Metaplanet’s multiple to net asset value (mNAV) rose to 1.17, its highest level since before the cryptocurrency liquidation crisis that began on October 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 approximately $2.86 billion, making it the fourth largest publicly traded company holding Bitcoin. These holdings correspond to an enterprise value of approximately $3.33 billion, resulting in an mNAV of approximately 1.17. The company has a market capitalization of $3.43 billion and outstanding debt of approximately $304 million.
From October 15 to early December, Metaplanet’s mNAV traded below 1 and fell as low as 0.84 in November. The company has not increased its Bitcoin holdings since late 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 about 15%, while Metaplanet’s share price has gained nearly 30% over the same period.
The company also filed for perpetual preferred stock as it moves toward a strategy similar to Strategy (MSTR).
Metaplanet shares ended up 12% on Wednesday, closing at 471 yen.
