Bitcoin News Today: Bitcoin Premium Unravels as Metaplanet's mNAV Dips Below 1

Metaplanet Inc.'s enterprise value has fallen below the value of its Bitcoin holdings, marking a dramatic shift for the Tokyo-listed company and signaling broader challenges for the crypto treasury sector. The firm, once a poster child for corporate Bitcoin adoption, now trades at a discount to its digital-asset reserves, with its market-to-Bitcoin NAV (mNAV) ratio hitting 0.99 on Oct. 14-the first time it has dipped below 1 since the company's pivot to Bitcoin in April 2024 .

The collapse in investor sentiment follows a 70% decline in Metaplanet's share price since its June 2025 peak of ¥1,926 to ¥550 as of Oct. 15 Metaplanet Share Price Forms Death Cross as mNAV Plunges^[1]. Technical indicators paint a grim picture: The stock has formed a "death cross" as its 50-day and 200-day exponential moving averages intersected, a bearish signal often associated with prolonged downtrends Metaplanet Share Price Forms Death Cross as mNAV Plunges^[1]. The Relative Strength Index and Bull Bear Power metrics also confirm weakening buying pressure, with the RSI trending downward and the BBP indicator remaining negative for three consecutive days Metaplanet Share Price Forms Death Cross as mNAV Plunges^[1].

The mNAV plunge reflects a broader erosion of confidence in Bitcoin treasury companies. Metaplanet's market cap of $4 billion now trails its Bitcoin holdings, valued at $3.576 billion, resulting in a basic mNAV multiple of 1.103 and a diluted mNAV of 1.387-far below the peak of over 8 earlier this year Metaplanet Share Price Forms Death Cross as mNAV Plunges^[1]. This trend mirrors struggles at peers like Michael Saylor's Strategy, which has seen its stock fall 30% from its 2025 high . Analysts attribute the sector-wide selloff to waning enthusiasm for the "Bitcoin premium" and concerns over the sustainability of corporate treasury strategies reliant on warrant exercises and debt-funded purchases Here’s why Metaplanet stock price has plummeted^[3].

Metaplanet's recent $1.4 billion international equity offering-priced at a 10% discount-has failed to stem the bleeding, with shares down 10% on Oct. 1 despite the company acquiring 5,268 Bitcoin in September to bring its total holdings to 30,823 BTC . The firm's CEO, Simon Gerovich, called the Q3 results "a demonstration of operational scalability," citing a 115% revenue jump in its Bitcoin Income Generation segment . Yet the stock's 37% drop over the past month underscores persistent skepticism about its ability to fund future Bitcoin purchases .

The company's woes are part of a larger narrative of corporate Bitcoin adoption cooling in Japan. While firms like Quantum Solutions and Convano continue to expand their BTC holdings, the sector faces headwinds from regulatory uncertainty and macroeconomic pressures, including yen depreciation and low interest rates Metaplanet’s Enterprise Value Sinks Below Bitcoin Holdings^[5]. Metaplanet's mNAV decline has sparked debate about whether the strategy is a "popping of a bubble" or a temporary correction for long-term Bitcoin bulls .

With its enterprise value now trailing its Bitcoin reserves, Metaplanet's fate may hinge on Bitcoin's price action and its ability to execute its planned preferred share issuance. For now, the company remains a bellwether for the volatile intersection of traditional finance and crypto-where corporate treasuries once commanded premiums but now face the harsh realities of market correction.