Japanese MicroStrategy rival MetaPlanet has outperformed Michael Saylor’s bitcoin (BTC) acquisition firm by 317% year-to-date.
Since January 1, 2025, MicroStrategy has rallied 27% whereas MetaPlanet has surged 430%.
Assuming an equal $1,000 funding in each firms at the beginning of the yr, the MetaPlanet place could be 317% bigger right this moment: $5,300 versus the $1,270 MicroStrategy place.
Though each firms have introduced plans to pay dividends to most popular shareholders, neither pays them to frequent shareholders. Evaluating efficiency based mostly on inventory costs alone is, subsequently, applicable.
Yr thus far, MicroStrategy has elevated its BTC holdings 33% from 446,400 to right this moment’s 592,100. Beginning with a much smaller treasury, MetaPlanet made notable strides to catch up. In 2025, MetaPlanet quickly elevated its BTC holdings by 467% from 1,761 to right this moment’s 10,000.
Traditionally, MetaPlanet benefited from a novel place in capital markets, lengthy having fun with a near-monopoly on the Japanese inventory marketplace for capital flows in search of BTC worth publicity.
It trades on the distinguished Tokyo Inventory Alternate (TSE) beneath the ticker image 3350. Within the US, the place MicroStrategy is the dominant participant, it merely has a QX tier over-the-counter itemizing beneath the ticker image MTPLF — far under the NasdaqGS tier of MicroStrategy frequent shares.
MetaPlanet’s mNAV growth
Benefiting from Japanese demand for BTC worth publicity, MetaPlanet has additionally outperformed MicroStrategy in increasing its extra valuation above its BTC holdings as measured by multiple-to-net asset worth (mNAV).
mNAV is a standard metric for valuing BTC treasury firms. Admittedly simplistic and incomplete, it disregards money owed and encumbrances and easily divides the corporate’s market capitalization by the worth of its BTC holdings.
Yr-to-date, MetaPlanet’s mNAV has grown 61% from 4.56x to right this moment’s 7.33x per fundamental share. Over the identical interval, MicroStrategy’s mNAV has truly stayed flat at 1.7x.
Learn extra: MicroStrategy wannabes and the return of mNAV mania
In different phrases, not solely has MetaPlanet frequent inventory outperformed MicroStrategy’s frequent inventory by 317% this yr, its mNAV has outperformed MicroStrategy by 61%.
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In fact, it’s all the time simpler to realize increased development charges as a smaller firm, so percentages on an absolute foundation doesn’t give a whole comparability of the 2 firms.
Even Warren Buffett famously admitted that if he had a smaller capital base, he might obtain a return on funding (ROI) as excessive as 50%. For context, Buffett has impressively — albeit way more conservatively — managed to compound ebook worth at Berkshire Hathaway at a mere 19%.
Basically, MetaPlanet has taken a distinct strategy to development to MicroStrategy. For instance, the corporate has emphasised programmatic BTC accumulation that contrasts starkly with Saylor’s lump-sum purchases.
As well as, MetaPlanet’s initiative round promoting cash-secured BTC put choices is wholly distinct from Saylor, who doesn’t promote any lined or cash-secured calls.
Amid its outperformance this yr, MetaPlanet can also be gaining visibility in media. Yr-to-date, Google Traits notes a 1,280% enhance in worldwide queries for the corporate.
Trouncing its competitor, MetaPlanet’s reputation development coincides with a -64% decline in Google queries for MicroStrategy over the identical interval.
In abstract, MetaPlanet has dramatically outperformed MicroStrategy not solely by frequent inventory efficiency but additionally in its price of BTC accumulation. Its distinctive market place in Japan, aggressive acquisition initiatives, and favorable media protection have created an outlier in a market dominated by Saylor’s 3% possession share of BTC’s hard-capped provide.
