is grappling with unprecedented financial turbulence as its enterprise value has fallen below the value of its BitcoinBTC-- reserves. The company's market-to-net-asset-value (mNAV) ratio-a key metric for firms holding crypto assets-dropped to 0.99 on October 14, according to Bloomberg data. This marks the first time since its Bitcoin treasury strategy began in 2024 that Metaplanet's valuation has slipped below parity with its crypto holdings. The firm now holds 30,823 Bitcoin, valued at approximately $3.4 billion, yet trades for less than that amount.
The collapse has mirrored a broader slump in the Bitcoin treasury sector. K33 Research reports that a quarter of public companies holding Bitcoin now trade at market values below their BTC holdings, with 26 out of 168 firms in the category. NAKA, a merger vehicle of KindlyMD and Nakamoto Holdings, has seen its mNAV plummet to 0.7x, down from 75x at its peak . Analysts attribute the sector's struggles to waning investor enthusiasm for crypto-heavy firms and rising interest rates, which amplify the risks of holding non-yielding assets.
Metaplanet's shares, which hit an all-time high in mid-June, have since fallen about 70%, making it the first major Bitcoin treasury firm to consistently trade below its holdings. At $3.21 per share, the stock closed 12.36% lower on October 14, extending a weeks-long downtrend. Mark Chadwick, a Japan equity analyst at Smartkarma, described the decline as "a popping of a bubble," noting that the "general euphoria" around Bitcoin stockpiling has cooled . While some long-term Bitcoin bulls view the discount as a buying opportunity, others caution that the model-where companies borrow fiat to buy crypto-becomes unsustainable in rising-rate environments.
The turmoil coincided with broader market chaos. A $19 billion liquidation event in crypto markets followed President Donald Trump's announcement of 100% tariffs on Chinese imports, triggering a 6-month low for Bitcoin. The S&P 500 also fell 2%, underscoring the interconnectedness of global financial markets .
Corporate Bitcoin accumulation has slowed sharply, with monthly purchases dropping 95% since July. Only one firm adopted Bitcoin in September, compared to 21 in July, per CryptoQuant data. Strategy Inc.MSTR--, the sector's bellwether, has seen its mNAV premium collapse from 3.89x in November 2024 to 1.44x, while its monthly BTC purchases plummeted from 134,000 to 3,700 in August .
Metaplanet has responded by suspending stock warrant exercises for 20 trading days, a move to optimize capital and avoid diluting shareholders. CEO Simon Gerovich called the pause a "strategic recalibration," emphasizing the company's focus on expanding Bitcoin holdings and maximizing BTC yield . However, critics argue that the strategy-relying on debt to fund share buybacks and further Bitcoin purchases-risks exacerbating liquidity pressures.
This is the Full Title of the First News Article (https://finance.yahoo.com/news/metaplanet-market-value-falls-70-114333168.html)
[2] This is the Full Title of the Second News Article (https://www.btcc.com/en-CA/square/B1tK1ng/1068552)
[3] Full Title of the Third Source Used (https://www.coindesk.com/markets/2025/10/14/metaplanet-trades-below-1x-mnav-for-first-time-since-starting-bitcoin-treasury-plan)
[4] Full Title of the Fourth Source Used (https://markets.financialcontent.com/stocks/article/breakingcrypto-2025-10-12-crypto-markets-reel-from-19-billion-crash-amidst-intensifying-us-china-trade-war-fears)
[5] Full Title of the Fifth Source Used (https://beincrypto.com/trump-china-tariff-triggers-200-billion-crypto-crash/)
[6] Full Title of the Sixth Source Used (https://www.cnn.com/2025/10/11/business/trump-tariffs-crypto-selloff)
[7] Full Title of the Seventh Source Used (https://coinpedia.org/news/just-in-bitcoin-focused-metaplanet-suspends-share-rights-to-rethink-strategy/)
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