Metaplanet Enterprise Value Drops Below Bitcoin Holdings as Treasury Model Faces Test

Metaplanet's enterprise value fell below its Bitcoin holdings on Tuesday, October 14, 2025. According to Cointelegraph, the Japanese Bitcoin treasury company's market to Bitcoin NAV (mNAV) dropped to 0.99. This represents the first time the metric has fallen below 1.0 since the company began its Bitcoin accumulation strategy.

The Tokyo-listed firm holds 30,823 BTC valued at $3.5 billion on its balance sheet. Metaplanet shares declined 75% from their peak of 1,895 yen to 482 yen on Tuesday. The company's mNAV has decreased by more than seven points since mid-June. Metaplanet halted Bitcoin purchases for the past two weeks, with its most recent acquisition of 5,268 BTC announced on September 30.

The mNAV ratio compares a company's enterprise value to its Bitcoin net asset value. Enterprise value includes market capitalization, total debt, and notional value of preferred shares, minus cash balance. When mNAV falls below 1.0, the company trades at a discount to its Bitcoin holdings. This may reflect market concerns about debt levels, operating models, or other business risks.

Impact on Bitcoin Treasury Investment Model

The valuation drop affects investor confidence in the Bitcoin treasury strategy. Companies trading below mNAV offer investors Bitcoin exposure at a discount to spot price. However, this also questions the value proposition of holding Bitcoin through public equities versus direct ownership.

Bloomberg reports that Metaplanet's situation reflects diminishing investor appetite for digital asset treasury firms globally. The company once commanded a hefty premium to its Bitcoin net asset value. At its peak in July 2024, Metaplanet's mNAV reached 22.59 following its first Bitcoin purchase.

CoinDesk notes that roughly 15% of digital asset treasury firms now trade below 1.0x mNAV. KindlyMD also trades at a discount with an mNAV of 0.959. Meanwhile, Strategy maintains the highest premium with an mNAV of 1.48, despite holding 640,250 BTC valued at $72 billion.

Broader Market Implications for Corporate Bitcoin Holdings

The treasury company discount trend reflects changing market dynamics for corporate Bitcoin adoption. Smartkarma equity analyst Mark Chadwick characterizes the current situation as a cooling of the Bitcoin treasury trend. He described the decline as a popping of a bubble. Long-term Bitcoin investors may view these discounts as buying opportunities.

Melanion Capital CEO Jad Comair offered a contrasting perspective. He stated that markets still misunderstand Bitcoin treasury models. Comair compared current skepticism to early Tesla investors who focused on car production rather than energy transformation. He believes market understanding will shift and discounts will convert to persistent premiums.

Corporate Bitcoin adoption continues despite valuation pressures. We previously covered how 15 US states are moving forward with plans for Bitcoin reserves, reflecting broader institutional acceptance. However, public market valuations suggest investors remain cautious about the treasury company business model.

Strategy also experienced share price pressure, with its stock declining 30% since July 2025. The world's largest public Bitcoin holder continues accumulating despite market volatility. This divergence between accumulation activity and share price performance raises questions about the sustainability of premium valuations for treasury companies.

The current market environment tests whether Bitcoin treasury companies can maintain investor interest during periods of flat or declining cryptocurrency prices. Companies must demonstrate value beyond simple Bitcoin exposure to justify premium valuations. Those trading at discounts face pressure to adjust their strategies or risk further devaluation.