Metaplanet Trades Below 1x mNAV for First Time Since Starting Bitcoin Treasury Plan

Core Insights - Metaplanet (3350) is trading below a 1.0x multiple to net asset value (mNAV) for the first time since launching its bitcoin treasury strategy in 2024 [1] - The current valuation of Metaplanet is at 0.99x mNAV, with total debt of $24.68 million and a bitcoin treasury worth $3.5 billion [2] - KindlyMD (NAKA) is also trading below a 1.0x mNAV, currently valued at 0.959x mNAV with a treasury of 5,765 BTC worth $646 million [3] - Strategy (MSTR), the largest bitcoin treasury holder, has an mNAV multiple of 1.48x and holds 640,250 BTC valued at approximately $72 billion [4] - Despite its large treasury, Strategy's stock has underperformed, gaining only 5% year-to-date compared to bitcoin's 19% rise [5] - In 2025, over 228 publicly traded companies announced a digital asset treasury (DAT), collectively investing $148 billion into crypto, with 15% of these DATs trading below a 1.0x mNAV [5]