Japan’s top Bitcoin treasury firm trades at a discount as investors question growth beyond BTC reserves
Metaplanet, Japan’s leading Bitcoin treasury company, has seen its enterprise value fall below the value of its Bitcoin holdings, signaling a dramatic shift in how the market values the firm’s balance sheet-driven strategy.
According to official data, Metaplanet’s market-to-Bitcoin net asset value (mNAV) — a ratio comparing company value to BTC holdings — dropped to 0.99 for the first time on record. This means the company’s total market capitalization is now less than the worth of its 30,823 BTC, estimated at $3.5 billion.
The company’s stock price has plunged nearly 75% since mid-June, sliding from 1,895 Japanese yen ($13) to around $3.20 per share. The decline follows Metaplanet’s pause in Bitcoin purchases for the past two weeks, with its last acquisition reported on September 30.
“When mNAV falls below 1, it suggests the market is discounting the company’s Bitcoin holdings due to perceived risks — such as debt, execution, or limited diversification,” explained Mark Chadwick, an equity analyst at Smartkarma. “It’s not necessarily bearish for Bitcoin holders, but it shows investors are demanding more than just BTC exposure.”
mNAV, developed by BitcoinTreasuries.NET, helps investors gauge whether a firm’s market value is aligned with its underlying crypto assets. When this metric dips below 1, the company effectively trades cheaper than the Bitcoin it owns, often seen as a potential buying opportunity for long-term believers in BTC.
The slide comes just a year after Metaplanet’s first Bitcoin purchase in July 2024, which sent its shares soaring and pushed mNAV to an all-time high of 22.59.
However, as Bitcoin prices stabilized and interest in crypto treasury stocks cooled, Metaplanet’s valuation has compressed sharply.
“I still see this as a cooling-off phase rather than the end of the Bitcoin treasury trend,” Chadwick added. “Discounts like this often attract institutional accumulation once volatility settles.”
Metaplanet’s situation mirrors broader trends among Bitcoin-holding public companies, with MicroStrategy’s shares also down 30% since July despite record BTC reserves.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.