Metaplanet Trades Below Bitcoin Value as Japan’s Crypto Treasury Faces Market Headwinds

Japanese Bitcoin treasury firm Metaplanet has reached a rare valuation milestone — its enterprise value has fallen below the total worth of its Bitcoin holdings, indicating that the company is now trading at a discount to its own crypto reserves.

According to Metaplanet’s official data, its market-adjusted net asset value (mNAV) fell to 0.99 on Tuesday — the first time it has dipped below 1. The mNAV metric measures a company’s enterprise value relative to the net value of its Bitcoin assets, calculated by adding its market capitalization and total debt, then dividing by the net value of its BTC reserves.

Since adopting its Bitcoin treasury strategy in April 2024, Metaplanet has aggressively expanded its holdings, recently executing two major purchases of more than $600 million each. The company now owns 30,823 BTC, valued at over $3.45 billion, positioning it as the fourth-largest public Bitcoin holder worldwide.

However, the company’s stock has struggled to keep pace with its growing reserves. Metaplanet shares fell 12.36% on Tuesday to close at 482 yen, down 74.5% from their record high of 1,895 yen. Despite this, the stock remains up 38.5% year-to-date, reflecting continued optimism from long-term investors.

The mNAV drop coincides with Metaplanet’s decision to temporarily suspend its 20th–22nd series of stock acquisition rights, part of its plan to optimize capital raising strategies and reduce shareholder dilution.

While the stock’s short-term performance has lagged, analysts maintain confidence in the company’s long-term vision. Metaplanet’s focus on using Bitcoin as a programmable reserve asset and its plans to leverage BTC for new financial products continue to differentiate it from peers. Benchmark Equity Research maintains a price target of 2,400 yen by end-2026, underscoring confidence in Metaplanet’s Bitcoin-backed growth trajectory.

Other digital asset treasury firms have also seen their mNAV ratios dip below 1, including SharpLink Gaming, led by Ethereum co-founder Joe Lubin, who described such fluctuations as “cyclical” and reflective of broader market corrections.

The downturn comes amid global volatility after U.S. President Donald Trump announced a 100% tariff on all Chinese imports, reigniting fears of a trade war. Although markets have since rebounded slightly, China’s vow to “fight to the end” suggests further turbulence ahead — conditions that could both challenge and validate Metaplanet’s Bitcoin-first treasury strategy in the months to come.