Bitcoin (BTC) treasury firm Metaplanet is now valued less than the total amount of BTC it holds on its balance sheet. Metaplanet’s analytics dashboard shows that the firm’s market-to-Bitcoin Net Asset Value (mNAV) ratio recently tumbled below 1.

Metaplanet’s Valuation Tumbles Below Its Bitcoin Holdings

According to data from Metaplanet’s analytics dashboard, the Japanese investment firm’s mNAV recently fell below 1, before recovering to 1.01 at the time of writing. The brief period below 1 meant the company’s valuation was below the value of BTC it holds.

For the uninitiated, Metaplanet’s mNAV differs from the traditional NAV in that it measures the value of the enterprise in relation to the value of the BTC it holds on its balance sheet. The ratio fell to 0.99 for the first time in the company’s history on October 13.

It is worth highlighting that Metaplanet’s mNAV has shed seven points since mid-June. Since then, Metaplanet’s stock has also lost close to 75% of its value, crashing from around $13 per share to close to $3.13 at the time of writing.

Notably, Metaplanet recently announced that it was temporarily halting stock warrants for 20 days. The company has suspended its Moving Strike Warrants from October 20th through November 17th.

For the uninitiated, Moving Strike Warrants are a type of investment where the strike price changes as the price of the underlying asset moves. This means the warrant keeps giving similar exposure to the asset’s price changes, instead of becoming outdated like a regular fixed-strike warrant.

Metaplanet’s latest BTC acquisition happened on September 30th, when the firm added 5,268 coins to its reserves. Currently, the firm holds a total of 30,823 BTC, according to data from Coingecko.

Metaplanet is the only non-US-based company among the top 10 largest publicly-listed firms that hold BTC on their balance sheets. The list is led by Michael Saylor’s Strategy, which holds over 640,000 BTC, representing slightly more than 3% of BTC’s total supply.

Corporate Adoption Of BTC Is Not Slowing

Although Metaplanet has temporarily halted issuance of new shares, it has clarified that it remains fully committed to continuing to purchase BTC, in accordance with its determined goals.

Other companies also remain steadfast in accumulating BTC. For instance, leading stablecoin issuer Tether recently made a fresh purchase of 8,888 BTC, worth more than $1 billion at prevailing prices.

Similarly, MARA Holdings increased its total BTC reserves by 373 in September, helping it cement its second position in the list of publicly traded firms in terms of BTC held. At press time, BTC trades at $112,919, down 2.1% in the past 24 hours.