Strive (ASST) just surpassed Metaplanet in market cap, closing Tuesday at $27.16 for a $2.32 billion equity value. Metaplanet finished Wednesday’s Tokyo session at ¥251, a ¥321.6 billion market cap, or $2.10 billion, and is still down more than 13% on the week after today’s 2.87% bounce.
The flip is on the stock, not the Bitcoin stack. Strive holds 24,531 BTC. Metaplanet holds approximately 43,000. That is 43% less bitcoin at Strive and still the higher valuation. The gap is in what the market pays per coin: Metaplanet's ~$3.4 billion treasury now sits under a $2.10 billion equity value — the stock trades at roughly 0.6x the bitcoin it holds — while Strive's $2.32 billion cap against about $1.9 billion of BTC works out to a premium near 1.2x. That two-fold spread in premium-to-NAV, not the size of either stack, is what put ASST on top.
ASST has more than doubled over the past month. That move also put the common stock above $27, the price at which more than $700 million of Strive warrants can be exercised before they expire in mid-October. If holders convert those warrants, Strive receives the cash and can put it toward more bitcoin. Cole has said a conversion could also support another $700 million of preferred issuance behind it, or about $1.4 billion of capacity if both sides clear.
The preferred book is already carrying most of the existing issuance. SATA, Strive’s Variable Rate Series A Perpetual Preferred Stock, now has $999.5 million of notional outstanding — one print from $1 billion — and is still trading near the $100 par while paying a 13% annualized daily dividend. That is the paper the market is still willing to take.
Metaplanet still has the larger treasury, worth about $3.4 billion at current prices. The equity has not been marked that way since the stock peaked near ¥1,930 in June 2025. The latest decline followed the 10th Series fight, after the executive pool expanded from about 46 million potential shares to 319.5 million under the old 20% fully-diluted reset. The company froze the pool on August 18 and added a five-year lock-up rather than cancelling the incremental shares. Ten days later Gerovich exercised rights into 64 million shares. After his September 6 note, MPJPY fell about 17% over two sessions and closed Monday at ¥244.
Cole has kept the holdings ranking in view. “It’s not out of the realm of possibility for Strive to end the year as the number two largest Bitcoin holder,” he said on the One Share podcast, with the usual qualifier that it is not his base case. A 1,000 BTC-per-week pace would reach MARA first, then Metaplanet and Twenty One. Strategy at 845,050 is not part of that race.
Strive is $2.32 billion. Metaplanet is $2.10 billion. The market is paying for issuance that is still clearing, not for which balance sheet holds more bitcoin today.
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