Metaplanet’s Bitcoin Reserves Now Outvalue the Company Itself – A 2025 Market Anomaly

How Did Metaplanet’s Bitcoin Become More Valuable Than Its Business?

The numbers tell a startling story: Metaplanet currently holds 30,823 BTC (worth approximately $3.5 billion as of October 2025), while its market valuation has dipped below this figure for the first time in history. The company's market-to-net-asset-value (mNAV) ratio - a key metric for Bitcoin-holding firms - has plummeted to 0.99, its lowest ever recorded level according to TradingView data.

This inverse valuation represents a dramatic reversal from July 2024, when Metaplanet's mNAV ratio briefly soared above 22 following its initial bitcoin purchases. Since mid-June 2025, the company's stock price has collapsed by 75%, tumbling from ¥1,895 ($13) to barely over $3.20 per share.

Why Are Investors Undervaluing Metaplanet’s Core Business?

The sub-1 mNAV ratio suggests markets currently value Metaplanet's operational business at a negative figure when accounting for its Bitcoin reserves. Jad Comair, CEO of Melanion Capital, sees parallels with early skepticism toward Tesla: "The market still doesn't grasp how Bitcoin treasuries can transform corporate balance sheets long-term."

However, Smartkarma's Mark Chadwick offers a counterpoint: "This looks like natural correction after the speculative frenzy in crypto stocks earlier this year. The market's simply repricing these assets more realistically."

Where Does Metaplanet Stand in the Bitcoin Treasury Landscape?

Despite its current valuation woes, Metaplanet remains Japan's largest Bitcoin-holding company and the world's fourth-largest public BTC holder. Only Michael Saylor's MicroStrategy (holding over 640,000 BTC) and two others surpass its reserves.

The company's situation mirrors broader volatility in the Bitcoin treasury sector. As BTCC analyst team notes: "When a firm's mNAV dips below 1, it often signals either extreme market pessimism or a potential buying opportunity for contrarian investors."

What Does This Mean for Crypto Investors?

For long-term Bitcoin believers, Metaplanet's current valuation might represent a rare arbitrage opportunity - buying $1 of Bitcoin exposure for just $0.99. However, the dramatic price swings also underscore the sector's inherent risks.

Historical data from CoinMarketCap shows similar valuation disconnects have occurred periodically with MicroStrategy, though never to this extreme degree. Whether this represents a market inefficiency or rational skepticism remains hotly debated.

Frequently Asked Questions

How much Bitcoin does Metaplanet hold?

As of October 2025, Metaplanet holds 30,823 BTC worth approximately $3.5 billion at current prices.

What does an mNAV ratio below 1 indicate?

An mNAV (market-to-net-asset-value) ratio below 1 suggests the market values the company's non-Bitcoin operations at less than zero - effectively pricing the business at a discount to its crypto holdings alone.

Has this happened with other Bitcoin-holding companies?

While MicroStrategy has experienced mNAV fluctuations, no major Bitcoin treasury firm has seen its ratio drop below 1 for sustained periods until now.

Is Metaplanet still buying Bitcoin?

The company paused purchases two weeks before this valuation anomaly emerged, marking its first buying hiatus since beginning accumulation in July 2024.