Bitcoin Revolution 2025: How Strategy, MetaPlanet, Coinbase, Nakiki, and Palantir are redefining the market

Strategy, MetaPlanet and Coinbase – The top players in the crypto industry

Shares of MicroStrategy – now known as Strategy – and Coinbase have benefited significantly from the ongoing crypto boom over the past twelve months, rising sharply with price gains of 84% and 91%, respectively. Under the leadership of its former CEO, Michael Saylor, Strategy has positioned itself as a pioneer of a company-wide Bitcoin investment strategy and currently holds around 632,457 BTC, which contributes significantly to the Company's valuation. Since the stock price moves closely with Bitcoin, the share is considered by many investors to be a kind of "Bitcoin proxy," allowing them to participate indirectly in the cryptocurrency's performance.

Japanese latecomer Metaplanet is consistently following this strategy and currently holds around 30,823 BTC. Since its IPO in October 2024, the stock has risen by an impressive 2,000% by May 2025, before profit-taking led to a sharp correction – nevertheless, the price is currently still around 400% above the issue price. Metaplanet intends to expand its Bitcoin holdings further in the future, thereby strengthening its claim to be the Asian pioneer among publicly traded "Bitcoin treasury companies." In addition, the Company is working to diversify its business model in order to tap into additional sources of revenue beyond pure BTC holdings.

At the same time, Coinbase is continuously expanding its product range with innovative crypto financial solutions and remains a central trading platform for both institutional and private investors. Despite repeated skepticism on the part of established banks and financial service providers, the crypto market has recently proven to be one of the most dynamic asset classes in the world, strongly fueled by the involvement of institutional investors. Exchange-traded funds (ETFs) and futures products on Bitcoin and other leading cryptocurrencies are now available, while regulation and technological innovation are advancing rapidly.

Those who are not looking for direct access to crypto assets can participate in the overall performance of the sector via stocks, even if the underlying business models vary in their success. Analysts at the LSEG platform see an average 12-month price target of USD 560 and USD 362 for Strategy and Coinbase, respectively. Despite the existing upside potential, further price performance is likely to be closely linked to Bitcoin's performance as the key benchmark.

Nakiki SE – Germany's first pure Bitcoin Treasury Company launches

Breaking news from Frankfurt. Nakiki SE, led by CEO Andreas Wegerich, is undergoing a strategic realignment that aims to position the Company as Germany's first pure Bitcoin treasury stock. Wegerich, who has over 40 years of experience in the capital markets and has handled more than EUR 2 billion in the issuance market, is vigorously pursuing the goal of transforming the Company's previously illiquid shell into an attractive investment case. The business model is based on accumulating Bitcoin as the central store of value. The plan is to raise EUR 8 million in debt capital, which will flow directly into the development of a Bitcoin portfolio. This approach is based on proven international models, in particular the US pioneer Strategy, which has achieved significant market success with its approach.

The core strategy is to hold as many Bitcoins per share as possible via smart financing vehicles such as capital increases or bonds, and to preserve them over the long term. Efficient capital measures form the basis for increasing Bitcoin density while maintaining the same share volume. For investors, this represents an attractive opportunity to benefit structurally from the expected long-term upward trend of Bitcoin, which continues to be driven by institutional interest, tokenization, and DeFi innovations. A key measure of success is the mNAV ratio, which compares market capitalization to the market value of the Bitcoins held. Strategy offers an international example here, where investors are willing to pay a premium of around 40% over the Bitcoin holdings, despite crypto market fluctuations. This market behavior demonstrates that clear business models with transparent capital commitment and a long-term focus can build investor trust. Nakiki must consistently meet these expectations to keep market value above the real value of its Bitcoin holdings, thereby securing access to favorable financing opportunities. The planned capital accumulation could help to achieve economies of scale and enhance the Company's visibility. In addition, investments in US crypto and blockchain companies could further support Nakiki's international visibility and strategic orientation. An OTC NASDAQ listing is also being considered to increase global exposure and marketing opportunities. This would provide Nakiki with long-term access to one of the largest and most liquid capital markets for Bitcoin treasury companies.

The challenge for Nakiki will be to communicate the concept convincingly in Germany, as the term "Bitcoin treasury company" is still unfamiliar to many investors. With Bitcoin Group and the diversified company 3U Holding, there are already companies that have defined a BTC field of activity for themselves. At Nakiki, the combination of a clear business model, the proven strategy of Strategy as a blueprint, and active capital raising provides a solid basis for sustainable growth. The real-time valuation of the Bitcoin portfolio also offers investors a transparent and comprehensible basis for their investments. Overall, Nakiki SE has the opportunity to become a role model for the Bitcoin treasury concept in Europe by pursuing a clear and comprehensible financial strategy based strongly on proven international references. The planned capital raising is the first step in putting this ambitious plan into action and making the growth potential of the crypto sector accessible to German investors. Overall, Nakiki SE's business model offers the opportunity to benefit from the Bitcoin hype in the long term while generating added value beyond the pure crypto portfolio through professional capital market strategies. The market capitalization is still low at EUR 3.75 million. That could change quickly once the EUR 8 million bond is placed!

Palantir – In a league of its own

Palantir Technologies is one of the most innovative players in the field of data analysis and AI, even though the Company cannot be classified as a crypto company in the traditional sense. Nevertheless, Palantir is taking steps toward blockchain and DeFi, for example, through tokenized shares on platforms such as DeFiChain, which creates innovative bridges between traditional financial markets and blockchain. However, Palantir's core focus is clearly on data-driven AI solutions for governments, security agencies, and industrial customers – which is why Palantir is primarily perceived as a defense and technology specialist. Palantir closed the 2024 fiscal year with revenue of just under USD 2.9 billion and achieved an after-tax profit of USD 462 million for the first time. Strong growth is expected for 2025, with revenues expected to rise by around 40% to approximately USD 4.2 billion. This growth is already heavily priced into the stock market, with a P/S ratio of around 74 and a P/E ratio of around 225 forecast for 2025, making Palantir one of the most expensive stocks on the NASDAQ. Of 26 experts, only 6 still recommend buying the stock, while the average price forecast is around USD 165. That would imply a downside potential of 10%. However, short sellers have burned their fingers so far!

While Strategy and Coinbase have long been considered standard stocks in the crypto sector, Nakiki now offers a genuine German alternative with a high degree of innovation. Palantir, meanwhile, is in a league of its own, with a valuation that can no longer be rationally explained to the average investor. A balanced diversification strategy is advisable in this volatile market segment.