TL;DR:
- Metaplanet’s stock jumped 12% to 471 yen as its mNAV climbed to 1.17, the highest level since before October’s crypto liquidation turmoil.
- With an enterprise value near $3.33 billion and 30,823 BTC worth $2.86 billion, investors are again paying a premium over the firm’s bitcoin holdings.
- Bitcoin’s 15% rebound from its November low and Metaplanet’s 30% share gain, plus plans for perpetual preferred equities, underscore its leveraged, MSTR-style treasury strategy.
Metaplanet’s latest equity rally is putting a spotlight back on listed bitcoin treasuries as the Tokyo-based firm’s stock jumped 12% on Wednesday, closing at 471 yen after its valuation multiple to net asset value, or mNAV, climbed to 1.17, the strongest level since before October’s crypto liquidation crisis. The move follows a period in which the company’s shares have increasingly traded as a high-beta expression of bitcoin sentiment rather than just another small-cap tech name.
Premium returns as bitcoin rebound, leverage and capital strategy converge
According to the company’s dashboard, Metaplanet’s enterprise value now stands near $3.33 billion against bitcoin holdings worth about $2.86 billion, lifting mNAV to roughly 1.17 and confirming that public investors are once again willing to pay a premium over the firm’s underlying BTC stash. The mNAV framework compares enterprise value with the market value of corporate bitcoin reserves, giving equity analysts a simple lens on how aggressively the stock is priced versus its hard-asset base.
Metaplanet currently holds 30,823 BTC, making it the fourth-largest traded company with bitcoin on its balance sheet, and it has $304 million in outstanding debt, putting leverage behind a treasury strategy that has not seen additional coins added since late September’s twin purchases of 5,268 BTC and 5,419 BTC. From October 15 through early December, the firm’s mNAV traded below 1 and even dipped to 0.84 in November, implying a discount to the net value of its holdings.
The recent reversal in that discount appears tightly linked to the broader market rebound. Since bitcoin bottomed near $80,000 on November 21, the asset has gained roughly 15%, while Metaplanet’s share price has climbed nearly 30% over the same interval, underscoring how equity investors have rewarded the balance-sheet bet with almost double the upside beta versus the underlying coin. The shift suggests that equity markets are comfortable using Metaplanet as a leveraged vehicle on bitcoin’s trend.
Beyond the spot price dynamics, the company is adjusting its capital structure. Management has filed for perpetual preferred equities as it moves toward a strategy similar to Strategy’s (MSTR), signaling an ambition to institutionalize its bitcoin-focused playbook and lean more heavily on capital markets to fund a long-duration crypto treasury. With mNAV back above 1 and trading at its highest reading since October, investors are assessing how durable this premium will be if market volatility returns.
