TL;DR: MicroStrategy pioneered corporate Bitcoin accumulation through aggressive leverage. Metaplanet optimized it with options strategies that generate income. Both work-but for different company profiles. MicroStrategy: maximum BTC exposure. Metaplanet: capital efficiency.
Metaplanet outperformed MicroStrategy by 317% in 2025.
That’s not a typo. The Japanese company that pivoted to Bitcoin in 2024 delivered stock returns more than three times higher than Michael Saylor’s pioneering Bitcoin treasury company.
But the full story is more nuanced. These two companies represent fundamentally different approaches to Bitcoin accumulation-and understanding the differences matters if you’re evaluating Bitcoin treasury strategies for your own company.
Key Takeaways
| Metric | MicroStrategy | Metaplanet |
|---|---|---|
| BTC Holdings | 672,497 BTC | 35,102 BTC |
| Total Value | ~$62B | ~$3.78B |
| Avg Cost Basis | ~$41,000 | ~$65,000 |
| 2025 Holdings Growth | +33% | +467% |
| 2025 Stock Return | +27% | +430% |
| Primary Strategy | Leverage (debt + equity) | Income generation (options) |
The Tale of Two Bitcoin Treasuries
MicroStrategy and Metaplanet represent two generations of Bitcoin treasury companies. One pioneered the model; the other optimized it.
MicroStrategy: The Pioneer
MicroStrategy (now rebranded as “Strategy”) began accumulating Bitcoin in August 2020 under CEO Michael Saylor. The business intelligence company transformed itself into what Saylor calls a “Bitcoin development company.”
- Founded: 1989 (pivot to Bitcoin: 2020)
- Current holdings: 672,497 BTC
- Total value: ~$62 billion
- Average cost basis: ~$41,000/BTC
- Accumulation method: Convertible debt + ATM stock offerings
Metaplanet: The Optimizer
Metaplanet is a Japanese public company that originally operated hotels. In 2024, under CEO Simon Gerovich (former Goldman Sachs derivatives trader), it pivoted entirely to Bitcoin treasury operations.
- Founded: Hotel company (pivot to Bitcoin: 2024)
- Current holdings: 35,102 BTC
- Total value: ~$3.78 billion
- Accumulation method: Zero-interest bonds + options strategies
- Target: 210,000 BTC by 2027 (1% of total supply)
Metaplanet has acquired 4279 BTC during Q4 2025 for $451.06 million at ~$105,412 per bitcoin and has achieved BTC Yield of 568.2% YTD 2025.
— Simon Gerovich (@gerovich) December 30, 2025
As of 12/30/2025, we hold 35,102 $BTC acquired for ~$3.78 billion at ~$107,606 per bitcoin.
Both companies can be tracked on our Bitcoin treasury leaderboard.
How MicroStrategy Accumulates Bitcoin
MicroStrategy’s strategy is aggressive leverage. The company uses its stock premium (trading above NAV) to raise capital through debt and equity, then deploys that capital into Bitcoin.
The Convertible Debt Playbook
MicroStrategy has issued billions in convertible notes-debt that can be converted to equity. These notes often carry low or zero interest rates because investors want the equity upside.
- Low-cost capital: Many notes issued at 0% interest
- Equity conversion: Lenders can convert to stock if price rises
- Leverage amplification: More Bitcoin = higher stock premium = more debt capacity
ATM Stock Offerings
MicroStrategy also sells stock “at the market” (ATM) when trading at a premium to NAV. If the stock trades at 2x the value of its Bitcoin, selling stock and buying Bitcoin is accretive.
“Buy Bitcoin → Stock rises → Sell stock at premium → Buy more Bitcoin → Repeat.”
Michael Saylor, Executive Chairman, MicroStrategy, describing the “Saylor Flywheel”
This strategy requires maintaining a stock premium above NAV. When the market values MicroStrategy’s Bitcoin holdings at 1.5-2x their actual value, issuing equity becomes a BTC accumulation machine.
The Risk
Leverage cuts both ways. If Bitcoin drops significantly and MicroStrategy’s stock falls below the conversion price of its debt, the company could face pressure. So far, this hasn’t happened-but it’s the key risk in the model.
