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
Bitcoin quantum threat is real and closer than it looks, says Nobel physicist
A Nobel Prize–winning physicist who helped build Google’s quantum computers warned that Bitcoin BTC$68,399.76 may be among the earliest real-world targets of the technology.
In an interview with CoinDesk, Dr. John M. Martinis said recent Google research showing how a quantum computer could break
CoinDesk3m ago
Nobel Prize in Physics laureate warns: quantum computing could crack Bitcoin private keys within minutes
Former Google quantum hardware head John Martinis warns that Bitcoin could become a target for quantum computing attacks. Quantum computers could derive Bitcoin private keys within minutes, posing a greater threat than traditional financial systems. He recommends that the community plan quantum-resistance upgrades as early as possible to address threats over the next 5 to 10 years.
GateNews4m ago
Bitcoin Tests Long-Term Holder Resilience Near Key Support Levels
Bitcoin is testing a crucial support level at $67,675, just $1,000 away, amidst a -44.8% drawdown. The outcome may dictate future price movements, with a potential correction to $54,000-$58,000 if breached. Historical patterns reveal Bitcoin's cyclical volatility.
BlockChainReporter59m ago
Crypto-rewards fintech company GoSats completes $5 million Series A funding, led by Konvoy
Gate News message: On April 7, the crypto rewards fintech company GoSats announced the completion of a $5 million Series A round of financing, led by Konvoy, with participation from Y Combinator, Taisu Ventures, and others. GoSats' business model links Bitcoin and gold rewards to everyday spending, helping businesses acquire customers and boost user loyalty. The funds from this round will be used to develop innovative fintech products and to build AI-powered personalized services.
GateNews1h ago
Bitcoin is negatively correlated with the global easing breadth index; this week, ETFs recorded their largest net inflow since February
The negative correlation between Bitcoin and global central bank monetary policy suggests that institutional capital has already positioned itself ahead of a potential easing cycle. In the recent spot ETF net inflows have hit a new high, but the market remains choppy and unstable, with weak demand. Corporate allocation has slowed, volatility in the options market has increased, and traders are more inclined to add downside protection.
GateNews1h ago
U.S.-listed company Hyperscale Data increases its Bitcoin holdings to 639.2135 BTC
Hyperscale Data announced that its Bitcoin holdings increased to 639.2135 BTC, with a total market value of approximately $44.1 million. Its subsidiary Sentinum holds 591.3761 BTC, ACG acquired 47.1935 BTC, and the overall asset value exceeds $100 million.
GateNews1h ago
