According to Charles Edwards (@caprioleio), the market cap to Bitcoin holdings ratio stands at 3.8 for MicroStrategy (MSTR), 3.3 for Metaplanet, and 1.17 for Semlar as of May 18, 2025. These ratios provide traders with a concrete metric to assess which companies are trading at a premium relative to their Bitcoin reserves. MSTR’s higher ratio suggests a larger valuation premium, potentially reflecting greater institutional confidence or additional business value beyond Bitcoin holdings. Conversely, Metaplanet’s lower ratio may indicate a more direct Bitcoin exposure at a smaller market premium, offering arbitrage or value opportunities for crypto-focused equity traders. Monitoring these ratios is essential for those seeking efficient bitcoin proxy investments and for tracking shifts in institutional sentiment towards Bitcoin exposure. Source: Charles Edwards (@caprioleio) on Twitter.