Metaplanet’s Bitcoin Reserves Now Worth More Than the Company Itself
14.10.2025 14:00 2 min. read Alexander Zdravkov
Japan’s Metaplanet has entered a rare situation where its market value has fallen below the worth of its own Bitcoin holdings — a reflection of changing investor sentiment toward Bitcoin treasury firms.
After a two-week pause in Bitcoin purchases, the company’s market-to-Bitcoin net asset value (mNAV) ratio slipped to 0.99, its lowest level on record. The figure measures how much investors value the company relative to the Bitcoin it holds. A ratio below 1 suggests that the market now prices Metaplanet’s operations at a discount compared to its BTC reserves.
The company, which owns 30,823 BTC – around $3.5 billion worth – saw its stock plunge roughly 75% since mid-June, falling from ¥1,895 (around $13) to just over $3.20 per share. This marks a steep reversal from the rally that followed Metaplanet’s first Bitcoin purchase in July 2024, which had briefly sent its mNAV soaring above 22.
Analysts are split on what the drop means. Melanion Capital CEO Jad Comair argued that markets still fail to understand the long-term potential of corporate Bitcoin treasuries, comparing the skepticism to early doubts about Tesla’s disruptive model. Others, like Smartkarma’s Mark Chadwick, interpret the sell-off as a natural correction after a speculative boom in crypto-related equities.
The fall below Bitcoin’s underlying value doesn’t necessarily signal trouble, but it does show how volatile sentiment remains in the Bitcoin treasury sector. For long-term believers, some analysts say, Metaplanet’s discount could be viewed as a rare buying opportunity.
Metaplanet remains Japan’s largest Bitcoin-holding company and the fourth-largest publicly traded Bitcoin holder worldwide, following Michael Saylor’s firm, which still leads the sector with over 640,000 BTC on its balance sheet.
-
1
Swissblock Flags Bitcoin Breakout Potential as Altcoins Near Reset Zone
27.09.2025 10:11 2 min. read -
2
Bitcoin and Crypto Market Crash and Rebound After Trump’s Tariff Shock Sparks $5B Liquidation Frenzy
11.10.2025 1:53 2 min. read -
3
JPMorgan: US Bitcoin Mining Firms Hit $56 Billion Market Value
01.10.2025 20:39 2 min. read -
4
Bitcoin Breaks Above $125,800 as ETFs Fuel Historic Rally
06.10.2025 21:10 2 min. read -
5
First Bitcoin Treasury Merger Raises Questions About How To Value DATs
28.09.2025 13:00 1 min. read
Bitcoin Faces Pressure from Whale Selling and Macro Jitters
Bitcoin extended its correction, trading just above $110,000 after retreating more than 12% from its record highs.
Bitcoin ETFs See Heavy Outflows as Ethereum Funds Draw Fresh Inflows
U.S. crypto ETFs moved in opposite directions on Wednesday as investors continued to tread carefully after last week’s flash crash.
D.C. Coffee Chain Becomes First Retailer to Accept Bitcoin at the Register
Compass Coffee in Washington, D.C. has made history as the first retailer to process Bitcoin payments directly through Square’s point-of-sale system.
Crypto Market Weakens: Bitcoin Holds Line, Ethereum Struggles at $4K
The global crypto market has come under renewed selling pressure, shedding about $60 billion in the past day to settle around $3.75 trillion.
-
1
Swissblock Flags Bitcoin Breakout Potential as Altcoins Near Reset Zone
27.09.2025 10:11 2 min. read -
2
Bitcoin and Crypto Market Crash and Rebound After Trump’s Tariff Shock Sparks $5B Liquidation Frenzy
11.10.2025 1:53 2 min. read -
3
JPMorgan: US Bitcoin Mining Firms Hit $56 Billion Market Value
01.10.2025 20:39 2 min. read -
4
Bitcoin Breaks Above $125,800 as ETFs Fuel Historic Rally
06.10.2025 21:10 2 min. read -
5
First Bitcoin Treasury Merger Raises Questions About How To Value DATs
28.09.2025 13:00 1 min. read
Crypto exchange MEXC has launched a $100 million protection reserve to safeguard users in case of platform-level breaches or critical failures, positioning itself as one of the few players in the space offering real-time compensation for technical breakdowns or hacks.
The European Union’s Markets in Crypto-Assets (MiCA) regulation has officially come into effect, creating a unified framework for the oversight of digital assets across member states.
The ongoing debate over the regulatory treatment of stablecoins under the European Union’s Markets in Crypto-Assets Regulation (MiCA) has intensified.
Michael Burry, the contrarian investor made famous by The Big Short, is once again shaking up markets with a bold repositioning of his hedge fund’s portfolio — this time, leaning heavily into pessimism.
Michael Burry, renowned for his 2008 financial crisis forecast, has sold off his entire investment in the Sprott Physical Gold Trust ($PHYS), which had gained 23% over the past six months.
MicroStrategy's Michael Saylor has long been outspoken not just about his Bitcoin (BTC) advocacy, but about his skepticism toward Ethereum (ETH) as well.
The U.S. government’s decision to add Bitcoin and other cryptocurrencies to its strategic reserves has sparked debate, with MicroStrategy’s Michael Saylor weighing in on the matter.
Michael Saylor, co-founder of MicroStrategy and a well-known Bitcoin supporter, recently voiced his support for BlackRock's Head of Digital Assets Robbie Mitchnick's statement.
MicroStrategy, now the largest publicly traded holder of Bitcoin, has become a key advocate for the adoption of digital assets.
In a recent interview with Natalie Brunell, Michael Saylor, executive chairman of Strategy (formerly MicroStrategy), defended Bitcoin’s long-term value despite criticism from traditional finance leaders.
Dave Portnoy recently hosted Michael Saylor for an animated discussion about the transformative power of Bitcoin.
Michael Saylor, the outspoken Bitcoin advocate and founder of Strategy, has once again turned to social media to champion the cryptocurrency he consistently backs.
MicroStrategy founder and Bitcoin advocate Michael Saylor has dismissed the possibility of Bitcoin retracing to $60,000, emphasizing his belief that the cryptocurrency will continue to rise.
MicroStrategy's Michael Saylor appeared on CNBC, discussing how Bitcoin (BTC) could address the growing U.S. debt crisis.
Michael Saylor, co-founder and executive chairman of MicroStrategy, has long been a staunch advocate for Bitcoin, and his latest comments suggest he believes the cryptocurrency is on the verge of a major milestone.
MicroStrategy CEO Michael Saylor has urged major companies to explore incorporating Bitcoin (BTC) into their financial strategies.
Bitcoin is recovering from its recent losses earlier this week. Michael Saylor, executive chairman of MicroStrategy, shared his thoughts on Market Domination about the cryptocurrency's recent movement and his bullish outlook.
MicroStrategy's Michael Saylor stirred excitement in the cryptocurrency community with a recent post titled "Hodl On."
Strategy (previously MicroStrategy) founder Michael Saylor recently shared a tweet, highlighting a key moment in his recent talk at the Bitcoin Policy Institute.
Michael Saylor, the outspoken Bitcoin advocate and founder of Strategy (formerly MicroStrategy), has once again signaled the company’s intention to add more BTC to its already massive holdings—continuing what appears to be a weekly accumulation ritual.