Metaplanet Inc., the Tokyo-listed firm often dubbed "Japan's MicroStrategy," saw its stock surge 12.14% on Wednesday, closing at 471 yen. This rally coincides with the company's valuation multiple to net asset value (mNAV) climbing to 1.17, its strongest level since before the crypto liquidation turmoil of October. The mNAV metric, which compares enterprise value to the market value of corporate bitcoin reserves, indicates public investors are once again paying a premium over the firm's underlying BTC holdings.
The company's enterprise value now stands near $3.33 billion against bitcoin holdings worth approximately $2.86 billion. Metaplanet currently holds 30,823 BTC, making it the fourth-largest publicly traded company with bitcoin on its balance sheet. The stock's performance has demonstrated high-beta characteristics relative to Bitcoin, gaining nearly 30% since Bitcoin's November 21 low near $80,000—roughly double the underlying asset's 15% rebound.
Driving the market excitement is the launch of a new capital-raising initiative named MARS (MetaPlanet Acquisition and Reserve Strategy). This dedicated preferred-share structure is designed to raise funds specifically for Bitcoin acquisition without diluting common shareholders. The proceeds will be entirely allocated to Bitcoin purchases. The vehicle features a self-adjusting dividend system to stabilize share prices and provide a predictable income stream.
CEO Simon Gerovich confirmed the strategy at the "Bitcoin for Corporations Symposium," with MicroStrategy Chairman Michael Saylor expressing admiration for the MARS initiative. Despite the new funding vehicle and positive sentiment, Metaplanet has not made a Bitcoin purchase since late September 2025, when it acquired 2,744 BTC at around $112,000. The company now holds $304 million in outstanding debt, leveraging its treasury strategy in a manner similar to MicroStrategy.
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