{"id":51649,"date":"2025-10-14T19:00:17","date_gmt":"2025-10-14T12:00:17","guid":{"rendered":"https:\/\/hbbgroup.net\/metaplanet-trades-below-1x-mnav-for-first-time-since-starting-bitcoin-treasury-plan\/"},"modified":"2025-10-14T19:00:17","modified_gmt":"2025-10-14T12:00:17","slug":"metaplanet-trades-below-1x-mnav-for-first-time-since-starting-bitcoin-treasury-plan","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/metaplanet-trades-below-1x-mnav-for-first-time-since-starting-bitcoin-treasury-plan\/","title":{"rendered":"Metaplanet Trades Below 1x mNAV for First Time Since Starting Bitcoin Treasury Plan"},"content":{"rendered":"
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Metaplanet Trades Below 1x mNAV for First Time Since Starting Bitcoin Treasury Plan<\/h2>\n

Falling share prices push bitcoin treasury firms below key valuation threshold.<\/h2>\n

Updated Oct 14, 2025, 10:28\u202fa.m. <\/span>Published Oct 14, 2025, 10:28\u202fa.m. <\/span><\/p>\n<\/div>\n

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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

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

According to the 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

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

Similarly, KindlyMD (NAKA)<\/a> is also trading below a 1.0x mNAV. Its 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

Meanwhile, the largest bitcoin treasury holder, Strategy<\/a> (MSTR), continues to command one of the highest premiums in the industry with an mNAV multiple<\/a> of 1.48x. This figure includes the enterprise value, incorporating perpetual preferred shares and convertible debt. <\/p>\n

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

According to 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

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More For You<\/p>\n

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Total Crypto Trading Volume Hits Yearly High of $9.72T<\/p>\n<\/div>\n

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\"Exchange<\/figure>\n

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

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What to know: <\/p>\n

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