Metaplanet’s valuation premium has climbed to its highest level since early October, lifted by bitcoin’s recovery and improving momentum across risk assets. The company’s multiple to net asset value (mNAV) has risen to 1.17, according to its dashboard—its strongest reading since before the liquidation-driven crypto shock that began on Oct. 10.
The mNAV metric evaluates how the market prices Metaplanet relative to its bitcoin holdings by comparing the firm’s enterprise value with the market value of its BTC reserves.
Metaplanet holds 30,823 BTC worth roughly $2.86 billion, making it the fourth-largest publicly listed bitcoin holder. With an enterprise value near $3.33 billion, the company’s mNAV sits around 1.17. Its market capitalization is approximately $3.43 billion, supported by about $304 million in outstanding debt.
From mid-October through early December, the mNAV spent its time below 1 and dipped to a low of 0.84 in November. The firm hasn’t added to its bitcoin treasury since late September, when it executed two large back-to-back purchases of 5,268 BTC and 5,419 BTC.
Bitcoin has risen around 15% since bottoming near $80,000 on Nov. 21, while Metaplanet’s share price has rallied almost 30% over the same period, sharply outperforming the underlying asset.
The company has also filed for perpetual preferred equity as it continues to position itself along a corporate strategy reminiscent of MicroStrategy’s.
Metaplanet shares ended Wednesday’s session up 12%, closing at 471 yen.
