Metaplanet has experienced a significant turning point in its financial strategy as its mNAV, the metric reflecting Bitcoin valuation within the company’s holdings, fell below 1 on October 14, 2025. This critical threshold indicates a potential market value disparity between Metaplanet’s assets and its Bitcoin holdings, marking a pivotal moment for the company’s future trajectory. While this decline is not unusual given the volatile nature of mNAV, it underscores the need for strategic adjustments in light of shifting market dynamics. 2025 saw no additional Bitcoin purchases from the Tokyo-based company amidst significant market shifts, leading to this landmark event. The recent dip may attract arbitrage-driven investors seeking opportunities within this dynamic market. Metaplanet’s management will now need to carefully weigh acquisition speeds, capital costs, and liquidity in future strategies to regain stability and investor confidence.