Metaplanet’s Bitcoin 'premium’ nears $600k per BTC

Japanese investment firm Metaplanets Bitcoin premium is almost $600,000 per coin, as Asias leading Bitcoin treasury firm pushes forward with its plan to purchase 21,000 BTC by 2026.Metaplanets stockholders are paying a more than fivefold premium on Bitcoins (BTC) price when investing in the Japanese company, according to a report by 10x Research published on May 27, which wrote:A little-known Japanese stock trades as if Bitcoin were worth $596,154, more than five times its actual price.Investors who dont understand the importance of a firms net asset value (NAV) may be dramatically overpaying for their Bitcoin exposure, on a position that doesnt provide additional upside leverage, said the report.The NAV represents the per-unit price of a fund, calculated by dividing the funds total assets minus its liabilities by the number of outstanding shares.Related: $1M Bitcoin by 2030: Big names predict massive debt-driven BTC rallyDespite the significant premium, Bitcoin treasury firms like Metaplanet and Strategy are important for Bitcoins mass adoption, as entities that are front-running global hyperbitcoinization, a potential $200 trillion market opportunity, according to Adam Back, co-founder and CEO of Blockstream and the inventor of Hashcash.Source: Adam BackMetaplanet is Asias largest and the worlds 10th-largest corporate Bitcoin holder, with over 7,800 BTC worth $855 million, representing 0.037% of the total supply, Bitbo data shows.The report comes nearly two weeks after Metaplanet purchased 1,004 BTC for $104.6 million on May 19, marking its second-largest investment to date, Cointelegraph reported.Largest corporate Bitcoin holders. Source: BitboDespite the fivefold premium, proxy stocks are becoming more attractive to retail investors, as Bitcoins high price tag is discouraging direct retail participation, according to 10x Researchs CEO and head of research, Markus Thielen.Retail is only like 7% of the Bitcoin market, and that peaked toward December 2023, Thielen told Cointelegraph, adding that retail investors tuned out from Bitcoin when it first crossed the $45,000 mark, which is the average cost of a new car in the US.Related: Bitcoins new highs may have been driven by Japan bond market crisisInvestors are paying a Bitcoin premium due to a lack of educationOther Bitcoin treasury firms are also trading at significant markups compared with spot Bitcoin prices.Metaplanet, MicroStrategy premium, compared to Bitcoin. Source: 10X ResearchMichael Saylors Strategy is currently trading at an implied Bitcoin price of $174,100, a premium which isnt extreme but still significant, wrote the report, adding:Every time MicroStrategy issues new shares to retail investorsshares backed by Bitcoin worth only a fraction of the stock pricethe company pockets the difference and frames it as Bitcoin yield.While existing shareholders cheer this on, this may dilute the NAV per share over time, which is a cost borne entirely by the new shareholders, added 10X Researchs report.loading="lazy">Magazine: Arthur Hayes $1M Bitcoin tip, altcoins powerful rally looms: Hodlers Digest, May 11 17