Japan’s Metaplanet has just seen its enterprise value nosedive below the worth of its hefty BTC holdings.
Yep, you heard that right: this once-high-flying firm is now trading at a discount to its own digital gold stash, marking a historic low that’s as baffling as it is brutal.
Metaplanet, the Tokyo listed company that’s been gobbling up Bitcoin like it’s going out of style, hit a rough patch this Tuesday with their market to Bitcoin NAV slipping to 0.99. This is the first time it’s ever dipped below 1.
Since mid-June, this metric has tanked by over seven points, mirroring a whopping 75% drop in Metaplanet’s stock price. Shares plummeted from a peak of 1,895 Japanese yen (about $13) to $3.20.
What sparked this freefall?
Well, Metaplanet hit the pause button on Bitcoin buys for the last two weeks, with their final purchase announced on September 30, 2025. No fresh BTC holdings added means no immediate boost to that glittering treasury.
mNAV is a slick ratio cooked up by BitcoinTreasuries.NET to show how the market sizes up a company against its BTC holdings. Enterprise value here factors in market cap of all share classes, debt, perpetual preferred shares’ notional value, minus cash on hand.
When it drops below 1, it’s like the market’s whispering, “We love your BTC holdings, but we’re side-eyeing your debts, ops, or risks.”
Speaking of those prized BTC holdings, Metaplanet is sitting on a mountain: 30,823 BTC, valued at a cool $3.5 billion after that September splurge of 5,268 more coins.
This drama unfolded roughly a year after their debut Bitcoin buy on July 22, 2024, which sent shares soaring and mNAV to a record 22.59 by July 24.Those were the glory days when Metaplanet’s BTC holdings were the talk of Tokyo!
But is this mNAV meltdown a sign of doom, or just a plot twist in the crypto saga?
Jad Comair, CEO of Melanion Capital, isn’t buying the panic.
“Metaplanet trading below its Bitcoin NAV doesn’t signal failure: it reveals a market that still misunderstands Bitcoin treasury models,” he says.
On the flip side, Smartkarma’s Mark Chadwick calls it a “popping of a bubble” in the crypto treasury trend.
Is Metaplanet suffering alone with its BTC Holdings?
Metaplanet isn’t alone in this stormy sea. Michael Saylor’s MicroStrategy, the undisputed king with 640,250 BTC, has watched its stock slide 30% since July.
It’s like the whole Bitcoin treasury club is weathering a perfect storm.
Meanwhile, as Bitcoin hovers around $111,538, the spotlight’s on whether these firms can turn the tide or if this discount dance signals deeper woes.
