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Blockstream CEO Adam Back emphasized that Metaplanet is more efficient than MicroStrategy in Bitcoin investment. Metaplanet stands out with its innovative strategy. As Bitcoin maintains its dominance in the crypto market, these two companies are making bold moves. Adam Back’s latest analysis highlights Metaplanet’s rapid growth and high returns.
Metaplanet’s Rapid Rise in Bitcoin Investment
Metaplanet is pursuing an aggressive path in Bitcoin accumulation. Adam Back notes that the company is growing 3.8 times faster than MicroStrategy in terms of mNAV (market Net Asset Value). The company achieved a 100% BTC return in three months. Its current mNAV value stands at 3.3x. According to Back, at this pace, the mNAV could reach 8.3x, potentially driving the stock price from 533 ¥ to 1,340 ¥.
Additionally, company raised $25 million for its latest purchases. The company views Bitcoin as its core treasury asset. The Japan-based firm ranks 11th among Asia’s largest Bitcoin holders, managing a portfolio of 5,555 BTC worth $481.5 million.
MicroStrategy’s Bitcoin Moves
On the other hand, MicroStrategy leads in Bitcoin investments. The company holds 555,450 BTC, making it the world’s largest institutional Bitcoin holder. It recently spent $180 million to acquire 1,895 BTC. Additionally, CEO Phong Le is developing a standard model to help companies add Bitcoin to their balance sheets. This model will be released soon.
However, Adam Back points out that MicroStrategy’s mNAV growth took 19 months, a slower pace compared to Metaplanet. MicroStrategy’s mNAV value is at 2.16x.
comparing @Strategy is about 19 months to cover it's 2.16x mNAV. crudely MSTR cover / metaplanet, shows metaplanet 3.8x faster. if you use that to normalise mNAV heat, then metaplanet could be at 2.16 x 3.8 = 8.3x mNAV up from 3.3 mNAV, and if price transfers ¥1340 normalized.
— Adam Back (@adam3us) May 10, 2025
Bitcoin maintains a strong stance in the market. It is currently trading at $103,944, with a 0.18% increase. Analysts predict the bull rally will continue. Companies like Metaplanet and MicroStrategy are boosting institutional adoption, supporting Bitcoin’s value.
The company’s innovative approach is attracting investor attention. Metaplanet aims to reach 10,000 BTC by the end of 2025. MicroStrategy continues its institutional leadership. Both companies reflect confidence in Bitcoin’s future.
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