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        "rendered": "<div data-module-name=\"article-header\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<h2>Metaplanet Trades Below 1x mNAV for First Time Since Starting Bitcoin Treasury Plan<\/h2>\n<h2>Falling share prices push bitcoin treasury firms below key valuation threshold.<\/h2>\n<p><span>Updated Oct 14, 2025, 10:28\u202fa.m. <\/span><span>Published Oct 14, 2025, 10:28\u202fa.m. <\/span><\/p>\n<\/div>\n<div data-module-name=\"article-body\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<p>Metaplanet (3350) is now trading below a 1.0x multiple to net asset value (mNAV) for the first time since launching its bitcoin treasury strategy back in 2024. <\/p>\n<p>mNAV can be defined as a metric that measures the market capitalization of a company relative to the value of the crypto assets it holds on its balance sheet.<\/p>\n<p>According to the <a href=\"https:\/\/metaplanet.jp\/en\/analytics\" target=\"_blank\">company\u2019s website<\/a>, its currently valued at 0.99x mNAV. Metaplanet\u2019s definition of mNAV includes total debt, which stands at $24.68 million, representing its aggregate outstanding debt. Metaplanet is the fourth-largest bitcoin treasury holder globally, with 30,823 BTC, representing a treasury worth $3.5 billion. <\/p>\n<p>The company\u2019s share price fell 12% on Tuesday, closing at 482 yen. While, its share price is up 35% year-to-date. <\/p>\n<p>Similarly, <a href=\"http:\/\/www.coindesk.com\/markets\/2025\/10\/07\/kindlymd-partners-with-antalpha-on-usd250m-bitcoin-backed-financing-deal\">KindlyMD (NAKA)<\/a> is also trading below a 1.0x mNAV. Its <a href=\"https:\/\/nakamoto.com\/dashboard\" target=\"_blank\">website shows<\/a> that shares are currently valued at 0.959x mNAV. NAKA holds 5,765 BTC worth at current prices of $646 million. Its current share price is trading at $0.85, down over 95% from its all-time high. <\/p>\n<p>Meanwhile, the largest bitcoin treasury holder, <a href=\"http:\/\/www.coindesk.com\/business\/2025\/10\/13\/strategy-bought-usd27m-in-bitcoin-at-usd123k-before-crypto-crash\">Strategy<\/a> (MSTR), continues to command one of the highest premiums in the industry with an <a href=\"https:\/\/www.strategy.com\/\" target=\"_blank\">mNAV multiple<\/a> of 1.48x. This figure includes the enterprise value, incorporating perpetual preferred shares and convertible debt. <\/p>\n<p>Strategy holds 640,250 BTC, valued at roughly $72 billion at current prices. Despite this massive treasury, and accumulating 193,850 BTC in 2025, the company\u2019s stock has underperformed, gaining only 5% year-to-date compared to bitcoin\u2019s 19% rise over the same period.<\/p>\n<p>According to <a href=\"https:\/\/www.forbes.com\/sites\/ninabambysheva\/2025\/10\/13\/inside-the-150-billion-bitcoin-treasury-boom-shakeout\/\" target=\"_blank\">Forbes<\/a>, more than 228 publicly traded companies announced a digital asset treasury (DAT) in 2025, collectively investing $148 billion into crypto. The report also notes that 15% of these DATs are trading below a 1.0x mNAV,. <\/p>\n<\/div>\n<div data-module-name=\"promotional-article\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<p>More For You<\/p>\n<div>\n<div>\n<p>Total Crypto Trading Volume Hits Yearly High of $9.72T<\/p>\n<\/div>\n<div>\n<figure><img loading=\"lazy\" alt=\"Exchange Review