In the race to maximize Bitcoin returns, two corporate heavyweights—MicroStrategy and Japan-based Metaplanet—are grabbing attention with their aggressive accumulation strategies. But according to Blockstream CEO Adam Back, one of them is clearly pulling ahead. And it’s not the one most would expect.
In a recent analysis shared online, Back revealed that Metaplanet’s approach to Bitcoin investment is yielding significantly higher returns compared to MicroStrategy, the firm long known for pioneering corporate BTC treasury strategies.
Metaplanet’s BTC Strategy: Faster, Leaner, Smarter?
Back’s breakdown leans on a metric known as months to market Net Asset Value (mNAV) cover. Simply put, it’s a way to measure how efficiently a company’s Bitcoin holdings are reflecting in its market value.
The results? Metaplanet delivers a 2x BTC yield in just 3 months, compared to MicroStrategy’s 19 months. That’s a pace 3.8 times faster, says Back. Currently, Metaplanet boasts an mNAV of 3.3x, and if it sustains this growth rate, that figure could climb to 8.3x—potentially launching its stock price from ¥533 to ¥1,340.
Backing its aggressive strategy, Metaplanet recently revealed plans to raise $25 million to further boost its BTC holdings, signaling long-term confidence in Bitcoin’s upside.
MicroStrategy Isn’t Standing Still
Though Metaplanet may be the more agile player for now, MicroStrategy isn’t sitting idle. CEO Phong Le has teased the upcoming release of a Bitcoin standard framework, aimed at helping other corporations bring BTC onto their balance sheets.
As one of the earliest and loudest voices advocating for institutional Bitcoin exposure, MicroStrategy still holds the title of the largest public BTC holder. But with rising competition from companies like Metaplanet, the landscape is clearly evolving.
Bitcoin Remains the Prize
At the center of all this strategic maneuvering is Bitcoin itself, which continues to ride a bullish wave. As of now, BTC is trading at $103,944, up slightly on the day by 0.18%. With overall sentiment leaning positive, many analysts expect the upward momentum to continue.
Final Thought
While MicroStrategy set the bar, Metaplanet seems to be rewriting the playbook—faster accumulation, stronger ROI metrics, and a clear commitment to scaling its exposure. As more corporations eye Bitcoin as a strategic asset, the real winner may ultimately be the crypto market itself.
