Quick Breakdown
- Metaplanet’s enterprise value has dropped below its $3.4 billion Bitcoin reserves.
- Shares have plunged nearly 70% since June amid fading investor interest in crypto treasury firms.
- The firm plans to issue preferred shares to fund additional Bitcoin purchases.
Metaplanet Inc.’s enterprise value has dropped below the worth of its Bitcoin holdings, signaling a sharp downturn in investor sentiment toward digital asset treasury firms that gained traction during Bitcoin’s rally earlier this year according to Bloomberg.
The Tokyo-listed company, which transitioned from hospitality to Bitcoin accumulation in April 2024, now holds more than 30,000 BTC valued at approximately $3.4 billion. Despite this substantial reserve, its market capitalization has tumbled nearly 70% since mid-June, wiping out the premium it once commanded over its Bitcoin net asset value.
According to Bloomberg, Japan-listed company Metaplanet Inc. has seen its enterprise value fall below the value of its Bitcoin reserves. Metaplanet adopted a Bitcoin accumulation strategy in April 2024 and once traded at a significant premium to its Bitcoin net asset value. After…
— Wu Blockchain (@WuBlockchain) October 14, 2025
Bitcoin treasury premium turns to discount
At one point on Tuesday, Metaplanet’s modified net asset value (mNAV) — the ratio of its market capitalization and debt to its crypto holdings — fell to 0.99, indicating that investors now value the firm below the worth of its Bitcoin assets. This shift marks a reversal from the premium pricing seen earlier this year when demand for digital asset treasury stocks surged among traditional investors seeking exposure to crypto through listed equities.
The cooling trend mirrors broader pressure across the sector, with several Bitcoin-holding firms experiencing share declines as accumulation slows. Analysts describe this as a correction in the overextended valuations of crypto treasury companies that had thrived during Bitcoin’s midyear rally.
Capital raising continues despite market slide
In September, Metaplanet raised $1.4 billion through an international equity sale, backed by shareholder approval to issue preferred shares — a hybrid security combining debt and equity characteristics. The move aimed to fund continued Bitcoin purchases despite growing volatility across digital markets.
The company’s decline follows a broader wave of market instability, including $19 billion in crypto liquidations recorded on October 10 after geopolitical tensions triggered sharp selloffs across major tokens. Metaplanet’s trajectory now reflects the fragile balance between aggressive crypto treasury strategies and shifting investor risk appetite.
Meanwhile, the organization recently strengthened its Bitcoin treasury strategy with the acquisition of an additional 103 BTC, valued at ¥1.736 billion. The purchase was made at an average price of ¥16.85 million per Bitcoin, raising the company’s total holdings to 18,991 BTC.
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