Analysis: Metaplanet valuation reaches $759000 per Bitcoin, 7 times higher than spot price

According to Matrixport analysis, due to the high tax rate of 55% on Bitcoin in Japan, the cost of individuals holding Bitcoin directly is relatively high. Therefore, Metaplanet's indirect allocation of Bitcoin through stocks has become an alternative path. Recently, Japan's tax reform has lowered the threshold for companies to hold Bitcoin, and policies have gradually shifted from "speculative assets" to "reserve assets". At present, Metaplanet's market to net asset value ratio (mNAV) has reached 7.23 times, and the implied market price for its Bitcoin holdings is as high as $759000 per coin, far exceeding the current spot price by 7 times.