Metaplanet Stock Gains 12% After mNAV Hits 1.17, a Peak Not Seen Since the Crypto Downturn

Metaplanet’s valuation premium has surged to its highest point since early October, lifted by bitcoin’s rebound and improving sentiment across risk assets. The company’s multiple to net asset value (mNAV) has climbed to 1.17, according to its dashboard, marking its strongest reading since before the liquidation-driven crypto turmoil that began on Oct. 10.

The mNAV framework gauges how the market values Metaplanet relative to the size of its bitcoin reserves by comparing the company’s enterprise value with the market value of its BTC holdings.

Metaplanet holds 30,823 BTC—worth about $2.86 billion—making it the fourth-largest publicly listed bitcoin holder. With an enterprise value near $3.33 billion, its mNAV sits around 1.17. The company’s market capitalization is roughly $3.43 billion, offset by approximately $304 million in debt.

Between Oct. 15 and early December, Metaplanet’s mNAV consistently traded below 1, falling to a low of 0.84 in November. The firm has not added to its bitcoin treasury since late September, when it executed back-to-back purchases of 5,268 BTC and 5,419 BTC.

Bitcoin has rallied around 15% since bottoming near $80,000 on Nov. 21, while Metaplanet’s share price has risen nearly 30% during the same stretch—outperforming the underlying asset.

The company recently filed for perpetual preferred equity as it continues shifting toward a strategy reminiscent of MicroStrategy’s.

Metaplanet’s stock ended Wednesday’s session up 12% at 471 yen.