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.
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.
The legitimacy of mNAV itself has been questioned. Greg Cipolaro of NYDIG argued that mNAV can mislead investors. It ignores operational cash flows, debt service, and balance sheet nuances. He suggested reconsidering its widespread use for crypto‑treasury company valuation.
Despite these uncertainties, Metaplanet raised its full‑year FY2025 operating profit forecast by 88%, from $16.5 million (¥2.5 billion) to $30.9 million (¥4.7 billion). The company cites improved treasury operations and favorable macro conditions.
Capital Restructuring: Stock Options Exercised, Bond Redemption
Metaplanet issued a press release detailing the details of its 20th stock option exercise and a partial redemption of its 19th series corporate bonds.
According to the release, 13,000 rights were exercised (out of 1,850,000 issued), corresponding to the issuance of 1,300,000 new shares at an exercise price of ¥637 per share earlier this month. This increased the company’s total number of issued shares to 1,142,274,340 by October 10, 2025. Metaplanet also said it partially repaid $4.9 million (¥750 million) of its $197 million (¥30 billion) 19th ordinary bonds.
These corporate actions demonstrate that Metaplanet adjusts its capital structure in response to financing needs and market conditions. The new share issuance dilutes existing shareholders to some extent but also injects liquidity, while the bond redemptions reduce debt obligations.