How Metaplanet Accumulates Bitcoin
Metaplanet takes a different approach: capital efficiency over raw scale. Instead of just buying and holding, Metaplanet generates income from its Bitcoin position.
Zero-Interest Bond Issuance
Like MicroStrategy, Metaplanet issues bonds to fund Bitcoin purchases. The Japanese market has been receptive to these offerings, providing cheap capital.
The Options Strategy
Here’s where Metaplanet diverges: the company actively trades options on its Bitcoin holdings. This generated $55 million in revenue in fiscal 2025.
| Strategy | How It Works | Income Potential |
|---|---|---|
| Covered calls | Sell upside above strike price | 2-5% monthly premium |
| Cash-secured puts | Collect premium, buy dips if assigned | 1-3% monthly premium |
| Bitcoin lending | Lend to institutions for interest | 3-8% annual yield |
This transforms Bitcoin from a passive holding into an income-generating asset.
The Trade-Off
Options strategies cap upside. If Bitcoin moons, Metaplanet may underperform a pure buy-and-hold strategy. But in flat or moderately bullish markets, the income adds significant returns.
Performance Comparison
Numbers tell the story:
| 2025 Performance | Return |
|---|---|
| Metaplanet stock | +430% |
| Bitcoin | +120% |
| MicroStrategy stock | +27% |
| S&P 500 | +23% |
Holdings Growth
| Company | Jan 2025 | Dec 2025 | Growth |
|---|---|---|---|
| Metaplanet | 1,761 BTC | 35,102 BTC | +467% |
| MicroStrategy | 446,400 BTC | 672,497 BTC | +33% |
Why Metaplanet Outperformed
Percentage gains are easier when you’re smaller. Metaplanet started 2025 with under 2,000 BTC-growing 20x is more achievable than MicroStrategy adding 200,000 BTC to an already massive position.
That said, Metaplanet’s capital efficiency (income from options) and rapid execution (frequent bond raises) have impressed the market.
“Metaplanet’s mNAV coverage is growing 3.8x faster than MicroStrategy’s.”
Adam Back, CEO, Blockstream
Metaplanet takes just five months to reach mNAV cover, starkly contrasting with Strategy’s 19 months. This makes Metaplanet approximately 3.8 times faster.
— Adam Back (@adam3us) May 10, 2025
This is a key metric for evaluating treasury company efficiency.
Which Strategy Is Right for Your Company?
These aren’t competing strategies-they’re different tools for different situations.
Choose the MicroStrategy Model If:
- You have a stock premium (trading above Bitcoin NAV)
- You can access debt markets cheaply
- You want maximum Bitcoin exposure with leverage
- Your shareholders support aggressive accumulation
Choose the Metaplanet Model If:
- You need capital efficiency (can’t raise as much debt)
- You want to generate income from holdings
- Your market (like Japan) is receptive to frequent bond issuance
- You’re comfortable with options/derivatives complexity
Or Do Both
There’s no rule saying you can’t combine approaches. A company could use leverage to accumulate while also generating yield on a portion of holdings.
| Decision Factor | MicroStrategy Model | Metaplanet Model |
|---|---|---|
| Capital access | Strong debt markets | Limited debt, need efficiency |
| Risk appetite | High (leverage OK) | Moderate (prefer income) |
| Market conditions | Bull market optimized | Works in all markets |
| Complexity | Moderate (debt issuance) | High (options expertise) |
| Upside capture | 100% of BTC gains | Capped by call strikes |
The Bottom Line
MicroStrategy proved that corporate Bitcoin treasuries work. Metaplanet is proving there’s more than one way to do it.
For companies evaluating Bitcoin treasury strategies, the key insight is that accumulation method matters as much as the decision to accumulate. Leverage amplifies returns but adds risk. Options strategies generate income but cap upside.
The right choice depends on your capital structure, risk tolerance, and shareholder expectations.
Further Reading
- Bitcoin Treasury Accounting in 2025: FASB Rules: How the new accounting rules affect treasury companies
- How to Verify Company Bitcoin Holdings On-Chain: Independently verify any company’s holdings
- Corporate Bitcoin Custody Solutions: Where these companies store their Bitcoin
Compare all Bitcoin treasury companies at BitcoinCompanies.co to see verified holdings, accumulation rates, and proof of reserves.