BitMEX Alpha: The investment logic behind Metaplanet's 700% premium

Original Author: BitMEX

As Bitcoin is back in the spotlight for global investors, publicly traded companies that hold Bitcoin – commonly known as "Bitcoin vault stocks" – have also seen their valuations soar. Japan's Metaplanet (ticker symbol MTPLF) is currently trading at a premium of about 7x mNAV (market capitalisation/net asset value), far outpacing the US veteran "Bitcoin Vault" MicroStrategy (MSTR). about 1.8 times. Does this number mean that Metaplanet really has a stronger ability to operate and raise funds, or is it a product of investor sentiment? This article will debunk the logic behind Metaplanet's valuation from three aspects: financing structure, Bitcoin hoarding efficiency and risk.

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