Bitcoin News Today: Metaplanet's mNAV Dips Below 1.0, Sparking Debate on Crypto Treasury Valuations

Metaplanet's enterprise value has fallen below the value of its Bitcoin holdings for the first time, marking a significant shift in the Japanese crypto treasury firm's trajectory. The company's market to net asset value (mNAV) ratio-calculated as enterprise value relative to the net asset value of its Bitcoin reserves-dropped to 0.99 on October 14, according to data from its official websiteMetaplanet Breaks Below 1x mNAV Benchmark As Bitcoin Dwindles^[1]. This follows a 12% decline in share prices on Tuesday, closing at 482 yenMetaplanet’s mNAV Falls Below Bitcoin Holdings - BeInCrypto^[2]. The mNAV threshold of 1.0 has long been a benchmark for evaluating crypto treasury firms, with values above signaling a premium and below indicating a discountMetaplanet’s enterprise value dips below Bitcoin holdings for first ...^[3].

Metaplanet, the fourth-largest public Bitcoin holder globally with 30,823 BTC ($3.5 billion), has seen its stock price fall 18.44% over the past month despite a 38.5% year-to-date gainIs Metaplanet’s Bitcoin Strategy Failing? mNav Drops Below 1^[4]. The decline coincides with broader market pressures, including geopolitical tensions and a slowdown in Bitcoin accumulation. The company temporarily suspended the exercise of stock acquisition rights for its 20th–22nd series to optimize capital raising strategiesMetaplanet Misses Bitcoin Buys As mNAV Dips Below 1^[5]. Meanwhile, Metaplanet's total debt stands at $24.68 million, which factors into its mNAV calculationMetaplanet Breaks Below 1x mNAV Benchmark As Bitcoin Dwindles^[1].

The mNAV dip mirrors trends across the industry. Forbes reported that 15% of digital asset treasury firms now trade below 1.0x mNAV, with peers like KindlyMD (NAKA) also slipping to 0.959xMetaplanet Breaks Below 1x mNAV Benchmark As Bitcoin Dwindles^[1]. In contrast, Strategy (MSTR), the largest Bitcoin treasury holder with 640,250 BTC ($72 billion), maintains a premium of 1.48x mNAVMetaplanet Breaks Below 1x mNAV Benchmark As Bitcoin Dwindles^[1]. However, Strategy's stock has underperformed, rising just 5% year-to-date compared to Bitcoin's 19% gain, highlighting divergent market sentimentMetaplanet Breaks Below 1x mNAV Benchmark As Bitcoin Dwindles^[1].

Metaplanet's capital restructuring efforts, including the early redemption of $4.9 million in bonds and the issuance of 1.3 million new shares, aim to balance liquidity and debt reductionMetaplanet’s mNAV Falls Below Bitcoin Holdings - BeInCrypto^[2]. The company also announced plans to raise $5.4 billion through an international stock offering to expand its Bitcoin holdings, targeting 210,000 BTC by 2027Metaplanet Shares Jump 6% on International Stock …^[7]. Analysts remain split on the implications of the mNAV decline. Some view it as a "bubble-popping" moment for crypto treasury stocksIs Metaplanet’s Bitcoin Strategy Failing? mNav Drops Below 1^[4], while others see it as a buying opportunity for long-term Bitcoin bullsMetaplanet Misses Bitcoin Buys As mNAV Dips Below 1^[5].

Critics of the mNAV metric argue it oversimplifies valuation by ignoring operational cash flows and balance sheet complexitiesMetaplanet’s mNAV Falls Below Bitcoin Holdings - BeInCrypto^[2]. Greg Cipolaro of NYDIG called the metric "useless," noting it conflates equity and liability structuresMetaplanet’s mNAV Falls Below Bitcoin Holdings - BeInCrypto^[2]. Despite this, Metaplanet raised its full-year operating profit forecast by 88%, citing improved treasury operations and favorable macroeconomic conditionsMetaplanet’s mNAV Falls Below Bitcoin Holdings - BeInCrypto^[2].

The broader market context includes a surge in digital asset treasury firms, with 228 publicly traded companies investing $148 billion into crypto in 2025Metaplanet Breaks Below 1x mNAV Benchmark As Bitcoin Dwindles^[1]. Yet, as Bitcoin's price volatility and geopolitical risks persist, the sustainability of premium valuations remains uncertain. For Metaplanet, navigating this landscape will require balancing aggressive Bitcoin accumulation with capital efficiency-a challenge shared by peers in the sector.