What happened? Metaplanet’s enterprise value fell below its Bitcoin reserves after its share price plunged.
Tokyo-listed Metaplanet now trades for less than the value of its roughly 30,823 BTC holdings as its mNAV dropped to about 0.99. Its shares have fallen around 70% from mid‑June highs, making it one of the first big public Bitcoin treasury firms to consistently trade below its crypto assets. The slump came amid broader market turmoil and massive liquidations that knocked down major tokens and pressured BTC-linked stocks.
Who does this affect? Investors, other crypto‑treasury companies, and creditors are all on the hook.
Shareholders in Metaplanet face real losses and some long‑term bulls might see the discount as a buying chance, but downside remains if sentiment keeps deteriorating. Dozens of other public firms that hold Bitcoin are also trading below NAV, forcing some to expand debt lines or buy back shares to support prices. Lenders, institutional funds, and retail investors exposed to these companies or to ATM issuance programs could face heightened credit and liquidity risks.
Why does this matter? It shows the sector’s premium is collapsing and raises broader market‑impact risks.
Falling mNAVs and compressed premiums increase the chance of forced selling, margin calls, and strained liquidity for companies that borrowed to buy non‑yielding Bitcoin. As corporate accumulation slows and interest rates stay higher, the treasury strategy becomes harder to justify, which could reduce demand for Bitcoin and amplify price volatility. For markets, that means greater systemic risk in BTC‑linked equities, potential spillovers into credit markets, and increased scrutiny of balance‑sheet and funding practices.