This happened after Metaplanet’s latest purchase of 1,112 BTC worth $117 million. With total holdings now at 10,000 BTC, Metaplanet’s accumulation pace has intensified. The company also plans to acquire up to 210,000 BTC by the end of 2027. Investor confidence appears strong, with the firm’s share price up 22% on the day of the announcement and over 430% year-to-date.
Meanwhile, VanEck’s Matthew Sigel issued a warning to Bitcoin-buying firms about potential shareholder dilution if stock prices fall below BTC net asset value. He specifically pointed to Semler Scientific’s recent struggles. Despite the concerns, institutional inflows into crypto investment products remain robust, with $1.9 billion in inflows last week.
Metaplanet Hits 10,000 Bitcoin
Japanese investment firm Metaplanet officially became the seventh-largest publicly traded company holding Bitcoin. This allowed it to surpass Coinbase after acquiring an additional 1,112 BTC.
The latest purchase was announced on Monday, and was valued at 16.88 billion Japanese yen, or approximately $117 million. With this acquisition, Metaplanet’s total Bitcoin holdings have reached 10,000 BTC, more than Coinbase’s 9,267 BTC according to data from Bitbo.
The company now holds Bitcoin at an average price of 13.9 million yen, or roughly $96,400 per BTC. This milestone happened just two weeks after Metaplanet became the eighth-largest corporate Bitcoin holder, which proves the speed and intensity of its accumulation strategy.
On the same day, Metaplanet revealed that it secured $210 million through zero-interest bonds, which were immediately directed toward Bitcoin purchases. This move aligns with the company’s bold new strategy of acquiring up to 210,000 BTC by the end of 2027. This goal will require an additional 200,000 BTC to be purchased over the next 18 months.
Investor enthusiasm around Metaplanet’s aggressive Bitcoin strategy was reflected in its share price, which soared more than 22% on Monday to reach 1,895 yen on the Tokyo Stock Exchange. The stock also saw a meteoric rise of over 430% since the start of the year, fueled by the firm’s very impressive Bitcoin accumulation.
Metaplanet YTD share price (Source: Google Finance)
The announcement was also announced in the midst of the geopolitical tensions that caused Bitcoin’s price to dip from $110,000 to $103,000 in just three days. Despite the market volatility, institutional interest in Bitcoin is still robust. Strategy co-founder Michael Saylor confirmed his firm’s continued buying plans despite the global uncertainty, and Bitcoin ETFs saw five consecutive days of net inflows last week.
Bitwise Asset Management CEO Hunter Horsley added to the optimism by suggesting that Bitcoin’s potential is not limited to replacing gold but could also challenge the $30 trillion US Treasuries market as a dominant store of value.
VanEck Warns Bitcoin Buying Firms to Rethink Strategy
Public companies aggressively buying Bitcoin may soon need to rethink their strategies, according to VanEck’s head of digital assets research, Matthew Sigel. In a post on X, Sigel warned that as some firms continue raising capital through large at-the-market (ATM) programs to purchase Bitcoin, a new risk is emerging—shareholder dilution if stock prices fall too close to or below the net asset value (NAV) of their Bitcoin holdings.
While no public firm has consistently traded below the NAV of its Bitcoin, Sigel pointed out that Semler Scientific is nearing this threshold. The medical tech company began buying Bitcoin in May of 2024 and has since gathered 3,808 BTC, which is currently valued at over $404 million.
However, despite Bitcoin’s ongoing rally this year, Semler’s stock plunged more than 45%, bringing its market cap down to around $434.7 million. Its multiple of NAV has slipped to roughly 0.821x, which means that the stock is trading at a discount to its Bitcoin value.
Semler Scientific YTD share price (Source: Google Finance)
Sigel warned that firms relying on ATM offerings to fund BTC acquisitions should implement safeguards immediately. He suggested halting ATM programs if the stock trades below 0.95x NAV for at least 10 consecutive days. Companies should also consider prioritizing stock buybacks when Bitcoin’s price increases but the firm’s equity fails to follow suit. If the discount persists, a strategic review should be launched that potentially lead to a merger, a spinoff, or an exit from the Bitcoin strategy entirely.
He also advised that executive compensation should focus on growing net asset value per share, not the size of the Bitcoin position or the number of shares outstanding. Sigel explained that while there is still time to make calculated adjustments, continuing to dilute shareholders when trading at NAV levels becomes detrimental rather than strategic.
Institutional Crypto Inflows Show No Signs of Slowing
Despite these warnings, crypto investment products extended their streak of weekly inflows. Global crypto exchange-traded products recorded $1.9 billion in inflows for the week ending June 13, bringing the nine-week total to $12.9 billion. According to CoinShares, the year-to-date inflows into crypto ETPs have now reached a record $13.2 billion, pushing total assets under management up to $179 billion from $175.9 billion the previous week.
Weekly crypto asset flows (Source: CoinShares)
Bitcoin investment products led the inflows once again by rebounding after two weeks of minor outflows with $1.3 billion added. Short-Bitcoin products also attracted $3.7 million in inflows, though their overall AUM remained modest at $96 million. Ethereum products followed with $583 million in inflows, which was their strongest week since February.
Other altcoins also saw renewed interest. XRP products, which experienced three weeks of outflows, registered $11.8 million in inflows. Sui products added another $3.5 million to their total.
Flows by asset (Source: CoinShares)
Meanwhile, BlackRock’s iShares crypto ETFs stood out among issuers by bringing in $1.5 billion last week and pushing their year-to-date inflows to $14.2 billion. Other US-based ETFs posted modest inflows of up to $95 million, while Europe’s CoinShares XBT Provider saw outflows of $17 million.
Despite the impressive nine-week run of inflows, many issuers are still in the red for the year. Grayscale remains the largest loser with over $1.6 billion in year-to-date outflows, while ProShares is the only issuer with zero outflows so far this year, having accumulated $437 million in inflows.
James Butterfill, head of research at CoinShares, shares that digital assets showed resilience during a week of geopolitical tension after Israel’s airstrikes on Iran’s nuclear facilities. The conflict led to increased demand for traditional safe-haven assets like gold, which spiked to $3,448. Bitcoin, whichtraded near $110,000 early in the week, dropped to $103,000 after the news broke, but quickly rebounded to $106,000 by week’s end. Ethereum also experienced volatility by briefly falling from $2,869 to $2,473 before recovering.
