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Metaplanet Breaks Below 1x mNAV Benchmark As Bitcoin Dwindles
Metaplanet’s stock dropped 75% since June despite holding 30,823 BTC worth $3.5 billion amid halted Bitcoin buys and market volatility, reflecting investor concerns about risks.
- On October 14, Metaplanet’s enterprise value fell below its Bitcoin holdings, with its mNAV dropping to 0.99 and shares closing 12.36% lower at 482 JPY.
- Since mid-June 2025, Metaplanet’s stock plunged 75%, coinciding with a more than seven-point mNAV drop and suspension of Bitcoin buys after September 30, amid heavy shorting by Morgan Stanley, UBS, Jefferies, and JPMorgan.
- Metaplanet’s balance sheet shows 30,823 BTC valued near $3.5 billion, with a 5,268 BTC purchase, $615 million, and trading volume spiked to 61 million vs 46 million.
- MNAV below 1 means Metaplanet now trades at a discount to its Bitcoin assets, reflecting market concerns, while 15% of digital asset treasuries trade below a 1.0x mNAV.
- Metaplanet’s actions in the coming months will shape whether this is temporary, as a Bitcoin price surge could restore value, while Michael Saylor’s Strategy holds 640,250 BTC valued at roughly $72 billion.
14 Articles
14 Articles
MetaPlanet Bitcoin Holdings Fall Below NAV – What It Means to Crypto Treasury Companies
MetaPlanet, a Japanese Bitcoin treasury firm, has become the first prominent entity to have its stock price fall beneath its net asset value (NAV). This development, confirmed on October 14, 2025, is a critical inflection point that could alter investor’s view of Bitcoin treasury strategies and raise questions about the sustainability of this increasingly popular corporate model. The Historic Drop – What Went Wrong The shares of MetaPlanet decli…
The Japanese investment firm's shares fell 15% last week. Read more
Metaplanet’s mNAV plummeted below 1 for the first time since the company began accumulating Bitcoin in 2024. Shares have fallen online, correcting 74% from the peak reaching in June. *** Metaplanet’s mNAV plummeted below 1 for the first time. The fall aligns with a decline in the price of its shares in recent weeks. It is not the only company with crypto treasury facing challenges in the midst of a volatile market. Trump’s recent turbulence to C…
Bitcoin corporate cash was announced as a promising alternative stock market applied to the cryptocurrency sector. A dynamic now largely reversed, to the point of seeing the valuation of the company Metaplanet go below the amount of its assets in BTC. L的 article This Bitcoin Treasury sees its capitalization collapse below the value of its BTC stock appeared first on Cryptoast.
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