Metaplanet’s multiple to net asset value (mNAV) has climbed to 1.17, its highest point since the liquidation crypto crisis that commenced on Oct. 10, as reported by the company’s dashboard.
The mNAV model evaluates a company’s valuation by contrasting its bitcoin holdings with its enterprise value.
Currently, Metaplanet possesses 30,823 BTC worth approximately $2.86 billion, ranking it as the fourth largest publicly traded company in bitcoin holdings. These assets are set against an enterprise value of around $3.33 billion, resulting in an mNAV of about 1.17. The company has a market cap of $3.43 billion and approximately $304 million in outstanding debt.
From Oct. 15 to early December, Metaplanet’s mNAV fluctuated below 1, dipping as low as 0.84 in November. The company has not increased its bitcoin holdings since late September, following its substantial purchases of 5,268 BTC and 5,419 BTC.
Since bitcoin hit a low near $80,000 on Nov. 21, the cryptocurrency has increased by roughly 15%, while Metaplanet’s share price has surged nearly 30% during the same timeframe.
In addition, the company has filed for perpetual preferred equities, aligning its strategy with that of Strategy (MSTR).
Metaplanet shares closed up 12% on Wednesday, ending at 471 yen.
