Bitcoin News Today: Bitcoin Treasury Bubble Bursts as Metaplanet's Value Dips Below Holdings

Metaplanet Inc.'s enterprise value has fallen below the value of its Bitcoin holdings, marking a pivotal moment for the Tokyo-listed company and the broader trend of corporate Bitcoin treasury strategies. The firm's market-to-Bitcoin net asset value (mNAV) ratio, a key metric tracking enterprise value relative to its BTC reserves, dipped to 0.99 on October 14, 2025, the first time it has traded at a discount to its digital assets Metaplanet’s Enterprise Value Sinks Below Bitcoin Holdings^[1]. This shift reflects waning investor enthusiasm for companies that hold Bitcoin as a core asset, a trend that has seen several such firms face declining valuations amid market volatility and slowing Bitcoin accumulation Metaplanet Misses Bitcoin Buys As mNAV Dips Below 1^[2].

Metaplanet's mNAV decline follows a 75% drop in its share price since mid-June, when its stock peaked at ¥1,895 ($13) per share. The company, which rebranded from a hotel and technology firm to a Bitcoin-focused treasury entity in 2024, now holds 30,823 BTC, valued at $3.5 billion, according to its latest disclosures Metaplanet Bitcoin Holdings: 3350.T BTC Holdings Chart^[5]. However, its enterprise value-calculated as market capitalization plus debt minus cash-has eroded, raising concerns about its financial model's sustainability Metaplanet Enterprise Value Dips Below Its Bitcoin Holdings^[6]. The firm's shares fell to ¥482 ($3.2) on October 14, dragging its mNAV below 1 for the first time in its history Metaplanet Misses Bitcoin Buys As mNAV Dips Below 1^[2].

The decline underscores broader challenges facing Bitcoin treasury companies, which have seen their appeal dim as the initial euphoria over digital-asset-backed equities fades. Metaplanet is not alone: Michael Saylor's Strategy, the world's largest public Bitcoin holder, has also seen its stock fall roughly 30% since July 2025 Metaplanet Misses Bitcoin Buys As mNAV Dips Below 1^[2]. Analysts attribute the sector's struggles to a combination of factors, including reduced Bitcoin buying by corporations, heightened market volatility, and investor skepticism about the long-term viability of balance sheets heavy with zero-yielding assets .

Mark Chadwick, a Japan equity analyst at Smartkarma, described the slump as a "popping of a bubble" in the Bitcoin treasury stock market, noting that the cooling trend reflects a correction in "general euphoria" around token hoarding Metaplanet’s Enterprise Value Sinks Below Bitcoin Holdings^[1]. While some long-term Bitcoin bulls view Metaplanet's discount as a buying opportunity, the broader market remains cautious. The company's recent pause in Bitcoin purchases-its buying spree halted for two weeks prior to the mNAV drop-has further fueled concerns about its ability to maintain growth Metaplanet Misses Bitcoin Buys As mNAV Dips Below 1^[2].

Metaplanet's financial strategy has relied heavily on capital-raising initiatives, including a $1.4 billion international equity sale in September 2024 and a $210 million bond issuance in October 2025 to fund additional Bitcoin purchases Metaplanet Reaches 10,000 BTC Target Amid $210M Bond Issuance^[4]. Despite these efforts, the firm's enterprise value has struggled to keep pace with its BTC holdings, highlighting the risks of leveraging debt to finance volatile assets. VanEck, a major crypto asset manager, has warned that such strategies expose companies to "capital erosion," where share issuance at discounted prices dilutes existing shareholders and undermines financial stability Corporate Bitcoin Adoption Is a 'Dangerous Game of Balance Sheet Roulette'^[8].

The company's revised FY2025 guidance, which projects $46.26 million in revenue and $31.97 million in operating profit, reflects attempts to bolster its financial foundation Metaplanet Acquires 5,288 BTC Lifts Total Holdings to 30,823 BTC^[3]. CEO Simon Gerovich emphasized operational scalability as a strength, but shares fell 10% in early October trading, signaling lingering investor uncertainty Metaplanet Acquires 5,288 BTC Lifts Total Holdings to 30,823 BTC^[3]. With Bitcoin's price hovering near $105,831, Metaplanet's ability to rebound will depend on its capacity to diversify revenue streams and restore confidence in its business model Metaplanet Reaches 10,000 BTC Target Amid $210M Bond Issuance^[4].