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

• 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.

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.

• DOT climbed from $2.13 to $2.21 in the last 24 hours.
• An exceptional volume surge of 15.89M tokens drove a breakout attempt before momentum faded.
• The token consolidated around the $2.19-$2.20 zone with resistance capping gains near $2.39.

Disclosure & Polices: CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of Bullish (NYSE:BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services. Bullish owns and invests in digital asset businesses and digital assets and CoinDesk employees, including journalists, may receive Bullish equity-based compensation.