Metaplanet’s Market Value Slides Below Bitcoin Holdings

Core Insights - Metaplanet's market-adjusted net asset value (mNAV) dipped below 1.0 for the first time, indicating a market discount relative to its Bitcoin assets [2][3] - The company's shares fell by 12.36% to JPY 482 amid broader market pressures, including rising US-China tensions [2] - Despite a modest recovery to 1.01, the mNAV dip has raised concerns about future financing and market sentiment [3] Company Performance - Metaplanet holds 30,823 BTC, and its stock has declined approximately 20.3% over the past month, although it remains up 28.7% year-to-date [3] - The company has raised its full-year FY2025 operating profit forecast by 88%, from $16.5 million (¥2.5 billion) to $30.9 million (¥4.7 billion), citing improved treasury operations and favorable macro conditions [7] Market Reactions - Analysts are debating the implications of the mNAV dip, with some viewing it as a potential "bubble-bursting" sign for digital-asset treasury stocks [4] - Conversely, some investors see the dip as a buying opportunity, believing the market undervalues Metaplanet's hybrid exposure to Bitcoin and operational growth [5] Valuation Concerns - The legitimacy of mNAV has been questioned, with some experts arguing it can mislead investors by ignoring operational cash flows and balance sheet nuances [6]