According to Metaplanet’s dashboard, the company’s multiple to net asset value (mNAV) has climbed to 1.17, marking its highest point since the crypto liquidation crisis that started on October 10.
The mNAV metric evaluates a firm’s worth by comparing its bitcoin reserves against its overall enterprise value.
Currently, Metaplanet owns 30,823 bitcoins valued at approximately $2.86 billion, ranking it as the fourth largest publicly traded entity holding bitcoin. These assets are weighed against an enterprise valuation near $3.33 billion, which results in an mNAV of about 1.17. The company boasts a market cap of $3.43 billion and carries roughly $304 million in debt.
Between October 15 and early December, Metaplanet’s mNAV lingered below 1, dipping as low as 0.84 in November. Since late September—after making two significant purchases totaling over 10,600 BTC—the company has not increased its bitcoin holdings further.
Following bitcoin’s low point around $80,000 on November 21st, the cryptocurrency surged nearly 15%, while Metaplanet’s stock price rose close to 30% during that timeframe.
The firm is also pursuing perpetual preferred shares issuance as part of a strategic shift resembling that of Strategy (MSTR).
On Wednesday alone, Metaplanet shares jumped by 12%, closing at ¥471.