Japanese Giant’s Bitcoin Bet Could Be Failing, But Why?

Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.

Grab a coffee because something unusual is unfolding in Japan’s Bitcoin experiment. Metaplanet, once hailed as a digital gold pioneer, now trades below the value of its own Bitcoin holdings — a subtle yet symbolic crack in the market’s faith in the corporate Bitcoin model.

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Japan’s Bitcoin standard-bearer, Metaplanet Inc., has entered rare territory, trading below the value of its BTC reserves for the first time.

The Tokyo-listed firm, which holds 30,823 BTC, now has an mNAV of 0.99, signaling that investors are assigning less value to its stock than to the Bitcoin it owns outright.

Metaplanet Among Public Companies Holding BTC. Source: Bitcoin Treasuries

The decline comes despite strong fundamentals:

• 115.7% growth in Q3 Bitcoin-related revenue.
• Raised 2025 guidance to ¥46 billion ($302.5 million), and
• A cleaner balance sheet after redeeming bonds and paying down debt.

However, since hitting an all-time high in June, Metaplanet’s shares have plunged around 70%, wiping out the premium that once made it one of the most-watched Bitcoin treasuries in Asia.

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According to the analyst, while the company may still outperform Bitcoin, the rapid unwind exposed how fragile the treasury-company trade can be when sentiment shifts.

The drop comes only days after Metaplanet President Simon Gerovich said the firm was temporarily suspending certain stock acquisition rights to refine its capital strategy.

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Still, the mNAV inversion represents a profound test of faith in Metaplanet’s business model and the broader thesis that Bitcoin-rich companies can act as superior long-term vehicles for BTC exposure.

The company heads toward a pivotal Extraordinary General Meeting on December 22, but is this moment just a correction or a deeper reckoning for the corporate Bitcoin standard itself?

Chart of the Day

Metaplanet Breaks Below 1x mNAV. Source: Metaplanet Analytics

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Byte-Sized Alpha

Here’s a summary of more US crypto news to follow today:

Crypto Equities Pre-Market Overview

Company	At the Close of October 13	Pre-Market Overview
Strategy (MSTR)	$315.47	$299.30 (-5.13%)
Coinbase (COIN)	$356.99	$340.84 (-4.52%)
Galaxy Digital Holdings (GLXY)	$41.23	$38.00 (-7.83%)
MARA Holdings (MARA)	$20.24	$19.15 (-5.39%)
Riot Platforms (RIOT)	$21.70	$20.44 (-5.81%)
Core Scientific (CORZ)	$19.21	$18.49 (-3.75%)

Crypto equities market open race: Google Finance

Source: https://beincrypto.com/metaplanet-bitcoin-bet-at-risk/