According to the company’s dashboard, Metaplanet’s net asset value multiple (mNAV) has risen to 1.17, its highest level since before the liquidated crypto crisis that began on October 10.
The mNAV model measures a company’s valuation by comparing its Bitcoin holdings to its enterprise value.
Metaplanet currently holds 30,823 BTC, worth approximately $2.86 billion, making it the fourth largest publicly traded company holding Bitcoin. The holdings have an enterprise value of approximately $3.33 billion and an average net asset value of approximately 1.17. The company has a market capitalization of $3.43 billion and outstanding debt of approximately $304 million.
Metaplanet’s mNAV remained below 1 from October 15 to early December, falling to 0.84 in November. The company has yet to increase its Bitcoin holdings since two large purchases of 5,268 BTC and 5,419 BTC in late September.
Since Bitcoin bottomed near $80,000 on Nov. 21, the asset has gained about 15%, while Metaplanet’s shares have risen nearly 30% over the same period.
The company has also filed for perpetual preferred shares to pursue a strategy similar to Strategy’s (MSTR).
Metaplanet shares rose 12% on Wednesday to close at 471 yen.
