Metaplanet’s enterprise value has fallen below its Bitcoin holdings for the first time, signaling a significant cooling in investor enthusiasm for companies heavily invested in the cryptocurrency amid wider market volatility.
The Tokyo-based hotel operator, which pivoted to a Bitcoin-centric treasury strategy in April, saw its multiple of net asset value (mNAV) drop to 0.99 on Tuesday. An mNAV below 1 indicates that a company’s enterprise value is now less than its underlying Bitcoin reserves.
The decline coincides with a sharp 12.36% drop in Metaplanet’s shares on Tuesday, closing at approximately $3.07 USD (482 yen). This represents a 74.5% correction from its peak of roughly $12.07 USD (1,895 yen) recorded in June.
This phenomenon is not isolated. At least 15% of the more than 200 public companies that adopted digital asset treasury (DAT) strategies last year now trade with an mNAV below 1x. These firms collectively hold $148 billion USD in crypto assets.
Analysts describe the situation as a “bubble desinflation.” Mark Chadwick, a Japanese equity analyst, noted that “the general enthusiasm for Bitcoin hoarding has cooled.”
Global macroeconomic factors have amplified the market turbulence. U.S. President Donald Trump’s announcement of a 100% tariff on Chinese imports recently triggered fears of a trade war, leading to record liquidations totaling $19 billion USD in the cryptocurrency market over a single weekend.
Metaplanet, the fourth-largest public holder of Bitcoin globally, has aggressively accumulated the cryptocurrency. The company holds 30,823 BTC, valued at over $3.45 billion USD. It has funded its strategy through significant capital raises, including a $1.4 billion USD share sale in September.
Despite the recent downturn, some analysts maintain a long-term optimistic outlook. Mark Palmer of Benchmark Equity Research stated that “Metaplanet’s strategy remains supported by Bitcoin’s fundamental rationality as a scarce, programmable reserve asset and inflation hedge.” Palmer has set a price target of approximately $15.30 USD (2,400 yen) for Metaplanet’s shares by late 2026.
Joe Lubin, co-founder of ConsenSys, attributed recent crypto market declines to “cyclical trends” in broader markets. Bitcoin’s price itself fell 2.4% in the 24 hours prior to the close of this report, reaching $111,443 USD.