Daniel Walker
Japanese bitcoin treasury firm Metaplanet has seen its enterprise value dip below the net value of its bitcoin holdings, signaling that the company is currently trading at a discount to its crypto reserves.
According to Metaplanetโs official data, the companyโs mNAV โ a ratio comparing enterprise value to the net asset value of its bitcoin holdings โ fell to 0.99 on Tuesday, marking the first time it has dropped below 1. The mNAV is calculated by adding the companyโs market capitalization and total debt, then dividing by the net asset value of its bitcoin reserves.
Since shifting to a Bitcoin treasury strategy in April 2024, Metaplanet has made substantial acquisitions, including two purchases exceeding $600 million each. The company now holds 30,823 BTC, valued at more than $3.45 billion, positioning it as the worldโs fourth-largest public bitcoin treasury company.
Stock Performance and Market Reaction
Despite its strong bitcoin holdings, Metaplanet shares have dropped 18.44% over the past month, including a 12.36% decline on Tuesday, closing at 482 yen โ a 74.5% decrease from its all-time high of 1,895 yen. Nevertheless, the stock remains up 38.5% year-to-date.
The mNAV decline coincides with a temporary suspension of the 20th-22nd series of stock acquisition rights, implemented to optimize capital strategies for expanding the bitcoin treasury.
Analysts Remain Optimistic
Benchmark Equity Research maintains a positive outlook, noting that the companyโs strategy is supported by the fundamental rationale of bitcoin as a scarce, programmable reserve asset and an inflation hedge. Analyst Mark Palmer highlighted Metaplanetโs plans to leverage bitcoin for financial products as a key differentiator, with a price target of 2,400 yen by the end of 2026.
mNAV as a Key Health Indicator
The mNAV ratio is widely regarded as a critical metric for digital asset treasury companies, as it reflects the firmโs capacity to raise capital and acquire more crypto without diluting shareholder value. Other treasury companies, including SharpLink Gaming led by Joe Lubin, have experienced temporary dips below 1 due to cyclical market trends.
Broader Market Volatility
The recent drop in Metaplanetโs stock coincided with a broader market sell-off triggered by U.S. President Donald Trumpโs announcement of a 100% tariff on Chinese imports, which stoked fears of a trade war. Although markets have partially recovered, China has vowed to โfight to the endโ, indicating potential for continued short-term volatility across equities and crypto.
