Metaplanet Bitcoin premium reaches 447%—$596,154, risking market chaos

Metaplanet shares surged by 15% to reach 1,116 JPY on the Tokyo Stock Exchange, pushing its monthly growth to over 224%.

This sharp surge captured market attention, with shares effectively pricing Bitcoin at $596,154, representing an astonishing 447% above its actual value.

10x Research analysts raised concerns about the widening valuation gap.

Bitcoin posted a solid 16% monthly gain, rising $15,000, yet the Japanese stock outperformed it with a staggering 224% increase during the same period.

As 10x Research noted, Metaplanet’s current trading levels suggest a notional Bitcoin price of $596,154, nearly five times its real value, equating to a 447% premium on BTC.

Analysts raised concerns over a developing NAV distortion, which could signal deeper financial risk.

Bitcoin proxy stocks, such as Metaplanet and Strategy, often trade at a premium compared to their Net Asset Value (NAV) based on their Bitcoin holdings.

This indicates that the market values these stocks higher than the direct value of the Bitcoin they hold.

Factors contributing to this premium include accessibility for traditional investors, the management team’s expertise, and the company’s long-term vision.

The NAV represents the per-unit price of a fund, calculated by dividing the fund’s total assets minus its liabilities by the number of outstanding shares.

According to analysts, the stock appears to be hitting a key inflection point amid falling volatility and changing retail investor trends.

Market participants feel heightened anxiety driven by the unpredictability of Japanese bonds, currency changes, and escalating yields.

Read also: Metaplanet plans to increase holdings to 10,000 Bitcoin by end of 2025

Despite the uncertainties, investors showed heightened demand and interest in Metaplanet, as 10x Research reported.

Although Japan has a reputation as a crypto-friendly country, the tax authorities classify Bitcoin gains as “miscellaneous income,” taxing them at rates up to 55%.

This rate stands well above the 20% tax that typically applies to capital gains.

Due to this, investors increased their interest in Bitcoin proxy investments like Metaplanet rather than Bitcoin itself.

Japan taxes investors in Metaplanet shares at a preferential capital gains rate of 20% on their profits.

Moreover, Japan’s NISA account fully exempts capital gains and dividends earned via Metaplanet stock from taxation.

If Bitcoin’s price surges to new all-time highs and surpasses the key resistance level of $110K, the upward momentum in Metaplanet could extend even more.