Metaplanet’s mNAV, a valuation indicator, temporarily fell below 1.0, suggesting that the market is undervalued for the company’s Bitcoin assets.
mNAV is defined as (market capitalization + total debt) divided by the net asset value of your Bitcoin holdings. A value below 1.0 suggests that the stock market is valuing the company at a discount to the underlying Bitcoin asset.
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Decline in mNAV reflects valuation discount to Bitcoin
Metaplanet (TSE Standard: 3350), which has adjusted its corporate strategy around Bitcoin holdings, saw its market-adjusted net asset value (mNAV) fall to 0.99 on Tuesday, falling below the baseline of 1.0 for the first time. Amid overall market pressure, including rising tensions between the US and China, the stock price plunged by 12.36% to close at 482 yen, down 68 yen.
mNAV recovered slightly to 1.01, but a temporary breach caught investors’ attention. The stock is down about 20.3% over the past month, but is still up 28.7% year-to-date. According to analytical disclosures, the company reports holding 30,823 BTC.
Observers see the decline in mNAV as more than just a statistical curiosity. This metric is widely used to assess the capital flexibility of crypto finance companies. A drop below 1.0 could raise concerns about future funding and market sentiment.
Market reaction, mNAV discussion, earnings outlook
Market analysts continue to debate the impact of the mNAV decline. SmartKarma’s Mark Chadwick told Bloomberg that the drop could be a sign of a “bubble bursting” for digital asset treasury stocks.
However, some point out that similar companies are trading below mNAV = 1.0 without experiencing a structural crisis. Some bullish investors believe the market is underestimating Metaplanet’s hybrid exposure to Bitcoin and business growth and are interpreting this decline as a buying opportunity.
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The legitimacy of mNAV itself is being questioned. NYDIG’s Greg Cipolaro argued that mNAV can mislead investors. The nuances of operating cash flow, debt service, and balance sheets are ignored. He suggested reconsidering the widely used methodologies for valuing crypto companies.
Despite these uncertainties, Metaplanet raised its full-year 2025 operating profit forecast by 88% from $16.5 million (2.5 billion yen) to $30.9 million (4.7 billion yen). The company cited improved financial operations and a favorable macro environment.
Capital restructuring: Exercise of stock options, redemption of corporate bonds
metaplanet has issued a press release detailing the details of the 20th Stock Option Exercise and the 19th Partial Redemption of Company Shares. bond.
According to the release, 13,000 shares (out of 1.85 million outstanding shares) have been exercised, corresponding to the issuance of 1.3 million new shares at an exercise price of 637 yen per share earlier this month. As a result, the total number of outstanding shares of the company increased to 1,142,274,340 shares by October 10, 2025. Metaplanet also announced that it has partially repaid $4.9 million (750 million yen) of its $197 million (30 billion yen) 19th straight bond.
These corporate activities indicate that Metaplanet is adjusting its capital structure according to financing needs and market conditions. Issuing new shares will dilute existing shareholders to some extent, but it will also inject liquidity and debt redemption will reduce debt.
