Strive (ASST) overtook Metaplanet in equity market value, closing Tuesday at $27.16 with a $2.32 billion capitalization. Metaplanet ended Wednesday's Tokyo session at ¥251, valuing its equity at ¥321.6 billion, or $2.10 billion, after a 2.87% daily rebound that still left the stock down more than 13% for the week. The valuation reversal is driven by the premium investors assign to each company's Bitcoin holdings rather than by treasury size: Strive holds 24,531 BTC against roughly $1.9 billion of BTC value, or about 1.2 times NAV (net asset value), while Metaplanet's approximately 43,000 BTC is worth about $3.4 billion against a $2.10 billion equity value, or roughly 0.6 times NAV. ASST has more than doubled in a month, moving above the $27 exercise price for more than $700 million of Strive warrants expiring in mid-October. Cole said warrant conversion could provide cash for additional Bitcoin and potentially support another $700 million of preferred issuance, creating about $1.4 billion of capacity if both sources clear. Strive's SATA preferred stock has $999.5 million of notional outstanding, trades near its $100 par value and pays a 13% annualized daily dividend. Metaplanet's stock remains well below its near-¥1,930 peak in June 2025 after changes to its potential-share pool and subsequent issuance. Cole has also said Strive could end the year as the second-largest Bitcoin holder, although he does not consider that outcome his base case.