Japanese “Bitcoin-first” firm Metaplanet just lifted its treasury to 7,800 BTC (≈$842 million) after a $50 million purchase. It has now overtaken El Salvador as Asia’s largest corporate holder.
On X, Metaplanet investor TakaAnikuni applied a power-law fit that links a company’s BTC-denominated Net Asset Value (BTC NAV) to its equity market cap:
For today’s stack, the model outputs an mNAV multiple of 3.75-4.0, while Metaplanet’s site quotes 3.25, implying the stock trades 15-20 % below power-law “fair value”. The table he published shows the multiple compressing as holdings scale, mirroring Strategy’s trajectory, where size dampens premium.
Bottom line: Anikuni’s framework offers a quantifiable undervaluation thesis and a handy lookup table that could resonate with both equity and crypto-native audiences as Metaplanet races toward five-digit BTC holdings.
