metaplanet

The net asset value (mNAV) multiple of Metaplanet has risen to 1.17, its highest level since before the liquidation crisis in the cryptocurrency market that began on October 10, according to the company's dashboard.
The mNAV model measures the company's value by comparing its Bitcoin holdings with its total operational value.
Metaplanet currently holds 30,823 Bitcoins, valued at approximately $2.86 billion, making it the fourth largest public company by Bitcoin holdings. These holdings are against an operational value estimated at about $3.33 billion, resulting in an mNAV of approximately 1.17. The company's market capitalization is $3.43 billion, with outstanding debts of about $304 million.

MetaPlanet's 'MARS' plan is a new financial strategy involving the issuance of a specific class of preferred equity, the proceeds from which are dedicated to accumulating more Bitcoin (BTC). The plan is part of a two-tier capital structure (MARS and MERCURY) designed to leverage Japan's low-interest-rate environment to fund Bitcoin purchases without heavily diluting common shareholders.

Metaplanet's Strategy Details
The 'MARS' structure, described by CEO Simon Gerovich and head of Bitcoin strategy Dylan LeClair, is a senior, non-dilutive preferred equity instrument with an adjustable monthly dividend designed to minimize market volatility. This structure is a key part of the company's overall strategy to position itself as a major, leveraged corporate holder of Bitcoin, often described as an "Asian MicroStrategy".
Funding Edge: MetaPlanet exploits Japan's unique low-rate environment, issuing debt at a significantly lower cost (e.g., 4.9% annual dividend for the MERCURY class) compared to similar instruments in the US (which can pay around 10%).
Accumulation Goal: The company aims to acquire a total of 210,000 BTC by 2027, a significant target that underscores its long-term conviction in Bitcoin's value.
Leverage: The core of the strategy is using its existing Bitcoin holdings as collateral for loans, and then using the borrowed capital to buy even more BTC, amplifying potential gains but also increasing risk.
Capital Allocation Policy: The firm has a clear policy guided by its tokenized NAV (mNAV). It avoids issuing common equity when its stock trades at a discount to its Bitcoin holdings' value and considers share buybacks in such scenarios to boost value for existing shareholders.
Current Holdings: As of late November 2025, MetaPlanet holds approximately 30,823 BTC. The average acquisition cost per coin was around $108,070, with unrealized losses reported as Bitcoin has recently traded below that level.
The stock has shown high volatility, closely tracking the price of Bitcoin, and its trading volume on the Tokyo Stock Exchange has surged since adopting this strategy, at times surpassing major corporations like Toyota.

To give you a better sense of MetaPlanet's financial health beyond the stock price, I can also provide a breakdown of their recent annual revenue and net income to see how their core operations are performing alongside their Bitcoin treasury strategy. Would you like to explore those metrics?

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