Bitcoin News Today: DATs Trade at Discounts as Bitcoin Holdings Outvalue Stocks

Metaplanet Inc.'s enterprise value has fallen below the value of its Bitcoin reserves, marking a pivotal moment for digital-asset treasury firms (DATs) as the market tests the viability of their business models. The Tokyo-listed company's market-to-Bitcoin net asset value (mNAV)-a metric comparing its enterprise value to the value of its crypto holdings-dropped to 0.99 on October 14, the first time it has traded at a discount to its Bitcoin holdings since its pivot to crypto accumulation in April 2024, according to a Bloomberg report https://www.bloomberg.com/news/articles/2025-10-14/metaplanet-s-enterprise-value-sinks-below-bitcoin-holdings. This development underscores a broader cooling of investor enthusiasm for DATs, which once traded at significant premiums but now face mounting scrutiny amid market volatility and shifting capital strategies.

Metaplanet's stock, which surged to an all-time high of 1,895 yen ($13) in mid-June, has since plummeted roughly 70%, dragging its mNAV to parity with its Bitcoin stash. The company holds over 30,823 Bitcoin, worth approximately $3.4 billion at current prices, yet its market capitalization now lags behind, according to a MENAFN article https://menafn.com/1110192492/Metaplanet-Misses-Bitcoin-Purchase-As-Mnav-Falls-Below-1. Analysts attribute the decline to a combination of factors: a slowdown in corporate Bitcoin buying, broader crypto market turbulence, and concerns over the sustainability of leveraged accumulation strategies. "This is the popping of a bubble," said Mark Chadwick, a Japan equity analyst at Smartkarma, noting that the slump reflects a correction in the "general euphoria" surrounding Bitcoin stockpiling, as Cointelegraph reported https://cointelegraph.com/news/metaplanet-enterprise-value-below-bitcoin-holdings-mnav.

The trend is not isolated to Metaplanet. Over 25 public companies holding Bitcoin now trade at a discount to their crypto assets, according to K33 Research, as CryptoTimes reported https://www.cryptotimes.io/2025/10/14/metaplanets-market-value-falls-below-its-bitcoin-holdings/. Companies like Michael Saylor's Strategy Inc., which holds 640,250 Bitcoin, have seen their stock values drop by 30% since July, mirroring the sector-wide retreat, NewsCrypto reported https://thenewscrypto.com/metaplanet-enters-danger-zone-as-market-value-drops-below-its-btc-holdings/. The cooling follows a summer of aggressive buying by DATs, which raised billions through equity and debt to fund Bitcoin purchases. However, as borrowing costs rise and Bitcoin's price stagnates near $112,000, firms are reevaluating their strategies. Metaplanet recently suspended its stock warrant exercises to optimize capital-raising tactics, according to InsideBitcoins https://insidebitcoins.com/news/metaplanets-enterprise-value-tumbles-below-bitcoin-holdings-stock-plunges-12, while others, like Marathon Digital Holdings, have resorted to debt-fueled buybacks to prop up share prices, as reported by Yahoo Finance https://finance.yahoo.com/news/metaplanet-market-value-falls-70-114333168.html.

The mNAV metric, which once soared as high as 22.59 for Metaplanet in July 2024, according to Coinpedia https://coinpedia.org/news/is-metaplanets-bitcoin-strategy-failing-mnav-drops-below-1/, has become a barometer for investor confidence in DATs. A ratio below 1 signals that a company's stock is trading at a discount to its Bitcoin holdings, potentially reflecting concerns over debt levels, operational risks, or liquidity constraints. For Metaplanet, the decline comes amid a $19 billion liquidation event in crypto markets on October 10, triggered by fears of U.S.-China trade tensions and broader macroeconomic uncertainty, as CoinCentral reported https://coincentral.com/metaplanet-stock-drops-12-as-enterprise-value-falls-below-bitcoin-holdings/.

Despite the turmoil, some analysts see opportunity. "Long-term Bitcoin bulls may view this as a buying chance," Chadwick said, pointing to Metaplanet's $120 million unrealized gains on its Bitcoin holdings, according to InsideBitcoins. Yet structural challenges remain. VanEck's Matthew Sigel warned earlier this year that firms trading near parity risk "erosion" over capital formation, as Coinpedia noted, while Coinbase Research highlighted the sector's vulnerability to rising interest rates and lack of yield generation, according to Yahoo Finance.

As the market grapples with these dynamics, the future of DATs hinges on their ability to balance Bitcoin accumulation with sustainable capital structures-a test that Metaplanet and its peers are now facing head-on.