Metaplanet Misses Bitcoin Buys As mNAV Dips Below 1

Summary

Metaplanet, a Japanese company that holds Bitcoin as part of its treasury, now has an enterprise value lower than the value of its Bitcoin holdings. Its market to Bitcoin net asset value (mNAV)—the ratio of company value to its Bitcoin holdings—fell below 1 for the first time, reaching 0.99 as the company’s share price dropped by 75% since mid-June. This decline follows Metaplanet’s pause in Bitcoin purchases, with the last acquisition occurring on September 30, bringing its total holdings to 30,823 BTC ($3.5 billion). When mNAV falls below 1, it indicates the company trades at a discount to its Bitcoin holdings, possibly due to concerns about debt, business risks, or market sentiment. This trend reflects a broader cooling in publicly-traded Bitcoin treasury stocks, which have experienced major price declines after previous surges. Some analysts see the decline as the bursting of a speculative bubble, while others suggest it may present a buying opportunity for long-term Bitcoin supporters. Metaplanet’s experience mirrors similar declines at other major Bitcoin-holding companies.

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