Metaplanet is a Japanese Bitcoin (BTC) asset management company whose enterprise value has fallen below the value of its held Bitcoin. As one of the largest publicly held Bitcoin asset companies in the world, Metaplanet has entered a new phase.
According to official data, Metaplanet's Bitcoin net asset value ratio (mNAV, which is the ratio of enterprise value to held Bitcoin (BTC) assets) fell below 1 for the first time on Tuesday, reaching 0.99.
Since mid-June, this indicator has dropped by more than seven points. TradingView data shows that Metaplanet's stock (code: 3350) market value has decreased by 75%, falling from a high of 1,895 yen (approximately $13) per share to 482 yen (approximately $3.2) on Tuesday.
Metaplanet has paused Bitcoin purchases over the past two weeks, causing its mNAV to drop below 1. The company's last announcement regarding Bitcoin acquisition was on September 30.
According to the mNAV page on BitcoinTreasuries.NET, mNAV (market Bitcoin net asset value ratio) differs from traditional net asset value (NAV) as it is the ratio of enterprise value to Bitcoin net asset value, helping investors assess how the market prices the company relative to its held Bitcoin (BTC) assets.
In mNAV, enterprise value is defined as the sum of the market value of all Class A and Class B shares, total debt, and the nominal value of perpetual preferred stock, minus the company's cash balance.
The company is currently trading at a price below its Bitcoin asset value, which may reflect market concerns about its debt, business model, or other risks.
According to the mNAV page on BitcoinTreasuries.NET, this is not equivalent to audited financial statements, but it is a high-level indicator used to determine how much of the company's valuation is driven by Bitcoin (BTC) assets rather than other factors.
Metaplanet's mNAV has dropped to 0.99, with the company holding 30,823 Bitcoins (BTC) (worth $3.5 billion), and the most recent acquisition of 5,268 Bitcoins (BTC) occurred on September 30.
This mNAV decline comes nearly a year after the Japanese hotel company first purchased Bitcoin (BTC). After the initial purchase on July 22, 2024, the stock price surged significantly.
Following the first Bitcoin (BTC) acquisition, Metaplanet's mNAV reached an all-time high of 22.59 on July 24, and it has not returned to that level since.
Smartkarma stock analyst Mark Chadwick stated that the decline in Metaplanet's mNAV highlights the ongoing cooling trend in Bitcoin (BTC) asset management.
"I still believe that the decline in these crypto asset management stocks is a bubble burst," Chadwick noted, adding that long-term bullish investors in Bitcoin (BTC) may view Metaplanet's discount as a buying opportunity.
Cointelegraph has reached out to Metaplanet regarding the mNAV decline and its potential impact, but has not received a response as of the time of publication.
Recently, Metaplanet is not the only Bitcoin (BTC) asset management company experiencing a stock price decline. Michael Saylor's Strategy company, as the largest publicly held Bitcoin (BTC) company globally, holds 640,250 Bitcoins (BTC) on its books, and its Class A common stock has dropped about 30% since July.
Related: Bitcoin (BTC) ETF continues strong performance in "Uptober," with weekly inflows reaching $2.71 billion.
Original: “Metaplanet's Enterprise Value Falls Below Its Bitcoin (BTC) Holdings”
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