August\" width=\"1920\" height=\"1080\" decoding=\"async\" data-nimg=\"1\" src=\"http:\/\/www.coindesk.com\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F4e9c5e0ea1c5b35b41bf2c17436d83f61967d66f-2514x1413.png%3Frect%3D0%2C0%2C2512%2C1413%26w%3D1920%26h%3D1080%26auto%3Dformat&#038;w=3840&#038;q=75\"><\/figure>\n<p>Combined spot and derivatives trading on centralized exchanges surged 7.58% to $9.72 trillion in August, marking the highest monthly volume of 2025<\/p>\n<div>\n<p>What to know: <\/p>\n<div>\n<ul>\n<li>Combined spot and derivatives trading on centralized exchanges surged 7.58% to $9.72 trillion in August, marking the highest monthly volume of 2025<\/li>\n<li>Gate exchange emerged as major player with 98.9% volume surge to $746 billion, overtaking Bitget to become fourth-largest platform<\/li>\n<li>Open interest across centralized derivatives exchanges rose 4.92% to $187 billion<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.coindesk.com\/research\/exchange-review-august-2025\">View Full Report<svg width=\"21\" height=\"21\" viewbox=\"0 0 21 21\" fill=\"none\"><mask id=\"mask0_2473_9121\" style=\"mask-type:alpha\" maskunits=\"userSpaceOnUse\" x=\"0\" y=\"0\" width=\"21\" height=\"21\"><rect x=\"0.5\" y=\"0.500366\" width=\"20\" height=\"20\" fill=\"#D9D9D9\" \/><\/mask><g mask=\"url(#mask0_2473_9121)\"><path d=\"M12.0385 15.2119L11.1602 14.3081L14.3429 11.1254H4.25V9.8754H14.3429L11.1602 6.69269L12.0385 5.78894L16.75 10.5004L12.0385 15.2119Z\" fill=\"#262626\" \/><\/g><\/svg><\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div data-module-name=\"read-next\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<p>More For You<\/p>\n<div>\n<p>Leveraged Liquidations Underscore Bitcoin\u2019s Equity Sensitivity, Citi Says<\/p>\n<p><img loading=\"lazy\" alt=\"Computer monitors and a laptop screen show trading charts on a desk overlooking an expanse of water at sunset. (sergeitokmakov\/Pixabay)\" title=\"16:9 crop Stock market trading screen\" width=\"1919\" height=\"1080\" decoding=\"async\" data-nimg=\"1\" src=\"http:\/\/www.coindesk.com\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2Fc397ec470875d547d7ecf10a967c19f1a197d7fc-1919x1080.jpg%3Fauto%3Dformat&#038;w=3840&#038;q=75\"><\/p>\n<p>The bank said U.S.\/China trade tensions triggered a sharp crypto selloff, but resilient ETF inflows are keeping its BTC and ETH forecasts intact.<\/p>\n<div>\n<p>What to know: <\/p>\n<div>\n<ul>\n<li>While U.S.-China tensions sparked a wave of leveraged long liquidations in crypto last week, ETF inflows remain steady, driven by newer, less leveraged investors, said Citigroup.<\/li>\n<li>The bank is keeping its year-end forecasts of $133,000 for bitcoin and $4,500 for ether.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.coindesk.com\/markets\/2025\/10\/14\/leveraged-liquidations-underscore-bitcoin-s-equity-sensitivity-citi-says\">Read full story<svg width=\"21\" height=\"21\" viewbox=\"0 0 21 21\" fill=\"none\"><mask id=\"mask0_2473_9121\" style=\"mask-type:alpha\" maskunits=\"userSpaceOnUse\" x=\"0\" y=\"0\" width=\"21\" height=\"21\"><rect x=\"0.5\" y=\"0.500366\" width=\"20\" height=\"20\" fill=\"#D9D9D9\" \/><\/mask><g mask=\"url(#mask0_2473_9121)\"><path d=\"M12.0385 15.2119L11.1602 14.3081L14.3429 11.1254H4.25V9.8754H14.3429L11.1602 6.69269L12.0385 5.78894L16.75 10.5004L12.0385 15.2119Z\" fill=\"#262626\" \/><\/g><\/svg><\/a><\/p>\n<\/div>\n<\/div>",
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