Japanese Bitcoin Asset Management Company Metaplanet recently disclosed its capital and Bitcoin reserve plans, continuously strengthening bullish market expectations. Several analysts in the Bitcoin fund management field believe that if macro and crypto market conditions align, a significant rise in Metaplanet’s stock before 2027 is not just wishful thinking.
Bitcoin fund management analyst Hermes Lux predicts that Metaplanet’s US OTC stock MPJPY could increase by approximately 1500% by the end of 2027, with a potential phased increase of 402% in 2026. This judgment is based on two key assumptions: first, that Bitcoin prices will maintain an average annual growth rate of about 40% over the next few years; second, that Metaplanet plans to increase its Bitcoin holdings to 100,000 BTC by 2026 and further expand to about 210,000 BTC in 2027.
In the short term, Metaplanet’s stock has already led the rally. Currently, there are three related stocks in the market: MPJPY (collateralized) traded on the US OTC market, MTPLF (unsecured), and 3350 listed on the Tokyo Stock Exchange. Over the past month, these three stocks generally rebounded by 6% to 28%, while Bitcoin’s price increased by less than 1% during the same period, forming a clear contrast. Meanwhile, Strategy (MSTR) declined by about 12%, further highlighting the market’s differentiated valuation of Metaplanet’s Bitcoin asset strategy.
On the fundamentals, Metaplanet’s operating model is similar to Strategy, both continuously increasing Bitcoin holdings through issuing common stocks, preferred stocks, and credit instruments. However, the difference is that Metaplanet has also planned a stock buyback scheme and does not need to sell its Bitcoin reserves to achieve capital operations, which is considered an important advantage in the current Bitcoin corporate holding model.
Regarding valuation metrics, analyst Adam Livingston pointed out that Metaplanet’s latest capital plan has become a significant catalyst for its 2026 stock price. Its mNAV (market value to net value of crypto assets ratio) has rebounded from 0.93 in Q4 2025 to 1.25. Analyst Zyn further indicated that in the next Bitcoin bull market, the mNAV has the potential to expand to 1.4 times, or even 3–5 times, which would significantly amplify Metaplanet’s stock price.
On the capital front, Metaplanet has also attracted attention from international institutions. Long-term funds, including those from Norway, have invested approximately $400 million, and the market generally expects the company to restart large-scale Bitcoin accumulation in 2026. Currently, Metaplanet holds 30,823 BTC and plans to add about 70,000 BTC in 2026.
Overall, under the multiple drivers of long-term Bitcoin bullish expectations, enterprise-level Bitcoin reserve expansion, and potential mNAV amplification, Metaplanet’s stock is regarded as one of the high-elasticity assets at the intersection of crypto assets and traditional capital markets in the coming years.
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