset as MicroStrategy and Metaplanet expand their holdings amid positive market conditions. Bitcoin trades at $103,944 with a 0.18% daily gain, reflecting sustained momentum. This upward trend supports both companies’ strategies, though Metaplanet’s rapid approach appears more reactive to market movements.
Metaplanet’s fast-track mNAV growth and continued capital inflow position it to benefit quickly from Bitcoin’s rise. Meanwhile, MicroStrategy prepares to influence broader corporate adoption with its Bitcoin standard model. Both companies aim to secure long-term value, but Metaplanet currently leads in execution speed and returns.
