Metaplanet Market Value Falls 70%, Now Trading Below Its Bitcoin Reserves – Treasury Bubble Burst?

Metaplanet Inc’s enterprise value has dipped below its Bitcoin reserves, with the Tokyo-listed company’s mNAV (the ratio of its market capitalization and debt to its token holdings) falling to 0.99 on Tuesday, according to ￰0￱ firm, as of Oct 14, now holds 30,823 Bitcoin worth approximately $3.4 billion, yet trades for less than the value of its crypto assets. Notably, this growing financial imbalance facing Metaplanet is happening to the majority of digital asset treasury companies ￰1￱ All-Time Highs to Trading at Discount Metaplanet’s shares reached an all-time high in mid-June but have since declined by about 70%, making the company the first major Bitcoin treasury firm to consistently trade below its holdings.), down 12.36% ￰2￱ to Bloomberg, Mark Chadwick, a Japan equity analyst who publishes research on Smartkarma, described the decline as “ a popping of a bubble .” Chadwick believes that the “ general euphoria ” surrounding Bitcoin stockpiling has cooled, although “ long-term Bitcoin bulls ” may view Metaplanet’s discount as a buying opportunity, he ￰3￱ downturn coincided with broader market ￰4￱ traders faced a record $19 billion in liquidations on October 10 after President Donald Trump announced harsher tariffs on China, triggering severe volatility that sent most major tokens ￰5￱ to the massive liquidation, Bitcoin, for instance, dropped to 6 6-month low, trading very closely to $101K.

Quarter of Bitcoin Treasuries Now Trade at Discount as Bubble Deflates Metaplanet is far from alone in its struggles. K33 Research reports that a quarter of all public companies holding Bitcoin now trade at market values below their BTC holdings, with 26 out of 168 Bitcoin-holding firms trading at a ￰6￱ most dramatic collapse hit NAKA, the merger vehicle of KindlyMD and Nakamoto Holdings, which lost 96% of its market value from its peak and now trades at just 0.7x NAV, down from ￰7￱ firms, including Twenty One, Semler Scientific, and The Smarter Web Company, have similarly fallen below their net asset values. Industry-wide premiums have also compressed ￰8￱ average mNAV across treasury firms dropped from 3.76 in April to 2.8, while daily Bitcoin accumulation by these companies slowed to just 1,428 BTC in September, which is the weakest pace since ￰9￱ companies have resorted to desperate measures.

ETHZilla, formerly 180 Life Sciences, secured $80 million in debt from Cumberland DRW to fund a $250 million share buyback after its stock fell 76% from August ￰10￱ vehicle firm Empery Digital expanded its debt facility to $85 million for buybacks, despite holding $476 million in Bitcoin, which exceeds its $378 million market ￰11￱ have been warning about this burst since the beginning of the ￰12￱ in June, VanEck warned that companies approaching parity with their Bitcoin holdings risk “erosion” rather than “capital formation.” The firm’s head of digital assets research, Matthew Sigel, recommended pausing share issuance programs if stocks trade below 0.95 times NAV for 10 or more trading ￰13￱ public BTC treasury company has traded below its Bitcoin NAV for a sustained ￰14￱ at least one is now approaching ￰15￱ some of these companies raise capital through large at-the-market (ATM) programs to buy BTC, a risk is emerging: If the stock trades at or near… — matthew sigel, recovering CFA (@matthew_sigel) June 16, 2025 Corporate Accumulation Slows 95% as Strategy’s Premium Collapses Monthly corporate Bitcoin adoption has declined by 95% since July , according to CryptoQuant data, which shows that only one company adopted Bitcoin in September, compared to 21 in ￰16￱ decline comes as 205 publicly traded companies have announced digital asset treasury strategies with a collective $117 billion funneled into ￰17￱ Inc., formerly MicroStrategy and the sector’s bellwether, has seen its mNAV premium crash from 3.89x in November 2024 to 1.44x following the launch of IBIT ETF options earlier this year.

Strategy’s monthly Bitcoin purchases have also plummeted from 134,000 BTC in November 2024 to just 3,700 BTC in August 2025, though the company added 6,000 BTC in the first 10 days of ￰18￱ firm now holds 640,250 BTC at a cost basis of $74,000 per coin, which translates to over $24 billion in unrealized gains.