Metaplanet’s multiple net asset value (mNAV) has risen to 1.17, its highest level since before the cryptocurrency sell-off 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 to its enterprise value.
Metaplanet currently holds 30,823 BTC valued at approximately $2.86 billion, making it the fourth largest publicly traded bitcoin company. These holdings stand at an enterprise value of approximately $3.33 billion, resulting in a mNAV of approximately 1.17. The company has a market capitalization of $3.43 billion and about $304 million in outstanding debt.
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 major double 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 has also filed for perpetual preferred stock as it moves toward a strategy similar to Strategy (MSTR).
Metaplanet shares finished 12% higher on Wednesday, closing at 471 yen.
