Yigit Taha OZTURK 
As volatility grips the crypto markets, investors often seek safety in familiar names. But when market hype distorts fundamental value, even well-known firms can present unseen risks. Metaplanet, a Japanese investment firm, is now a striking example of such an imbalance.
Investor Frenzy Inflates Share Price
Metaplanet, Asia’s largest Bitcoin treasury holder, is witnessing an extraordinary surge in its stock value. According to a May 27 report by 10x Research, investors are paying as if BTC is valued at $596,154—over five times its actual market price of around $109,499. This premium highlights how retail investors may be drastically overpaying for indirect Bitcoin exposure.
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The report warns that those ignoring a firm’s Net Asset Value (NAV) might be walking into overvalued positions with limited upside. Another prominent example is MicroStrategy, whose shares suggest an implied Bitcoin price of $174,100. These premiums, while boosting corporate valuations, may ultimately dilute value for incoming shareholders.
Corporate Bitcoin Holdings Expand
Metaplanet currently holds more than 7,800 BTC, worth over $855 million, representing 0.037% of the total supply. After a recent purchase of 1,004 BTC on May 19, the firm is targeting a total of 21,000 Bitcoin by 2026. This aggressive accumulation strategy is applauded by some for advancing adoption but raises questions as retail investors are pushed into paying steep premiums rather than buying BTC directly.
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