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Metaplanet’s market value has fallen below the value of its bitcoin holdings.
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The company now trades at a discount despite holding over $3.4 billion in BTC.
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Analysts view the dip as temporary amid broader market volatility.
Market Value Falls Below Bitcoin Reserves
Japanese bitcoin treasury firm Metaplanet saw its enterprise value drop below its BTC holdings for the first time, signaling that the stock trades at a discount to its underlying assets. The firm’s mNAV ratio, which compares enterprise value to bitcoin net asset value, fell to 0.99 on Tuesday.
A Major Bitcoin Treasury Player
Metaplanet holds roughly 30,823 BTC, worth over $3.45 billion, making it the fourth-largest public company bitcoin holder. However, its stock has declined 18% over the past month and 74% from its all-time high, despite remaining up nearly 40% year-to-date.
Capital Strategy and Market Context
The mNAV drop follows Metaplanet’s decision to temporarily suspend several series of stock acquisition rights to “optimize capital raising strategies.” Analysts at Benchmark Equity Research say the company’s bitcoin strategy remains fundamentally strong, calling BTC a “scarce reserve asset and inflation hedge.”
Analyst Outlook
Benchmark’s Mark Palmer reaffirmed a bullish outlook, with a 2,400-yen price target by late 2026. Despite short-term volatility and trade war fears, analysts expect Metaplanet’s disciplined treasury model to regain investor confidence once market conditions stabilize.
