MetaPlanet has outperformed MicroStrategy by 317% this year

Japanese MicroStrategy rival MetaPlanet has outperformed Michael Saylor’s bitcoin (BTC) acquisition company by 317% year-to-date.

Since January 1, 2025, MicroStrategy has rallied 27% while MetaPlanet has surged 430%.

Assuming an equal $1,000 investment in both companies at the start of the year, the MetaPlanet position would be 317% larger today: $5,300 versus the $1,270 MicroStrategy position.

Although both companies have announced plans to pay dividends to preferred shareholders, neither pays them to common shareholders. Comparing performance based on stock prices alone is, therefore, appropriate.

Year to date, MicroStrategy has increased its BTC holdings 33% from 446,400 to today’s 592,100. Starting with a far smaller treasury, MetaPlanet made notable strides to catch up. In 2025, MetaPlanet rapidly increased its BTC holdings by 467% from 1,761 to today’s 10,000.

Historically, MetaPlanet benefited from a unique position in capital markets, long enjoying a near-monopoly on the Japanese stock market for capital flows seeking BTC price exposure.

It trades on the prestigious Tokyo Stock Exchange (TSE) under the ticker symbol 3350. In the US, where MicroStrategy is the dominant player, it merely has a QX tier over-the-counter listing under the ticker symbol MTPLF — far below the NasdaqGS tier of MicroStrategy common shares.

MetaPlanet’s mNAV expansion

Benefiting from Japanese demand for BTC price exposure, MetaPlanet has also outperformed MicroStrategy in expanding its excess valuation above its BTC holdings as measured by multiple-to-net asset value (mNAV).

mNAV is a common metric for valuing BTC treasury companies. Admittedly simplistic and incomplete, it disregards debts and encumbrances and simply divides the company’s market capitalization by the value of its BTC holdings.

Year-to-date, MetaPlanet’s mNAV has grown 61% from 4.56x to today’s 7.33x per basic share. Over the same period, MicroStrategy’s mNAV has actually stayed flat at 1.7x.

Read more: MicroStrategy wannabes and the return of mNAV mania

In other words, not only has MetaPlanet common stock outperformed MicroStrategy’s common stock by 317% this year, its mNAV has outperformed MicroStrategy by 61%.

Easier to grow faster as a youngster

Of course, it’s always easier to achieve higher growth rates as a smaller company, so looking at percentages on an absolute basis doesn’t give a complete comparison of the two companies.

Even Warren Buffett famously admitted that if he had a smaller capital base, he could achieve a return on investment (ROI) as high as 50%. For context, Buffett has impressively — albeit far more conservatively — managed to compound book value at Berkshire Hathaway at a mere 19%.

Fundamentally, MetaPlanet has taken a different approach to growth to MicroStrategy. For example, the company has emphasized programmatic BTC accumulation that contrasts starkly with Saylor’s lump-sum purchases.

In addition, MetaPlanet’s initiative around selling cash-secured BTC put options is wholly distinct from Saylor, who doesn’t sell any covered or cash-secured calls.

Amid its outperformance this year, MetaPlanet is also gaining visibility in media. Year-to-date, Google Trends notes a 1,280% increase in worldwide queries for the company.

Trouncing its competitor, MetaPlanet’s popularity growth coincides with a -64% decline in Google queries for MicroStrategy over the same period.

In summary, MetaPlanet has dramatically outperformed MicroStrategy not only by common stock performance but also in its rate of BTC accumulation. Its unique market position in Japan, aggressive acquisition initiatives, and favorable media coverage have created an outlier in a market dominated by Saylor’s 3% ownership share of BTC’s hard-capped supply.