The post Metaplanet’s mNAV Falls Below Bitcoin Holdings appeared on BitcoinEthereumNews.com.

Metaplanet’s valuation metric, mNAV, briefly dipped below 1.0, signaling a market discount relative to its Bitcoin assets. The mNAV is defined as (market capitalization + total liabilities) divided by the net asset value of its Bitcoin holdings. A value under 1.0 suggests that the equity market values the company at a discount on its underlying Bitcoin assets. Sponsored Sponsored mNAV Dip Reflects Valuation Discount Against Bitcoin Metaplanet (TSE Standard: 3350), which aligns its corporate strategy around holding Bitcoin, saw its market‑adjusted net asset value (mNAV) drop to 0.99 on Tuesday — the first time it has fallen below the baseline of 1.0. At the time of the dip, shares fell 12.36%, closing at JPY 482, a JPY 68 decline amid broader market pressures such as rising US–China tensions. Though mNAV recovered modestly to 1.01, the temporary breach attracted investor attention. Over the past month, the stock has declined roughly 20.3%, while remaining up 28.7% year‑to‑date. The company reports holding 30,823 BTC, per its analytics disclosure. Observers see the mNAV drop as more than a statistical curiosity. The metric is widely used to assess crypto‑treasury firms’ capital flexibility. A breach below 1.0 may raise concerns about future financing or market sentiment. Market Reaction, mNAV Debate, and Earnings Outlook Market analysts continue to debate the implications of the mNAV dip. Mark Chadwick of Smartkarma told Bloomberg that the decline may be a “bubble‑bursting” sign for digital‑asset treasury stocks. However, others note that similar firms have traded below mNAV = 1.0 without experiencing structural distress. Some bullish investors interpret the dip as a buying opportunity, believing the market undervalues Metaplanet’s hybrid exposure to Bitcoin and operational growth. Sponsored Sponsored In Conclusion: “​Equity-funded BTC accumulation slows as Metaplanet’s share price drops, while BIG sees high returns but faces sustainability concerns. Phase II focuses on…

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Filed under: News - @ October 15, 2025 3:28 am