MetaPlanet’s 497% “BTC Yield” vs. Strategy: Who’s Really Winning?

Ben
Wed, 01 Oct 2025 10:00:11 +0000
Crypto investments, CyberFinance, Investor Briefing, ticker, Metaplanet, MicroStrategy, Strategy

MetaPlanet (Tokyo) reports a ~497% YTD BTC yield, far outpacing Strategy’s slowing metric even as Strategy (ex-MicroStrategy) added 196 BTC and remains the largest corporate BTC treasurer. MetaPlanet’s outperformance stems from an early-stage base, aggressive 2025 stacking, and funding that limits common-share dilution relative to BTC added. The edge is real for now—but highly sensitive to funding conditions and BTC price (Source: X (formerly Twitter).

BTC Yield — quick refresher

“BTC yield” tracks the percentage change in BTC-per-share (BPS)—i.e., total BTC divided by assumed diluted shares. It’s the KPI both treasurers use to show accretion in BTC terms (not dollars) (Source: wsj.com).

Why MetaPlanet screens stronger (2025)

Base effect + pacing: Starting from a smaller BTC base, MetaPlanet’s large, frequent 2025 buys (e.g., 5,419 BTC tranche) drive outsized BPS growth (Source: finance.yahoo.com).

Funding mix: Management leans on non-convertible/structured capital (incl. preferreds) and sizable new equity lines to scale BTC—aimed at maximizing BPS accretion; approval for major raises underscores the plan (Source: Reuters).

Operating momentum: Q3 2025 “Bitcoin income” update cites ¥2.438bn revenue (+115.7% vs Q2) tied to the BTC program, reinforcing narrative and equity bid (Source: X -formerly Twitter).

Where Strategy stands

Still #1 by BTC held; latest add was 196 BTC for ~$22.1m. However, smaller top-ups against ongoing issuance mean BTC-yield deceleration vs earlier periods—our prior FinTelegram note flagged this trend (Source: X (formerly Twitter).

Read our latest report on Strategy here.

Is MetaPlanet’s performance “better”?

Yes—on 2025 BTC yield. A ~497% YTD BPS gain implies much stronger per-share BTC accretion than Strategy this year. But it’s execution- and market-dependent: if capital costs rise or equity appetite fades, sustaining triple-digit yield is hard (Source: X (formerly Twitter).

If BTC enters a prolonged drawdown

Funding squeeze: Equity premia/comparable warrant demand compress, raising cost of capital and slowing buys; preferred obligations persist (Source: Reuters

BPS risk: If issuance continues without proportional stacking, BTC-per-share can stall or fall (negative BTC yield). wsj.com

Stock beta: Both names historically amplify BTC moves; a bear phase can inflict outsized equity drawdowns relative to spot BTC. (Inference from prior cycles.)

Actionable Takeaways

Track BPS and BTC yield (ΔBPS), not headline coin counts.

For MetaPlanet, watch funding mix (preferred vs. common), cadence of buys, and delivery against the Q3 momentum claims. X (formerly Twitter)

For Strategy, monitor net BTC added vs. share issuance and the frequency/size of new adds. X (formerly Twitter)

Call for information: Are you inside a corporate BTC-treasury program (Strategy, MetaPlanet, others)? Confidential tips welcome via Whistle42.com—documents, term sheets, funding structures, or KPI definitions that validate (or challenge) reported BTC yields.