{"id":52744,"date":"2025-10-14T11:46:42","date_gmt":"2025-10-14T11:46:42","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=52744"},"modified":"2025-10-14T11:46:42","modified_gmt":"2025-10-14T11:46:42","slug":"metaplanet-trades-below-1x-mnav-for-first-time-since-starting-bitcoin-treasury-plan","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=52744","title":{"rendered":"Metaplanet Trades Below 1x mNAV for First Time Since Starting Bitcoin Treasury Plan"},"content":{"rendered":"<div>\n<p>Metaplanet (3350) is now trading below a 1.0x multiple to net asset value (mNAV) for the first time since launching its bitcoin treasury strategy back in 2024. <\/p>\n<p>mNAV can be defined as a metric that measures the market capitalization of a company relative to the value of the crypto assets it holds on its balance sheet.<\/p>\n<p>According to the <a href=\"https:\/\/metaplanet.jp\/en\/analytics\">company\u2019s website<\/a>, its currently valued at 0.99x mNAV. Metaplanet\u2019s definition of mNAV includes total debt, which stands at $24.68 million, representing its aggregate outstanding debt. Metaplanet is the fourth-largest bitcoin treasury holder globally, with 30,823 BTC, representing a treasury worth $3.5 billion. <\/p>\n<p>The company\u2019s share price fell 12% on Tuesday, closing at 482 yen. While, its share price is up 35% year-to-date. <\/p>\n<p>Similarly, <a href=\"https:\/\/www.coindesk.com\/markets\/2025\/10\/07\/kindlymd-partners-with-antalpha-on-usd250m-bitcoin-backed-financing-deal\">KindlyMD (NAKA)<\/a> is also trading below a 1.0x mNAV. Its <a href=\"https:\/\/nakamoto.com\/dashboard\">website shows<\/a> that shares are currently valued at 0.959x mNAV. NAKA holds 5,765 BTC worth at current prices of $646 million. Its current share price is trading at $0.85, down over 95% from its all-time high. <\/p>\n<p>Meanwhile, the largest bitcoin treasury holder, <a href=\"https:\/\/www.coindesk.com\/business\/2025\/10\/13\/strategy-bought-usd27m-in-bitcoin-at-usd123k-before-crypto-crash\">Strategy<\/a> (MSTR), continues to command one of the highest premiums in the industry with an <a href=\"https:\/\/www.strategy.com\/\">mNAV multiple<\/a> of 1.48x. This figure includes the enterprise value, incorporating perpetual preferred shares and convertible debt. <\/p>\n<p>Strategy holds 640,250 BTC, valued at roughly $72 billion at current prices. Despite this massive treasury, and accumulating 193,850 BTC in 2025, the company\u2019s stock has underperformed, gaining only 5% year-to-date compared to bitcoin\u2019s 19% rise over the same period.<\/p>\n<p>According to <a href=\"https:\/\/www.forbes.com\/sites\/ninabambysheva\/2025\/10\/13\/inside-the-150-billion-bitcoin-treasury-boom-shakeout\/\">Forbes<\/a>, more than 228 publicly traded companies announced a digital asset treasury (DAT) in 2025, collectively investing $148 billion into crypto. The report also notes that 15% of these DATs are trading below a 1.0x mNAV,. <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Metaplanet (3350) is now trading below a 1.0x multiple to net asset value (mNAV) for the first time since launching its bitcoin treasury strategy back in 2024. mNAV can be defined as a metric that measures the market capitalization of a company relative to the value of the crypto assets it holds on its balance [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-52744","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/52744","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52744"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/52744\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}