Japanese Bitcoin treasury firm Metaplanet has seen its enterprise value drop below the value of its Bitcoin holdings, marking a rare moment for one of the largest public BTC holders.
According to data from BitcoinTreasuries.NET, the company’s market-to-Bitcoin net asset value (mNAV) — which measures the firm’s value compared to its BTC holdings — fell to 0.99 on Tuesday, its lowest level ever. This means the company is now trading at a discount to the value of its Bitcoin.
The decline followed Metaplanet’s two-week pause in Bitcoin purchases, with the last acquisition of 5,268 BTC announced on Sept. 30, bringing its total holdings to 30,823 BTC (around $3.5 billion).
Since mid-June, Metaplanet’s stock has dropped by 75%, from 1,895 yen ($13) to around $3.20, pushing the mNAV down more than seven points.
Analysts say an mNAV below 1 may reflect market concerns about the company’s debt or business model. Still, others view it as an opportunity, noting the company’s strong BTC reserves.
Metaplanet, which entered the Bitcoin market in July 2024, saw its shares initially soar as its mNAV peaked at 22.59, but that record has not been reached again.
While opinions are divided, the drop highlights how closely Metaplanet’s market value is tied to Bitcoin performance and investor sentiment toward its treasury strategy.
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