Metaplanet Will Outperform MicroStrategy in Bitcoin Returns, Says Adam Back

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Metaplanet is rapidly emerging as a major Bitcoin powerhouse. The Japanese firm recently launched its U.S.-based arm, Metaplanet Treasury Corp., dedicated to accumulating Bitcoin. As part of this bold strategy, it’s planning a $250 million bond sale to fund additional BTC purchases—signaling a deep commitment to its Bitcoin-first approach.

Adam Back: Metaplanet Outperforms MicroStrategy

According to Blockstream CEO Adam Back, Metaplanet is significantly more efficient than MicroStrategy in generating returns from Bitcoin. Using a metric called “months to mNAV cover,” Back said Metaplanet delivers a 2x BTC yield in just 3 months.

Currently, Metaplanet’s market Net Asset Value (mNAV) stands at 3.3x, and could hit 8.3x if the current pace continues. This would allow its stock price to jump from ¥533 to ¥1,340, according to Back.

“Metaplanet is growing 3.8 times faster than MicroStrategy in terms of mNAV coverage,” Back wrote on X.

Metaplanet Stock Is Gaining Momentum

As of now, Metaplanet holds over $536 million in Bitcoin, acquired at an average price of $86,672 per coin. In 2025, its BTC yield stands at 136.7%, and the company’s stock has recently surged 11.5%, closing at ¥477 ($3.33).

Risks Still Exist

While the performance looks strong, crypto analyst @agentic_t noted that markets are volatile and emphasized that risk-adjusted returns should be considered. 

“2x yields are great, but not always guaranteed,” he warned.With fast Bitcoin accumulation, a growing presence in U.S. capital markets, and high praise from industry experts like Adam Back, Metaplanet stock could become one of the top BTC plays globally. Investors are now watching closely—could this be the next MicroStrategy?