Key Insights:
- Metaplanet stock has cratered over 70% since June’s peak, erasing its once-hefty “Bitcoin premium” and dragging sector sentiment.
- Metaplanet just saw its market-to-net asset value (mNAV) dip below 1.0 for the first time.
- Analysts warn that the mNAV plunge marks a wider shift in investor mindset: instead of rewarding accumulation.
Metaplanet has made headlines lately by slipping below a market-to-net asset value (mNAV) of 1.0 for the first time.
What does this mean for Metaplanet stock? As of mid-October 2025, the combined value of Metaplanet’s shares is now less than its Bitcoin holdings (30,823 BTC sitting on the balance sheet).
For a company long viewed as the “MicroStrategy of Asia,” this is a remarkable inflection point.
And it has implications not only for Metaplanet stock but for the entire sector of public companies betting their future on digital gold.
The numbers paint a troublesome picture. Back in June, Metaplanet’s shares were trading at a record high of ¥1,926.
This reflected both investor optimism around Bitcoin price action and enthusiasm for the firm’s aggressive treasury strategy.
Fast-forward to October, and the stock has plummeted by over 70%, changing hands just above ¥550.
This drawdown effectively erased the “Bitcoin premium” that once saw the market value of Metaplanet well above its actual BTC reserves.
Falling below mNAV 1.0 isn’t just a technical footnote. It means that if Metaplanet liquidated its Bitcoin, the proceeds (after debts and obligations) could mathematically exceed the company’s market capitalization.
Investors, once happy to pay above BTC value for treasury growth, are now sending a different message.
Multiple factors have converged to drive this realignment. Metaplanet embarked on repeated share sales throughout 2025, raising cash to buy more BTC, but also increasing shares outstanding.
Each new fundraising round diluted earlier shareholders and pressured the mNAV metric lower.
While a bull market in BTC helped absorb this dilution, macroeconomic headwinds, persistent high interest rates, and a brief downturn in Bitcoin price soured sentiment.
Technical traders have pointed out more bearish signals, too. Price charts show a “death cross” for Metaplanet stock, where the short-term average falls below the long-term trend.
It’s a classic warning that momentum has shifted. As a result, some investors are holding back, waiting to see another catalyst. Others are simply favoring direct crypto exposure or ETF products over Bitcoin-heavy stocks.
How Are Other Bitcoin Treasury Companies Faring?
The decline in Metaplanet stock isn’t happening in a vacuum, but part of a wider trend. MicroStrategy, which pioneered the public Bitcoin treasury strategy, has also faced headwinds this year.
The MTPLF stock is down around 60% from its high, although it still trades at a slight premium to its BTC assets.
Meanwhile, Nakamoto, another publicly listed “pure Bitcoin proxy,” saw its premium narrow from double digits to nearly zero during volatile sessions this quarter.
The broader takeaway is that the era of easy Bitcoin premiums for public companies may be drawing to a close. Investors are no longer automatically rewarding accumulation.
They’re following other signals like corporate strategy, operational discipline, and capital management.
Metaplanet’s management is already reviewing its options. With further share sales paused, buybacks are reportedly on the table if the discount to BTC value persists.
The company’s leadership has acknowledged that restoring confidence will require more than just holding digital assets.
For Metaplanet stock to recover, it will take transparent communication, decisive action, and perhaps a fresh narrative for public-market shareholders.
Usually-vocal Metaplanet president Simon Gerovich has remained silent so far upon the news. His last public post was on October 11, when he simply wrote:
“Each storm makes the foundation stronger, #bitcoin”
Metaplanet’s crossing below mNAV 1.0 goes beyond a headline. It marks a shift in how public markets are pricing Bitcoin exposure, and perhaps in how companies approach digital asset treasury management moving forward.
The old idea that simply stacking BTC would guarantee a market premium is being tested as never before.
For now, all eyes remain on Metaplanet stock, MicroStrategy, Nakamoto, and their peers. Their next moves may set the tone for the future of crypto treasury stocks.
And serve as a case study in the complex relationship between equity markets, Bitcoin price, and real-world business execution.