metaplanet‘s Bitcoin 
$111,963.18The valuation indicator mNAV, indexed to , fell below the 1 threshold for the first time on October 14, 2025, falling to 0.99. This level reveals that the enterprise value is priced below the BTC stock held. The development comes after the Tokyo-based company did not announce additional purchases in the last two weeks and sharp market volatility. The indicator marks a historical turning point as the market reduces the premium on the company’s Bitcoin treasury strategy.
Discount Signal From Metaplanet’s mNAV
mNAV is used as a metric specifically designed for companies holding BTC in their treasury, showing the ratio between enterprise value and Bitcoin net asset. If the rate drops below 1, it theoretically signals that it is being traded at a “discount to BTC”. Above 1 means premium. Thus, investors can instantly monitor the divergence between share pricing and BTC value on the balance sheet.
Metaplanet shows over 30,000 BTC in public data and regularly reports the mNAV item on its corporate dashboard. During periods of high volatility, the rate can change rapidly with movements in stocks, debt items and changes in cash levels.
The company’s “Bitcoin treasury vehicle” strategy, approved in 2024, was supported by new share issuances and debt instruments. An international supply plan worth approximately $1.4 billion was announced in September. Recently, authorization decisions regarding the issuance of privileged shares have also been taken. While these steps provide ammunition for new BTC purchases, they may affect pricing through the dilution effect.
What does mNAV falling below 1 mean?
While mNAV falling below 1 creates a discount perception that may attract investors with an arbitrage perspective, it also provides a signal that the premium in the Digital Asset Treasury narrative has begun to dissolve. While the management is expected to establish a balance between the purchasing pace, cost of capital and market liquidity in the future, if the ratio cannot be moved above 1 again, adjustments in the financing situation may come to the fore.
