Metaplanet’s multiple to net asset value (mNAV) has risen to 1.17, its highest level since before the liquidation crypto crisis that began on Oct. 10, according to the company’s dashboard.
The mNAV model measures a company’s valuation by comparing its bitcoin holdings with its enterprise value.
Metaplanet currently holds 30,823 BTC valued at about $2.86 billion, making it the fourth largest publicly traded company holding bitcoin. These holdings sit against an enterprise value of roughly $3.33 billion, resulting in an mNAV of about 1.17. The company has a market capitalization of $3.43 billion and around $304 million in outstanding debt.
From Oct. 15 through to early December, Metaplanet’s mNAV has traded below 1 and falling to as low as 0.84 in November. The company has not added to its bitcoin holdings since the end of September following its double large purchase of 5,268 BTC and 5,419 BTC.
Since bitcoin bottomed near $80,000 on Nov. 21, the asset has risen roughly 15%, while Metaplanet’s share price has gained almost 30% over the same period.
The company has also filed for perpetual preferred equities as it moves toward a strategy similar to Strategy’s (MSTR).
Metaplanet shares finished 12% higher on Wednesday, closing at 471 yen.
Source: https://www.coindesk.com/markets/2025/12/10/metaplanet-stock-jumps-12-as-mnav-climbs-to-1-17-highest-level-since-crypto-crisis
