Bitcoin News Today: Bitcoin Treasury Premiums Shrink to Discounts as Sector-Wide Correction Erodes Firm Valuations

Metaplanet Inc.'s market value has fallen below the value of its Bitcoin holdings, a stark reversal for the Japanese publicly traded company that once commanded a premium of over eight times its net asset value. The company's stock, which hit a year-to-date high of ¥1,926 in June, has since plunged to ¥550, forming a technical "death cross" as its 50-day and 200-day exponential moving averages convergedMetaplanet Share Price Forms Death Cross as mNAV Plunges^[1]. This bearish signal, coupled with a collapsing mNAV (market-to-nav) multiple-from a peak of 8 to 1.103-has left investors questioning the sustainability of its Bitcoin accumulation strategyMetaplanet's Market Cap Drops Below Bitcoin Reserves - Phemex^[2].

The decline reflects broader struggles across the Bitcoin treasury sector. Companies like MicroStrategy (MSTR) and Trump Media & Technology Group (DJT) have similarly seen their stock prices plummet, with Metaplanet's mNAV now at 1.387, compared to its Bitcoin holdings of $3.576 billion and a market cap of $4 billionMetaplanet Share Price Forms Death Cross as mNAV Plunges^[1]. The company's inability to maintain a premium has stifled its ability to raise capital for further Bitcoin purchases, a critical factor in its long-term goal of acquiring 210,000 coinsHere’s why Metaplanet stock price has plummeted^[3]. Recent technical indicators, including a breakdown below key support levels and a bearish Bull Bear Power (BBP) reading, suggest further downside risksMetaplanet Share Price Forms Death Cross as mNAV Plunges^[1].

Metaplanet's woes are emblematic of a sector-wide correction. Over 170 publicly listed companies now hold Bitcoin, with many trading at discounts to their net asset values. The rise of Bitcoin ETFs has also siphoned institutional demand away from individual treasury stocks, as investors opt for more liquid and diversified exposure. This shift has exacerbated pressure on companies like Metaplanet, which relies on share issuance to fund Bitcoin purchases. In July, the firm launched an overseas share offering at a 10% discount to raise ¥204 billion, most of which will be allocated to Bitcoin acquisitionsHere’s why Metaplanet stock price has plummeted^[3].

The company's challenges are compounded by macroeconomic factors. Japan's 30-year bond yields recently surged past 3%, signaling fiscal concerns that have rippled across global markets. Bitcoin's price, which briefly tested $108,000 in May, has since retreated, mirroring the struggles of treasury stocks. Analysts note that institutional buyers, including Metaplanet, have played a pivotal role in Bitcoin's price action, but their purchasing power appears to wane as premiums contract.

Despite the downturn, some see potential for a rebound. Technical analysts highlight a falling wedge pattern on Metaplanet's stock chart, suggesting a possible short-term rebound toward the 50-day EMA at ¥969Here’s why Metaplanet stock price has plummeted^[3]. However, long-term optimism is tempered by the need for renewed capital inflows and a broader recovery in Bitcoin's price. The company's enterprise value now stands at $5 billion, exceeding its Bitcoin holdings by $1.4 billion-a gap that could widen without aggressive accumulationHere’s why Metaplanet stock price has plummeted^[3].