Metaplanet’s mNAV Hits New Low as Discount Signals Growth Market Volatility

Metaplanet’s mNAV, a metric reflecting the company’s Bitcoin holdings against its overall enterprise value, recently dropped below 1 for the first time on October 14, 2025, reaching 0.99. This marks a significant shift as it signals that Metaplanet’s investment in Bitcoin is now less valued compared to their enterprise itself. This decline follows a period without major new purchases of Bitcoin by the Tokyo-based company amidst market fluctuations. The market has reduced its premium on the company’s Bitcoin treasury strategy, leading this historical turning point.