Bitcoin News Today: Bitcoin Treasury Model's Fragility Laid Bare: Metaplanet's Value Dips Below Holdings

Tokyo-listed Metaplanet Inc. has become the first major corporate Bitcoin holder to see its enterprise value fall below the value of its cryptocurrency reserves, sparking investor concerns about the sustainability of the "digital-asset treasury" model. The company's market-to-Bitcoin net asset value (mNAV)-a metric that compares its enterprise value to the worth of its Bitcoin holdings-dropped to 0.99 on October 14, 2025, according to data from the firm. This marks the first time the ratio has fallen below 1 since the company began accumulating Bitcoin in April 2024Metaplanet’s Enterprise Value Sinks Below Bitcoin Holdings^[1].

The decline came as Metaplanet's stock plummeted 12% in a single day, extending a 70% correction since its June 2025 peak. The firm now holds over 30,823 Bitcoin (BTC), valued at approximately $3.5 billion, yet its enterprise value-market cap plus debt-now trails the value of its crypto holdingsMetaplanet Stock Drops 12% as Enterprise Falls Below Bitcoin^[2]. The shift reflects a broader cooling in enthusiasm for corporate Bitcoin accumulation, with several firms seeing their stock prices pressured as buying activity slows.

The mNAV metric, which measures how the market values a company relative to its Bitcoin reserves, has long been a key indicator for digital-asset treasury (DAT) firms. When mNAV dips below 1, it signals that the company trades at a discount to its underlying crypto assets, often due to concerns about debt, operational risks, or market sentimentMetaplanet's Enterprise Value Falls Below Bitcoin Reserves^[3]. For Metaplanet, the drop below 1 underscores waning confidence in its business model, which relies heavily on Bitcoin's price performance.

Analysts attribute the decline to broader market volatility. Bitcoin itself has struggled to maintain gains above $112,000, with a recent $19 billion in liquidations triggered by geopolitical tensions and U.S. President Donald Trump's threats of higher tariffs on ChinaMetaplanet’s Enterprise Value Sinks Below Bitcoin Holdings^[1]. Metaplanet's stock has also been hit by technical indicators, including a "death cross" pattern where the 50-day moving average crossed below the 200-day average, intensifying bearish sentimentMetaplanet Stock Drops 12% as Enterprise Falls Below Bitcoin^[2].

The firm's struggles contrast with the aggressive strategies of other Bitcoin-focused companies. For example, U.S.-based Strategy, the world's largest corporate Bitcoin holder, has amassed over 592,100 BTC through debt and equity financing, while Marathon Digital (MARA) continues to expand its mining operations. Metaplanet, however, has taken a more measured approach, using zero-interest bonds and options strategies to acquire Bitcoin. CEO Simon Gerovich recently announced a temporary suspension of stock-warrant exercises to optimize capital-raising strategiesMetaplanet's Enterprise Value Falls Below Bitcoin Reserves^[3].

Mark Chadwick, a Japan equity analyst at Smartkarma, described the trend as "a popping of a bubble," noting that the initial euphoria around Bitcoin-treasury stocks has faded. While long-term Bitcoin bulls might see the discount as an opportunity, he warned that the model's reliance on crypto volatility makes it inherently riskyMetaplanet’s Enterprise Value Sinks Below Bitcoin Holdings^[1].

Metaplanet's challenges highlight the fragility of DAT firms, which have surged in popularity by offering investors familiar equity formats to gain exposure to cryptocurrencies. The sector's fortunes now appear increasingly tied to Bitcoin's price swings, with companies like MicroStrategy and Metaplanet serving as bellwethers for institutional crypto adoption.

As the market digests these developments, investors will be watching whether Bitcoin stabilizes and whether Metaplanet can regain confidence through strategic pivots. For now, the firm's plunge into uncharted territory signals a turning point for corporate Bitcoin holdings-a sector once seen as a bridge between traditional finance and the crypto worldMetaplanet enterprise value dips below its Bitcoin holdings^[4].

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