Metaplanet’s value dips below its Bitcoin holdings

Metaplanet slips into discount territory versus its own Bitcoin stack. The stock, which traded at a premium over summer, now values the company below its BTC reserves after last week’s market shakeout.

Today, the company’s mNAV touched 0.99, per its disclosure – a reading below 1 (market value versus its BTC stack). That’s a turn from mid‑June’s premium and signals softer demand for listed “BTC‑treasury” exposure.

Metaplanet’s summer premium has flipped to a discount: the shares now value the company below its Bitcoin stack (mNAV briefly at 0.99). Source: Bloomberg.

The shift comes days after a sharp, market‑wide sell‑off that hit token prices and cooled demand for crypto‑linked stocks. Across digital‑asset treasuries (DATs – public companies that hold coins on their balance sheets), buying has slowed and many names have given back their summer premium.

Metaplanet’s 2024–2025 pivot set this up. In late August–September, it raised fresh capital for more BTC via an international share sale and shareholder approval to issue preferred stock. A late‑September purchase added to the stack. The plan hasn’t changed; the market’s pricing of that plan has.

Analyst Mark Chadwick (Smartkarma; ex‑Jefferies) calls it a cool‑down after strong enthusiasm. He adds:

“Long‑term Bitcoin bulls may see Metaplanet’s discount as an opportunity to buy.”

DAT stocks are a simple proxy for BTC exposure. When the stock trades below the coins on the balance sheet, it can shift capital flows – from arbitrage interest to how issuers time new purchases or share sales. A persistent discount puts focus back on BTC’s path and on how quickly treasuries add coins without heavy dilution.

From here, the discount rests on two things: Bitcoin’s price and how much new stock Metaplanet issues. A firmer BTC and limited new shares tend to pull mNAV back toward 1.0; raising equity into weakness does the opposite. Management can help by pacing purchases, improving treasury disclosures and, if allowed, buying back stock when the discount is wide. A cleaner funding mix plus stronger BTC makes a re‑rate plausible; the reverse keeps the gap open.