😳 Metaplanet’s Market Value Crashes 70% — Now Below Its Bitcoin Reserves! ⚡
The Japanese Bitcoin giant Metaplanet Inc. has seen its market value tumble nearly 70% from June highs, now trading below the worth of its own Bitcoin holdings — signaling a potential “treasury bubble burst.” 📉
As of October 14, Metaplanet holds 30,823 BTC (~$3.4B) but its mNAV (market cap + debt ÷ BTC value) dropped to 0.99, according to Bloomberg. Shares fell over 12% today to 482 Yen ($3.21).
📊 Analysts Call It a “Pop”
Japan-based analyst Mark Chadwick described the drop as a “popping of a bubble”, noting that Bitcoin treasury firms worldwide are facing similar pain. Still, long-term Bitcoin believers may see this dip as a buying opportunity.
🌍 Industry-Wide Meltdown
Research from K33 shows 26 of 168 BTC-holding companies now trade at discounts — some as deep as 96%. Corporate Bitcoin accumulation has plunged 95% since July, signaling fading institutional appetite.
🏢 MicroStrategy’s Successor Stumbles
Strategy Inc. (formerly MicroStrategy) saw its premium collapse from 3.89x to 1.44x, while monthly BTC purchases dropped from 134K BTC (Nov 2024) to just 3.7K BTC (Aug 2025).
⚠️ Analysts Warn of Structural Risk
Experts from VanEck and Coinbase Research warn that without Bitcoin yielding income, corporate treasuries may struggle in a high-rate economy — calling current strategies “unsustainable.”
💬 As markets cool and debt rises, the once-booming Bitcoin treasury wave may be entering its first real stress test — and Metaplanet is its loudest warning sign yet. 🚨
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