NEXON Co., Ltd. (3659) — Market Cap vs Bitcoin NAV
NEXON Co., Ltd. (3659) currently trades at a market cap vs Bitcoin NAV ratio of 104x, which means the market values the company at 10319.7% premium to the underlying Bitcoin holdings. With 1,717 Bitcoin on its balance sheet worth $107,678,762 at the live spot price, and a market capitalisation of $11,219,753,244, 3659 holds rank #11 of 70 tracked Bitcoin treasury companies by this metric on HodlingBTC.
How 3659's Market Cap vs Bitcoin NAV Is Calculated
The market cap vs Bitcoin NAV ratio for NEXON Co., Ltd. is computed as the company's market capitalisation divided by the product of its disclosed Bitcoin holdings and the live Bitcoin spot price. For 3659 today the inputs are a market cap of $11,219,753,244, 1,717 BTC, and a Bitcoin spot price of 62,713. The resulting ratio of 104x quantifies how much premium (or premium, when above 1.0x) the equity market is assigning to 3659 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 104x Means for NEXON Co., Ltd. Shareholders
NEXON Co., Ltd.'s ratio of 104x places the stock at a 10319.7% premium to its Bitcoin NAV. When investors pay a premium for a Bitcoin treasury equity, the additional value typically reflects the company's operating business, ability to issue new shares accretively, exposure to future Bitcoin acquisition, or simply the convenience of holding Bitcoin exposure inside a regulated equity wrapper. Premiums can compress quickly if dilution accelerates or if the underlying Bitcoin acquisition slows. 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 3659.
3659 vs Other Bitcoin Treasury Companies
How 3659 compares against the 4 companies ranked closest by market cap vs Bitcoin NAV ratio on HodlingBTC's live tracker:
| # | TICKER | COMPANY | HQ | RATIO |
|---|---|---|---|---|
| 9 | AKER | Aker ASA | 🇳🇴 | 196x |
| 10 | RUM | Rumble Inc. | 🇨🇦 | 158x |
| 11 | 3659 | NEXON Co., Ltd. | 🇯🇵 | 104x |
| 12 | HIVE | HIVE Digital Technologies | 🇨🇦 | 92.11x |
| 13 | CIFR | Cipher Mining | 🇺🇸 | 87.14x |
See the full ranking for every public Bitcoin treasury company on the Market Cap vs Bitcoin NAV page.
Frequently Asked Questions
What is NEXON Co., Ltd. (3659)'s market cap vs Bitcoin NAV ratio?
NEXON Co., Ltd. trades at a market cap vs Bitcoin NAV ratio of 104x, calculated as its market capitalisation of $11,219,753,244 divided by the value of its 1,717 BTC holdings ($107,678,762 at the current Bitcoin spot price). This represents a 10319.7% premium to the underlying Bitcoin NAV.
Why is 3659 trading at a premium to its Bitcoin NAV?
premium values reflect the market's view of NEXON Co., Ltd. beyond its Bitcoin holdings alone. A premium typically indicates investors are paying extra for the company's operating business, capital structure access, optionality on future Bitcoin accumulation, or the convenience of equity exposure to BTC.
How often is 3659's market cap vs Bitcoin NAV updated on HodlingBTC?
The ratio for 3659 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 NEXON Co., Ltd.'s SEC or primary-source filings.