The Bitcoin (BTC) premium of the Japanese investment company Metaplanet has reached nearly $600,000 per coin, as this leading Asian Bitcoin asset management firm advances its plan to purchase 21,000 BTC by 2026.
According to a report released by 10x Research on May 27, shareholders of Metaplanet are paying more than five times the price for Bitcoin when investing in this Japanese company.
The report states: "The trading price of a little-known Japanese stock is over five times its actual price, equivalent to a Bitcoin value of $596,154."
The report adds that investors who do not understand the importance of the company's net asset value (NAV) may be "significantly overpaying for their Bitcoin exposure on a position that does not provide additional upside leverage."
NAV represents the unit price of the fund, calculated by subtracting total liabilities from total assets and dividing by the number of outstanding shares.
Despite the significant premium, according to Adam Back, co-founder and CEO of Blockstream and inventor of Hashcash, Bitcoin asset management companies like Metaplanet and Strategy are crucial for the mass adoption of Bitcoin, as these entities are racing ahead of the "global super Bitcoinization" — a potential $200 trillion market opportunity.
Bitbo data shows that Metaplanet is the largest corporate Bitcoin holder in Asia and the tenth largest in the world, holding over 7,800 BTC worth $855 million, accounting for 0.037% of the total supply.
The report was published nearly two weeks after Metaplanet purchased 1,004 BTC for $104.6 million on May 19, marking its second-largest investment to date.
Despite the fivefold premium, according to Markus Thielen, CEO and head of research at 10x Research, the high price tag of Bitcoin has hindered retail participation, making proxy stocks more attractive to retail investors.
Thielen told Cointelegraph: "Retail investors account for only about 7% of the Bitcoin market, peaking in December 2023." He added that retail investors "exited" the Bitcoin market when it first broke the $45,000 mark, which is the average cost of a new car in the U.S.
Other Bitcoin asset management companies are also trading at significant premiums compared to the spot price of Bitcoin.
Michael Saylor's Strategy is currently trading at an implied Bitcoin price of $174,100, with the report noting that this premium "is not extreme but still significant," adding:
"Whenever Strategy issues new shares to retail investors — these shares are backed by Bitcoin worth only a small fraction of the share price — the company pockets the difference and packages it as Bitcoin yield."
The report points out that while existing shareholders "cheer for this," it may dilute the NAV per share over time, with this cost "entirely borne by new shareholders."
Related: Michael Saylor: On-chain reserve proof is a "bad idea" and may pose security risks
Original: “Metaplanet's Bitcoin (BTC) Premium Approaches $600,000 per Coin”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
