Metaplanet Inc. (MPJPY) — Market Cap vs Bitcoin NAV
Metaplanet Inc. (MPJPY) currently trades at a market cap vs Bitcoin NAV ratio of 0.63x, which means the market values the company at 37.0% discount to the underlying Bitcoin holdings. With 43,000 Bitcoin on its balance sheet worth $2,696,672,545 at the live spot price, and a market capitalisation of $1,699,935,964, MPJPY holds rank #63 of 70 tracked Bitcoin treasury companies by this metric on HodlingBTC.
How MPJPY's Market Cap vs Bitcoin NAV Is Calculated
The market cap vs Bitcoin NAV ratio for Metaplanet Inc. is computed as the company's market capitalisation divided by the product of its disclosed Bitcoin holdings and the live Bitcoin spot price. For MPJPY today the inputs are a market cap of $1,699,935,964, 43,000 BTC, and a Bitcoin spot price of 62,713. The resulting ratio of 0.63x quantifies how much discount (or premium, when above 1.0x) the equity market is assigning to MPJPY beyond the value of the underlying Bitcoin treasury. A ratio above 1.0x means the company is trading at a premium to the value of its Bitcoin stash; below 1.0x means a discount. The number does not account for operating businesses, capital structure, debt, preferred shares, or other liabilities that sit between common shareholders and the underlying Bitcoin.
What 0.63x Means for Metaplanet Inc. Shareholders
Metaplanet Inc.'s ratio of 0.63x places the stock at a 37.0% discount to its Bitcoin NAV. Discounts to Bitcoin NAV typically reflect concerns that common shareholders may not capture the full value of the underlying Bitcoin. Common causes include senior debt and preferred share claims that sit above common stock in the capital structure, dilution risk from at-the-market equity programs, operating losses that consume Bitcoin holdings, or simply low trading liquidity that prevents the equity from pricing efficiently to NAV. The ratio is one input among several; capital structure, debt obligations, share class differences, and operating cash flow all influence what shareholders actually receive per share of MPJPY.
MPJPY vs Other Bitcoin Treasury Companies
How MPJPY compares against the 4 companies ranked closest by market cap vs Bitcoin NAV ratio on HodlingBTC's live tracker:
| # | TICKER | COMPANY | HQ | RATIO |
|---|---|---|---|---|
| 61 | ADE | Bitcoin Group SE | 🇩🇪 | 0.64x |
| 62 | SWC | The Smarter Web Company PLC | 🇬🇧 | 0.63x |
| 63 | MPJPY | Metaplanet Inc. | 🇯🇵 | 0.63x |
| 64 | EMPD | Empery Digital | 🇺🇸 | 0.61x |
| 65 | NA | Nano Labs | 🇨🇳 | 0.55x |
See the full ranking for every public Bitcoin treasury company on the Market Cap vs Bitcoin NAV page.
Frequently Asked Questions
What is Metaplanet Inc. (MPJPY)'s market cap vs Bitcoin NAV ratio?
Metaplanet Inc. trades at a market cap vs Bitcoin NAV ratio of 0.63x, calculated as its market capitalisation of $1,699,935,964 divided by the value of its 43,000 BTC holdings ($2,696,672,545 at the current Bitcoin spot price). This represents a 37.0% discount to the underlying Bitcoin NAV.
Why is MPJPY trading at a discount to its Bitcoin NAV?
discount values reflect the market's view of Metaplanet Inc. beyond its Bitcoin holdings alone. A discount can reflect concerns about dilution risk, debt obligations senior to common shareholders, operating losses, or limited liquidity in the underlying stock.
How often is MPJPY's market cap vs Bitcoin NAV updated on HodlingBTC?
The ratio for MPJPY refreshes every five minutes during European and US market hours. Bitcoin spot price is sourced from Coinbase live, market capitalisation is recalculated from the latest available share count multiplied by the current stock price, and BTC holdings are taken from the most recent disclosed figure in Metaplanet Inc.'s SEC or primary-source filings.