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14/10/25 15:07 UTC-04

Value of Japan’s Metaplanet Falls Below Its Bitcoin Holdings

The valuation of Japanese company Metaplanet has dropped below the value of its Bitcoin assets.

According to the company’s official website, the mNAV ratio — which reflects the firm’s enterprise value relative to its net Bitcoin assets — fell to 0.99 on Tuesday for the first time. The mNAV is calculated as market capitalization plus total debt, divided by the value of net Bitcoin assets.

“This isn’t a substitute for audited financial statements but rather a high-level indicator of how much the company’s valuation depends on its BTC treasury compared to other factors,” reads the mNAV page on BitcoinTreasuries.NET.

Since mid-June, the metric has dropped by more than seven points, and Metaplanet’s stock price has plunged 75%, falling from a peak of ¥1895 ($13) per share to $3.20 on Tuesday, according to TradingView.

The company’s mNAV fell below 1 after Metaplanet paused Bitcoin purchases for two weeks. The latest BTC acquisition was announced on September 30.

According to market analyst Mark Chadwick, the decline in Metaplanet’s mNAV “indicates a continued slowdown in the corporate Bitcoin treasury trend.”

“I still believe the drop in crypto company valuations is simply a burst bubble,” Chadwick said.

See also: "Citibank prepares to launch cryptocurrency custody service in 2026"

#Metaplanet

Editor: Pereyidenko Ihor
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Metaplanet Reports $725.6 Million Loss and Explains the Reason

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