Metaplanet’s 300% Stock Rally: How Japan’s Tax Policies and Bitcoin Strategy Are Redefining Crypto-Equity Markets

The ongoing crypto-driven equity rally has brought renewed attention to Bitcoin treasury strategies adopted by public companies. Among them, Japan’s Metaplanet and U.S.-based Strategy stand out as key players, each aggressively accumulating Bitcoin to fuel their corporate strategies, and their stock prices.

As of June 27, Metaplanet’s stock has surged more than 300% year-to-date, reaching a market capitalization of approximately $6 billion (854.8 billion yen). In comparison, Strategy’s stock has climbed about 30% over the same period, with a market cap of around $10.5 billion.

In terms of Bitcoin holdings, Strategy remains the largest corporate holder, with 592,345 BTC as of June 23. Metaplanet, while much smaller in scale, has steadily built its treasury to 12,345 BTC, surpassing Tesla’s 11,509 BTC holding but still far behind Strategy.

Metaplanet began accumulating Bitcoin on April 23, 2024, with an initial purchase of 97.85 BTC for approximately $6.9 million (1 billion yen). Since then, the company has rapidly expanded its holdings. As of June 26, Metaplanet has accumulated a total of 12,345 BTC at a cumulative investment of approximately $12.12 billion (1.76 trillion yen). The company’s average purchase price per Bitcoin now stands at roughly $98,195 (14.23 million yen).

Metaplanet’s mNAV Surpasses Strategy by Nearly Fivefold

One of the key reasons behind Metaplanet’s sharp stock rally is its significantly higher valuation premium compared to Strategy. This is measured by the mNAV (Multiple of Net Asset Value) indicator.

Currently, Metaplanet’s mNAV stands at 10.35, while Strategy’s is just 2.10—a nearly fivefold difference. The mNAV reflects how much investors are willing to pay above the value of a company’s Bitcoin holdings. For every $1 of Bitcoin held by Metaplanet, investors are paying an additional $9.35 in stock premium. In comparison, Strategy’s premium is only $1.10 per $1 of Bitcoin.

This wide gap shows that Japanese investors are significantly more aggressive in bidding up Metaplanet’s stock than U.S. investors are for Strategy. Analysts note that this isn’t just about company size. It’s also driven by Japan’s unique economic and market environment.

Japan’s Tax System Fuels Demand for Metaplanet Stock Over Direct Bitcoin Investment

Japan’s tax system further amplifies investor interest in Metaplanet. Cryptocurrency gains in Japan are classified as Miscellaneous Income and can be taxed at rates as high as 55%, regardless of whether the gains come from exchanges or peer-to-peer trading. In contrast, capital gains from stock investments are taxed at a flat 20%.

Additionally, Japan offers the NISA (Nippon Individual Savings Account) program, which allows individuals to invest up to 6 million yen per year (about $40,000) completely tax-free, a limit that was raised from 3.6 million yen in 2024.

This structure makes Metaplanet’s stock a highly attractive, tax-efficient vehicle for Japanese investors seeking Bitcoin exposure. By purchasing Metaplanet shares through NISA accounts, investors can potentially enjoy Bitcoin-linked gains without facing Japan’s heavy crypto taxes.

As a result, buying Metaplanet stock has become a tax-optimized strategy, directly driving demand and contributing to the company’s elevated valuation premium compared to Strategy.

Japan’s Macroeconomic Challenges Amplify Bitcoin Hedging Demand

Japan’s macroeconomic landscape has become a key factor behind the surge in demand for Bitcoin-linked assets like Metaplanet. The country’s debt-to-GDP ratio has ballooned to 235%, and Japan’s 30-year government bond yields have climbed to 3.20%, reflecting deep structural pressures in the bond market.

In this environment, fears of yen depreciation and rising inflation have intensified among investors. As the Japanese yen continues to weaken against major global currencies, many investors are actively seeking assets that can hedge against currency risk and protect purchasing power.

Metaplanet’s Bitcoin holdings are now seen as a strategic hedge, offering exposure to a global, non-sovereign asset that can potentially shield investors from the adverse effects of Japan’s economic instability. This perceived protection has made Metaplanet’s stock particularly attractive, pushing its valuation premium well above that of Strategy.

Additionally, Japan’s stock market is largely driven by retail investors, who are more easily influenced by policies, market sentiment, and short-term trends. This makes stocks like Metaplanet more likely to attract aggressive buying and trade at higher premiums.

In contrast, the U.S. market is dominated by institutional investors, who tend to focus on company fundamentals and asset scale. This is why Strategy’s appeal is built around the size of its Bitcoin holdings, rather than sentiment-driven premiums like Metaplanet.

Metaplanet Targets 210,000 BTC by 2027 With Aggressive Stock Issuance Plan

Earlier in June, Metaplanet launched its “555 Million Plan,” aiming to raise $5.3 billion by issuing 555 million shares through stock acquisition rights. The primary goal is to accumulate over 210,000 BTC by 2027, which would represent approximately 1% of Bitcoin’s total supply.

Metaplanet views this aggressive accumulation strategy as a hedge against Japan’s growing economic challenges. In an announcement on X, the company described the offering as the largest stock warrant issuance in Japan’s history and the first to utilize moving strike warrants, where the exercise price adjusts in line with market fluctuations.

To accelerate its Bitcoin acquisition, Metaplanet’s board has also approved up to $5 billion in capital injections into its newly formed U.S. subsidiary, Metaplanet Treasury Corp, based in Florida. By leveraging the U.S. financial system, the company aims to execute large-scale Bitcoin purchases more efficiently, taking advantage of the deeper capital markets and advanced institutional infrastructure available in the U.S.

On June 25, Metaplanet announced via X that it had raised 74.9 billion yen (~$515 million) on the first day of the 555 Million Plan through the issuance of 54 million new shares under its 20th series of stock acquisition rights. The shares issued so far represent 29% of the total planned stock issuance.

From Metaplanet to the Next Wave: Bitcoin Treasury Strategies Gain Momentum

Metaplanet’s significant valuation premium is no coincidence. It is the result of Japan’s unique policy landscape, including high cryptocurrency tax rates, the NISA tax-exempt investment program, and a retail-driven stock market structure. These local factors collectively drive the special premium attached to Metaplanet’s stock.

Simply comparing Bitcoin holdings and company market caps is not enough to understand the valuation logic behind crypto stocks. Stock prices are shaped by national policies, investor profiles, and macroeconomic environments that are unique to each country. Surface-level data often fails to capture these deeper forces.

As crypto-related stocks continue to rise, investing in this space is becoming more complex than simply trading altcoins. The growing crossover between traditional equities and digital assets is expanding the global investment landscape and may even reshape capital flows. For crypto investors, this signals a more nuanced and challenging environment in the future.

Metaplanet may not be alone for long. Across the globe, more companies are beginning to adopt Bitcoin as part of their treasury strategies, adding momentum to this growing financial shift.