Japan's Bitcoin reserve company Metaplane (TYO: 3350, OTCQX: MTPLF) has recently entered a discount state (mNAV < 1). At the same time, the company announced a suspension of the exercise of subscription rights for new shares from October 20 to November 17 for the 20th to 22nd rounds, delaying the purchase of coins through capital increase. This structural adjustment reveals the cooling of the DAT boom and strategic tightening.
Metaplanet mNAV has fallen below 1 for the first time, with the stock price plummeting 75%.
StrategyTracker data shows that Metaplanet's mNAV, which only calculates basic circulating shares, has first fallen below 1 today, dropping to 0.99 ( and has now slightly rebounded to 1.05), indicating that the company's total market value has fallen below the value of its Bitcoin assets.
Metaplanet mNAV (Basic Shares)
Currently, the company holds 30,823 BTC (, worth approximately 3.5 billion USD ), but the stock price has plummeted 75% since mid-June this year, falling from 1,895 yen per share to 482 yen. The mNAV has also dropped from last July's peak of 21.12 to its current low, reflecting a decline in investor confidence in its operational structure and model.
(mNAV All lines collapsed: Standard Chartered Bank specifically named only two DAT stocks are expected to survive, while the rest will face a crisis)
Emergency Hemostasis: Suspend the Exercise of New Stock Subscription Rights
A few days ago, Metaplanet also announced that it will suspend the exercise of Stock Acquisition Rights ( from October 20 to November 17, temporarily halting the dilution of existing shareholders' holdings caused by the issuance of new shares.
These rights were initially issued and allocated to the related party fund EVO FUND on June 23, allowing the company to raise funds by increasing capital and issuing shares to purchase Bitcoin. As of now, the following rights remain unexercised:
Chapter 20: 284,400 shares, corresponding to 28.44 million shares
Chapter 21 and 22: 1,850,000 copies each, corresponding to 185 million shares.
Metaplanet emphasizes that this move is based on changes in market conditions and adjustments in capital management strategies, aimed at enhancing long-term value and shareholder trust.
mNAV: Revealing the true valuation structure of Bitcoin financial companies.
mNAV, as the current stock price relative to the value of its owned crypto assets, has always been an indicator for investors to evaluate the premium or discount of the market value and stock price of crypto reserve companies. It is also a barometer of whether the crypto market is buying into these types of companies.
Once the value exceeds 1, it indicates that the company has the capacity to issue new shares and continue accumulating crypto assets; conversely, if it falls below 1, the difficulty of expansion will increase.
Currently, the mNAV of Metaplanet has fallen below 1, indicating that the market may have doubts about its profit model, which also reflects the financial risks associated with its excessive reliance on issuing stocks to buy coins.
Bitcoin DAT retreat? MicroStrategy also caught in correction
Metaplanet first announced its coin subscription in July last year, igniting the “Japanese version of MicroStrategy” craze, which drove the stock price soaring. However, with frequent issuances, a complex capital structure, and the slowdown of Bitcoin's upward trend, market buying power seems to be gradually cooling down.
At the same time, the world's largest Bitcoin holding company, MicroStrategy )Strategy(, has seen its stock price drop by about 30% this year. This indicates that while Bitcoin reserve companies have symbolic significance, the simple business logic of buying and holding is facing challenges as the market enters a period of volatility.
) Always buy at the peak! MicroStrategy adds another 220 coins, holding a total of 640,000 Bitcoins (
Between temporary hemostasis and rebuilding shareholder trust, this company, once hailed as the “Japanese version of MicroStrategy,” is being tested on its Bitcoin financial route.
This article Metaplanet's stock price plummeted 75% over three months, mNAV first dropped below 1: Is the Bitcoin DAT craze cooling down? First appeared in Chain News ABMedia.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
BR (Bedrock) has risen 41.99% over the past 24 hours and is currently trading at $0.16122
Gate News, April 3, according to Gate market data, as of the time of publication, BR (Bedrock) is trading at $0.16122. In the past 24 hours, it has increased by 41.99%, reaching a high of $0.17303 and a low of $0.10486. The 24-hour trading volume has reached $1.3479 million. The current market capitalization is approximately $42.1187 million.
Bedrock is a multi-asset supported liquidity re-staking protocol that has launched a Bitcoin staking product, uniBTC. As a BTC liquid staking asset, uniBTC enables users to earn staking rewards while maintaining the liquidity of their assets, opening up a new yield opportunity in the trillion-level Bitcoin market.
GateNews48m ago
MARA Reduces Workforce by 15% as Bitcoin Miner Pivots to AI and Energy Infrastructure
MARA Holdings (NASDAQ: MARA), one of the largest publicly traded Bitcoin mining companies, has reduced its workforce by approximately 15% across multiple departments, including both full-time staff and contractors, according to an internal company memo.
CryptopulseElite52m ago
Bitcoin Price Soars to $74K, but Investors Are Already Eyeing New Altcoin GCoin This Week
Bitcoin’s price surged above $74,400 today, marking a multi-week high and reigniting optimism across the broader cryptocurrency market, as evidenced by the rise in altcoins.
The rally came amid renewed buying pressure, a wave of institutional demand, and yet another behemoth purchase by Michael
CryptoPotato1h ago
Two addresses received 1,781 BTC from BitGo 4 hours ago, worth $119 million
Gate News, April 3, according to OnchainLens monitoring, 4 hours ago, two addresses received 1,781 BTC from BitGo, worth $118.92 million.
GateNews1h ago
BTC & ETH Entering a New Era? Analysts Say Yes — This Platform Is Already Paying Real BTC Rewards
Grayscale called it the “dawn of the institutional era.” Bitwise predicted Bitcoin will break its four-year cycle and set new all-time highs. Bitcoin Suisse published a scenario where Bitcoin approaches $180,000 and Ethereum reaches $8,000 on the back of Fed rate cuts and accelerating institutiona
CryptoPotato1h ago
Trump appoints acting Attorney General who holds BTC, raising ethical questions about crypto enforcement policy
The President of the United States, Donald Trump, appointed Deputy Attorney General Todd Blanche as Acting Attorney General, and dissolved the National Cryptocurrency Enforcement Team, issuing a memorandum to halt regulatory enforcement against the crypto industry. When Blanche signed this memorandum, he still held crypto assets, which allegedly violated ethical standards and sparked legal disputes; whether transferring his assets into his family’s name can eliminate the conflict of interest remains controversial.
MarketWhisper1h ago
