Metaplanet Stock Jumps 12% as mNAV Climbs to 1.17, Highest Level Since Crypto Crisis

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Metaplanet Stock Jumps 12% as mNAV Climbs to 1.17, Highest Level Since Crypto Crisis Bitcoin rebound and equity momentum push Metaplanet valuation multiple to 1.17 to highest level since October. By James Van Straten | Edited by Oliver Knight Updated Dec 10, 2025, 11:41 a.m. Published Dec 10, 2025, 11:41 a.m. Metaplanet vs BTCUSD (TradingView) What to know : Metaplanet’s enterprise value stands near $3.33 billion against $2.86 billion in bitcoin holdings, lifting mNAV to 1.17 Since bitcoin rose about 15% from its Nov. 21 low, Metaplanet shares have climbed nearly double that with a gain of roughly 30%. Metaplanet’s multiple to net asset value (mNAV) has risen to 1.17, its highest level since before the liquidation crypto crisis that began on Oct. 10, according to the company's dashboard . The mNAV model measures a company’s valuation by comparing its bitcoin holdings with its enterprise value. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . 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. MetaPlanet Bitcoin News More For You Protocol Research: GoPlus Security By CoinDesk Research Nov 14, 2025 Commissioned by GoPlus What to know : 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. 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