A rebound in bitcoin and renewed strength in risk assets have pushed Metaplanet’s valuation multiple to its highest level since October. The company’s multiple to net asset value (mNAV) climbed to 1.17, according to its public dashboard—its strongest reading since before the liquidation-driven crypto crisis that began on Oct. 10.

The mNAV metric compares a firm’s enterprise value with the market value of its bitcoin holdings, offering a snapshot of how richly investors are pricing the company relative to its underlying BTC exposure.

Metaplanet currently holds 30,823 BTC worth approximately $2.86 billion, making it the fourth-largest publicly traded bitcoin holder. Against an enterprise value of about $3.33 billion, this places the mNAV at roughly 1.17. The firm’s market cap stands near $3.43 billion, with around $304 million in outstanding debt.

From mid-October through early December, Metaplanet’s mNAV remained below 1, hitting a low of 0.84 in November. The company has not expanded its bitcoin treasury since late September, when it executed two sizable purchases of 5,268 BTC and 5,419 BTC.

Since bitcoin bottomed near $80,000 on Nov. 21, the asset has rallied about 15%. Over the same period, Metaplanet’s stock has climbed nearly 30%, significantly outpacing BTC’s recovery.

The firm has also filed for perpetual preferred equity as it continues to pivot toward a MicroStrategy-style corporate strategy.

Metaplanet shares closed 12% higher on Wednesday at 471 yen.