Tokyo-listed hotel group Metaplanet Inc. (MTPLF.US) has seen its enterprise value fall below its Bitcoin reserves, signaling cooling investor interest in digital asset treasury (DAT) companies globally. The company has been continuously accumulating Bitcoin since April 2024, with its stock price reaching an all-time high in mid-June of the same year before subsequently declining approximately 70%, causing its market cap plus debt-to-token holdings ratio (mNAV) to briefly touch a discount level of 0.99 on Tuesday—marking the first time enterprise value has fallen below Bitcoin net asset value.
As a typical representative of digital asset treasury companies, Metaplanet Inc. previously saw its stock price trade above holding values during the summer due to strong demand for token investments. However, recent industry trend reversals have created stock price pressure that is not isolated—as Bitcoin purchasing pace has slowed, multiple similar companies' stocks are facing adjustment pressures.
Mark Chadwick, a Japanese equity analyst formerly with Jefferies and now with Smartkarma, believes this reflects market signals of a bubble burst in the "Bitcoin hoarding frenzy," though long-term Bitcoin bulls may view the current discount as a buying opportunity.
According to Metaplanet Inc.'s official website disclosures, the company currently holds over 30,000 Bitcoin with a book value of approximately $3.4 billion. To support continued coin purchasing needs, company shareholders recently approved plans to issue preferred shares (securities with both equity and debt characteristics), and raised approximately $1.4 billion through international equity financing in September.
Notably, on October 10, the cryptocurrency market experienced a record single-day liquidation of $19 billion, while geopolitically-related news caused dramatic volatility in major token prices, further intensifying market uncertainty.
Facing the inversion between enterprise value and Bitcoin reserves, Metaplanet Inc. did not immediately respond to requests for comment.