Bitcoin News Today: Bitcoin Treasury Paradox: Metaplanet's Value Now Below Its Bitcoin-Backed Worth

Japan's Metaplanet Inc. has become the first major Bitcoin treasury company to trade at a discount to its Bitcoin holdings, as its market to Bitcoin NAV (mNAV) ratio fell below 1 for the first time on record. The decline, driven by a 75% drop in Metaplanet's stock price since mid-June and a two-week pause in Bitcoin purchases, underscores waning investor confidence in the nascent asset class and mirrors broader market turbulence across crypto treasury stocksMetaplanet Misses Bitcoin Buys As mNAV Dips Below 1^[1].

The mNAV metric, which compares a company's enterprise value to the NAV of its Bitcoin holdings, plummeted to 0.99 on Tuesday, reflecting a seven-point decline since mid-JuneMetaplanet Misses Bitcoin Buys As mNAV Dips Below 1^[1]. Metaplanet's enterprise value now stands at $4 billion, while its Bitcoin holdings-30,823 BTC valued at $3.5 billion-outweigh its liabilities by 18.67x. The company's stock, which peaked at 1,895 yen ($13) per share, has since fallen to 482 yen ($3.2), according to TradingViewMetaplanet Misses Bitcoin Buys As mNAV Dips Below 1^[1].

The mNAV drop follows a strategic halt in Bitcoin acquisitions, with Metaplanet's last purchase announced on Sept. 30Metaplanet Misses Bitcoin Buys As mNAV Dips Below 1^[1]. Analysts attribute the decline to a cooling of the Bitcoin treasury trend, with Smartkarma's Mark Chadwick calling it "a popping of a bubble"Metaplanet’s Enterprise Value Sinks Below Bitcoin Holdings^[3]. Meanwhile, the company's technical indicators paint a grim picture: its share price has formed a "death cross" as the 50-day and 200-day exponential moving averages converge, signaling heightened bearish pressureMetaplanet Share Price Forms Death Cross as mNAV Plunges^[2].

Despite the discount, Metaplanet has maintained a disciplined approach to debt reduction, redeeming ¥12.75 billion in bonds since July and expanding its Bitcoin holdings to 18,991 BTC at an average price of ¥15.05 million per coin. CEO Simon Gerovich emphasized the firm's "conviction in Bitcoin as a treasury reserve asset," noting a year-to-date yield of nearly 480%. The company's inclusion in the FTSE Japan Index has also bolstered institutional visibility.

Market observers remain divided on the implications. Melanion Capital's Jad Comair argues the discount reflects a "misunderstanding of Bitcoin treasury models," comparing it to early skepticism around Tesla. Conversely, Smartkarma's Chadwick sees the move as a correction, with long-term Bitcoin bulls potentially viewing the discount as a buying opportunityMetaplanet Misses Bitcoin Buys As mNAV Dips Below 1^[1].

Metaplanet's struggles are part of a broader trend: Michael Saylor's Strategy, the largest public Bitcoin holder, has seen its stock fall 30% since JulyMetaplanet Misses Bitcoin Buys As mNAV Dips Below 1^[1]. The sector's challenges highlight the risks of conflating corporate valuations with asset holdings, particularly as macroeconomic pressures and regulatory uncertainty weigh on investor sentimentMetaplanet’s Enterprise Value Sinks Below Bitcoin Holdings^[3].