Metaplanet Trades Below 1x mNAV for First Time Since 2024
Metaplanet's current trading value is below its net asset value (mNAV) for the first time since implementing its bitcoin treasury strategy in 2024.
The company is valued at 0.99x mNAV, with total debt amounting to $24.68 million and holding 30,823 BTC worth $3.5 billion.
Metaplanet’s share price dropped by 12%, closing at 482 yen, but has increased by 35% year-to-date.
KindlyMD (NAKA) also trades below a 1.0x mNAV, valued at 0.959x mNAV, holding 5,765 BTC worth $646 million. Its share price is $0.85, down over 95% from its peak.
Strategy (MSTR), the largest bitcoin treasury holder with 640,250 BTC valued at $72 billion, maintains a high mNAV multiple of 1.48x. Despite this, its stock has only gained 5% YTD compared to bitcoin's 19% increase.
In 2025, 228 publicly traded companies invested $148 billion into digital asset treasuries (DAT), with 15% trading below a 1.0x mNAV.
