Metaplanet Enters Danger Zone as Market Value Drops Below Its BTC Holdings

• Metaplanet’s market-to-Bitcoin NAV ratio fell to 0.99, the first drop below 1.0 on record.
• Stock price down 75% from peak, coinciding with a pause in Bitcoin purchases since Sept 30.

Japanese Bitcoin treasury company Metaplanet has hit a worrying point when its market value fell below its cryptocurrency assets. The market to Bitcoin NAV ratio of the company dropped to 0.99 on Tuesday, the first time the indicator dropped below 1.0 since the beginning of records. This trend is an indicator of the possible investor apprehension regarding the business model and debt composition of the firm, even with the large digital assets valued in billions.

Sharp Decline Follows Purchase Pause

The stock price of Metaplanet has gone down drastically by 75% of its high, falling as low as 467 yen per share recently, as compared to 1,895 yen before. This coincides with a two-week break in Bitcoin purchases, and the last purchase was announced on September 30 and amounted to 5,268 BTC. The current balance sheet of the company consists of 30,823 Bitcoin, which is equivalent to about $3.5 billion in digital assets at the current market rates.

The mNAV ratio is an essential measure for investors who assess Bitcoin treasury firms to compare the value of the enterprise with the value of the cryptocurrency. A ratio that is less than one implies that the company is trading at a discount to its Bitcoin holdings only. According to market analysts, this discount indicates that there are other issues at stake other than the digital currency holdings, which may include operational issues and debt.

The metaplanet journey started slightly more than a year ago when the former hotel operator bought its first bitcoin on July 22, 2024. The first acquisition caused a massive investor excitement, which drove the mNAV ratio to a record high of 22.59 in two days. Nevertheless, that enthusiasm has been slowly drained out as the stock dropped in 2025.

According to industry analyst Mark Chadwick of Smartkarma, the fall is a correction to too much speculative zeal in Bitcoin treasury stocks. Strategy, another Bitcoin treasury company led by Michael Saylor, has also had a 30% drop in stock price since July. Although Strategy owns 640,250 Bitcoin, the company is experiencing similar market doubt regarding the long-term viability and sustainability of the Bitcoin treasury business model.

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