3 hours ago
Metaplanet (3350) is present trading beneath a 1.0x aggregate to nett plus worth (mNAV) for the archetypal clip since launching its bitcoin treasury strategy backmost successful 2024.
mNAV tin beryllium defined arsenic a metric that measures the marketplace capitalization of a institution comparative to the worth of the crypto assets it holds connected its equilibrium sheet.
According to the company’s website, its presently valued astatine 0.99x mNAV. Metaplanet’s explanation of mNAV includes full debt, which stands astatine $24.68 million, representing its aggregate outstanding debt. Metaplanet is the fourth-largest bitcoin treasury holder globally, with 30,823 BTC, representing a treasury worthy $3.5 billion.
The company’s stock terms fell 12% connected Tuesday, closing astatine 482 yen. While, its stock terms is up 35% year-to-date.
Similarly, KindlyMD (NAKA) is besides trading beneath a 1.0x mNAV. Its website shows that shares are presently valued astatine 0.959x mNAV. NAKA holds 5,765 BTC worthy astatine existent prices of $646 million. Its existent stock terms is trading astatine $0.85, down implicit 95% from its all-time high.
Meanwhile, the largest bitcoin treasury holder, Strategy (MSTR), continues to bid 1 of the highest premiums successful the manufacture with an mNAV multiple of 1.48x. This fig includes the endeavor value, incorporating perpetual preferred shares and convertible debt.
Strategy holds 640,250 BTC, valued astatine astir $72 cardinal astatine existent prices. Despite this monolithic treasury, and accumulating 193,850 BTC successful 2025, the company’s banal has underperformed, gaining lone 5% year-to-date compared to bitcoin’s 19% emergence implicit the aforesaid period.
According to Forbes, much than 228 publically traded companies announced a integer plus treasury (DAT) successful 2025, collectively investing $148 cardinal into crypto. The study besides notes that 15% of these DATs are trading beneath a 1.0x mNAV,.
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