Japanese investment firm Metaplanet is currently trading at an implied Bitcoin price nearing $600,000 per coin, significantly exceeding the current spot price of approximately $109,715. This represents a premium of over five times the actual market value.
According to a report by 10x Research, investors purchasing Metaplanet shares are effectively paying this substantial premium, potentially due to a lack of understanding regarding the firm’s net asset value (NAV). NAV is calculated by dividing a company’s total assets minus its liabilities by the number of outstanding shares. The report suggests that investors may be overpaying for Bitcoin exposure without gaining additional leverage.
Metaplanet, Asia’s largest corporate holder of Bitcoin and the tenth-largest globally, currently holds over 7,800 BTC valued at approximately $855 million. The company has announced plans to increase its holdings to 21,000 BTC by 2026.
Despite the high premium, such proxy stocks are attracting retail investors who may find direct Bitcoin investments less accessible due to high prices. Markus Thielen, CEO of 10x Research, noted that retail participation in the Bitcoin market has decreased, particularly after Bitcoin surpassed $45,000.
Other companies, like MicroStrategy, are also trading at significant premiums. MicroStrategy’s stock implies a Bitcoin price of around $174,100. The company often issues new shares backed by Bitcoin, which can dilute the NAV per share over time, a cost borne by new shareholders.
These developments highlight the growing interest in Bitcoin exposure through corporate stocks, despite the associated premiums and potential risks.
