“Bitcoin rebound and equity momentum push Metaplanet valuation multiple to 1.17 to highest level since October.”, — write: www.coindesk.com
The mNAV model measures a company’s valuation by comparing its bitcoin holdings with its enterprise value.
Metaplanet currently holds 30,823 BTC valued at about $2.86 billion, making it the fourth largest publicly traded company holding bitcoin. These holdings sit against an enterprise value of roughly $3.33 billion, resulting in an mNAV of about 1.17. The company has a market capitalization of $3.43 billion and around $304 million in outstanding debt.
From Oct. 15 through to early December, Metaplanet’s mNAV has traded below 1 and falling to as low as 0.84 in November. The company has not added to its bitcoin holdings since the end of September following its double large purchase of 5,268 BTC and 5,419 BTC.
Since bitcoin bottomed near $80,000 on Nov. 21, the asset has risen roughly 15%, while Metaplanet’s share price has gained almost 30% over the same period.
The company has also filed for perpetual preferred equities as it moves toward a strategy similar to Strategy’s (MSTR).
Metaplanet shares finished 12% higher on Wednesday, closing at 471 yen.
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence’s Token Security API averaged 717 million monthly calls year-to-date in 2025, with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch, the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B, while derivatives volume peaked the same month at over $4B.
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Crypto markets are firm ahead of Wednesday’s Federal Reserve decision, with a 25 basis-point interest-rate cut already priced in.
- Risk assets are buoyant ahead of the Fed, but rate decisions often trigger sharp intraday swings and a “sell-the-news” dip remains possible.
- Bitcoin sits at $92,300 and has spent the past week between $88,000 and $94,500; a break of either bound may set up the next move.
- Ether is outperforming post-Fusaka upgrade, but broader altcoin sentiment is weak with CoinMarketCap’s altcoin season index at 16/100. HYPE, STRK, KAS and APT lead declines while AI token FET rebounds.
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