Japanese “Bitcoin-first” agency Metaplanet simply lifted its treasury to 7,800 BTC (≈$842 million) after a $50 million buy. It has now overtaken El Salvador as Asia’s largest company holder.
On X, Metaplanet investor TakaAnikuni utilized a power-law match that hyperlinks an organization’s BTC-denominated Internet Asset Worth (BTC NAV) to its fairness market cap:
mNAV ≈ e[(0.89 – 1) ln (BTC NAV) + 4.11]
For as we speak’s stack, the mannequin outputs an mNAV a number of of three.75-4.0, whereas Metaplanet’s website quotes 3.25, implying the inventory trades 15-20 % under power-law “truthful worth”. The desk he revealed exhibits the a number of compressing as holdings scale, mirroring Technique’s trajectory, the place measurement dampens premium.
Why it issues:
Re-rating potential. Even with a number of compression, doubling BTC each two months, as Metaplanet has since January, initiatives ≈15 okay BTC by early August, which the mannequin pegs at a still-healthy mNAV ~3.5, lifting implied fairness worth ~40 %.
Gas within the tank. Metaplanet continues to challenge bonds and warrants to finance buys, signalling administration is dedicated to the buildup flywheel.
Retail froth examine. After a 1,560 % Y/Y rally, the share closed as we speak at ¥1,222, but the mannequin suggests room earlier than froth units in.
Backside line: Anikuni’s framework presents a quantifiable undervaluation thesis and a helpful lookup desk that would resonate with each fairness and crypto-native audiences as Metaplanet races towards five-digit BTC holdings.
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