The Japanese company Metaplanet has experienced a decline in its mNAV (Market-to-Net Asset Value) to 0.99, indicating that the firm’s market capitalization is now lower than the market value of its Bitcoin portfolio. This has led to its shares trading at a significant discount compared to the actual cryptocurrency assets.
This is reported by Business • Media
Decline in mNAV and Comparison with Other Companies
mNAV is a key financial indicator that defines the ratio of a public company’s market value to its crypto assets, including debt obligations and preferred shares. When the indicator exceeds one, the company’s shares trade at a premium, and when it falls below, they trade at a discount. In comparison, companies like Strategy, MARA, and Trump Media & Technology Group have mNAVs of 1.25, 1.23, and 2.48, respectively.
In the past month, Metaplanet’s shares have lost 20.3% of their value; however, since the beginning of 2025, they have shown a growth of 28.7%. This indicates high volatility and sensitivity to changes in investor sentiment in the cryptocurrency market.
Reasons for the Decline and Prospects for the DAT Sector
Metaplanet remains the largest public holder of Bitcoin in Asia. However, the current decline in mNAV to below one may indicate a waning interest in treasury companies with large Bitcoin reserves. Experts note that the DAT (Digital Asset Treasury) market is experiencing a cooling phase, with more firms trading at a discount to the value of their crypto assets.
“I still view the decline in shares of this cryptocurrency treasury company as a burst bubble. This downturn is a sign that the overall euphoria surrounding Bitcoin accumulation has diminished, although long-term holders may see Metaplanet’s dip as a buying opportunity.”
Despite the current decline in investment performance, Metaplanet continues to invest in Bitcoin and entered the top five corporate holders of this cryptocurrency in the world in September 2025.
The assertion that the DAT sector is a bubble is not new. According to research, one in four corporate Bitcoin holders trades at a discount. A striking example is the company KindlyMD, whose mNAV fell from 75 to 0.7.