Metaplanet’s multiple to net asset value (mNAV) has risen to 1.17, the highest level since before the liquidation of the crypto 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 has 30,823 BTC worth about $2.86 billion, making it the fourth largest publicly traded bitcoin company. These holdings stand against an enterprise value of about $3.33 billion, resulting in an mNAV of about 1.17. The company has a market cap of $3.43 billion and about $304 million in outstanding debt.
From October 15 to early December, Metaplanet’s mNAV has traded below 1, falling as low as 0.84 in November. The company has not added to its bitcoin holdings since late September, following its double major 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 risen nearly 30% over the same period.
The company has also filed for perpetual preferred stock as it moves toward a strategy similar to that of (MSTR).
Metaplanet shares ended 12% higher on Wednesday, closing at 471 yen.
