According to Deep Tide TechFlow news, on June 16, Matrixport released today’s chart analysis stating, "In Japan, the highest tax rate on Bitcoin can reach 55%, making the tax cost of personal direct holdings relatively high. For investors who are subject to regulatory restrictions or cannot self-custody their assets, Metaplanet offers an alternative path to indirectly allocate Bitcoin through stocks. Due to the company’s small circulation and strong market speculation sentiment, the stock experiences severe fluctuations, and the overall trend is quite similar to early MicroStrategy.
Recently, Japan’s tax reform has lowered the threshold for companies to hold Bitcoin, and the policy trend is gradually shifting from positioning it as a “speculative asset” to a “reserve asset.”
Currently, the market value to net asset value ratio of Metaplanet (mNAV) has reached 7.23 times, indicating that the market implies a pricing of its held Bitcoin at as high as $759,000 per coin, far exceeding the current spot price by 7 times. Behind the premium, there are both speculative buying and the scarcity of circulating supply driving it, as well as reflecting the market’s expectation that Metaplanet will enhance future Bitcoin valuations through its balance sheet.
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