Odaily News Matrixport's latest analysis points out that the Bitcoin unit holding market value (mNAV) of Metaplanet, a Japanese listed company, has reached $759,000, approaching a historical high. The company continues to increase its holdings of Bitcoin, and its valuation growth rate has exceeded Bitcoin itself, and a premium trend similar to MicroStrategy has emerged. According to the analysis, the tax burden on Bitcoin in Japan is as high as 55%, and Metaplanet has become an alternative target when retail investors cannot invest directly in BTC, attracting a lot of "speculative arbitrage" or "structural funds" attention.