Metaplanet's market capitalization falls below the value of its Bitcoin assets.
Date: 2025-10-14 Author: Oliver Abernathy Categories: BUSINESS
The mNAV index of Japanese company Metaplanet has fallen to 0.99, indicating that the company's market value is now lower than the valuation of its Bitcoin portfolio. This indicator, published on the company's official website, reflects the current decline in investor interest in corporate cryptocurrency holders.
mNAV (Market-to-Net Asset Value) is a key indicator used to evaluate public companies that hold digital assets. It is calculated as the ratio of market capitalization, including debt and preferred shares, to the total value of the crypto portfolio. A value above one indicates trading at a premium, while a value below one indicates a discount.
For comparison, according to Bitcoin Treasuries, the equivalent multiples for Strategy, MARA, and Trump Media & Technology Group are 1.25, 1.23, and 2.48, respectively. This means Metaplanet is trading significantly below the market average.
On a monthly chart, the company's shares have lost approximately 20.3%, although their price has remained up 28.7% since the beginning of 2025. Trading on the Tokyo Stock Exchange shows that interest in the company's shares is declining, despite previous gains.
Metaplanet is considered the largest public holder of Bitcoin in Asia. The decline in mNAV below one has become a warning sign: investors are increasingly viewing DAT (Digital Asset Treasury) companies as overvalued assets. Analysts note that this may be a consequence of the decline in overall enthusiasm for corporate cryptocurrency acquisitions.
Market analyst Mark Chadwick, speaking with Bloomberg, noted that the decline in Metaplanet's stock price can be seen as a natural cooling after a period of excessive optimism:
"We're seeing a bubble bursting around Bitcoin-accumulating companies. But for long-term investors, this could be a good time to enter the market," the expert stated.
Despite the current decline, Metaplanet continues to actively increase its Bitcoin holdings. As of September 2025, the company was among the top five largest corporate holders of cryptocurrency globally.
K33 Research analysts previously indicated that one in four companies in the DAT segment is trading at a discount. An example is KindlyMD, whose mNAV has fallen from 0.75 to 0.7. This trend confirms that investors are becoming more cautious and are willing to reconsider their expectations of corporate strategies in the crypto sector.
Metaplanet's fall below the value of its own Bitcoin portfolio was a significant event for the entire market, demonstrating that even the largest players are not immune to shifts in investor sentiment and adjustments in cryptoasset valuations.
