Metaplanet Stock Drops Below NAV After Bitcoin Strategy - BTC Price Impact Analysis

Japanese investment firm Metaplanet (3350) has fallen below 1.0x modified net asset value (mNAV) for the first time since implementing its Bitcoin treasury strategy in 2024. The mNAV metric compares a company's market capitalization against its cryptocurrency holdings. Currently trading at 0.99x mNAV, Metaplanet maintains $24.68 million in debt while holding 30,823 BTC worth approximately $3.5 billion, making it the world's fourth-largest corporate Bitcoin holder. Shares declined 12% to 482 yen on Tuesday, though remain up 35% year-to-date. Similar pressure affects KindlyMD (NAKA), trading at 0.959x mNAV with 5,765 BTC ($646 million). Meanwhile, industry leader MicroStrategy (MSTR) maintains a premium 1.48x mNAV multiple with 640,250 BTC ($72 billion). According to Forbes, 228 public companies disclosed digital asset treasuries in 2025 totaling $148 billion, with 15% trading below 1.0x mNAV.