Metaplanet Enterprise Value Falls Below Bitcoin Holdings, Raising Market Concerns

On Tuesday, October 14, 2025, Metaplanet’s enterprise value dipped below its Bitcoin holdings, according to Cointelegraph. The Japanese Bitcoin-focused company saw its market-to-Bitcoin NAV (mNAV) drop to 0.99, marking the first time it’s fallen below 1.0 since its Bitcoin accumulation strategy began. This decline is a stark shift from earlier levels when the mNAV hovered around 22.59 following the initial Bitcoin purchase in July 2024. Metaplanet shares plummeted 75% from their peak of 1,895 yen to just 482 yen on that day.