Metaplanet's stock price has fallen big dump 75% in three months, with mNAV breaking 1 for the first time: Is the Bitcoin DAT craze cooling down?

Japan's Bitcoin reserve company Metaplane (TYO: 3350, OTCQX: MTPLF) has recently entered a discount state (mNAV < 1). At the same time, the company announced a suspension of the exercise of subscription rights for new shares from October 20 to November 17 for the 20th to 22nd rounds, delaying the purchase of coins through capital increase. This structural adjustment reveals the cooling of the DAT boom and strategic tightening.

Metaplanet mNAV has fallen below 1 for the first time, with the stock price plummeting 75%.

StrategyTracker data shows that Metaplanet's mNAV, which only calculates basic circulating shares, has first fallen below 1 today, dropping to 0.99 ( and has now slightly rebounded to 1.05), indicating that the company's total market value has fallen below the value of its Bitcoin assets.

Metaplanet mNAV (Basic Shares)

Currently, the company holds 30,823 BTC (, worth approximately 3.5 billion USD ), but the stock price has plummeted 75% since mid-June this year, falling from 1,895 yen per share to 482 yen. The mNAV has also dropped from last July's peak of 21.12 to its current low, reflecting a decline in investor confidence in its operational structure and model.

(mNAV All lines collapsed: Standard Chartered Bank specifically named only two DAT stocks are expected to survive, while the rest will face a crisis)

Emergency Hemostasis: Suspend the Exercise of New Stock Subscription Rights

A few days ago, Metaplanet also announced that it will suspend the exercise of Stock Acquisition Rights ( from October 20 to November 17, temporarily halting the dilution of existing shareholders' holdings caused by the issuance of new shares.

These rights were initially issued and allocated to the related party fund EVO FUND on June 23, allowing the company to raise funds by increasing capital and issuing shares to purchase Bitcoin. As of now, the following rights remain unexercised:

Chapter 20: 284,400 shares, corresponding to 28.44 million shares

Chapter 21 and 22: 1,850,000 copies each, corresponding to 185 million shares.

Metaplanet emphasizes that this move is based on changes in market conditions and adjustments in capital management strategies, aimed at enhancing long-term value and shareholder trust.

mNAV: Revealing the true valuation structure of Bitcoin financial companies.

mNAV, as the current stock price relative to the value of its owned crypto assets, has always been an indicator for investors to evaluate the premium or discount of the market value and stock price of crypto reserve companies. It is also a barometer of whether the crypto market is buying into these types of companies.

Once the value exceeds 1, it indicates that the company has the capacity to issue new shares and continue accumulating crypto assets; conversely, if it falls below 1, the difficulty of expansion will increase.

Currently, the mNAV of Metaplanet has fallen below 1, indicating that the market may have doubts about its profit model, which also reflects the financial risks associated with its excessive reliance on issuing stocks to buy coins.

Bitcoin DAT retreat? MicroStrategy also caught in correction

Metaplanet first announced its coin subscription in July last year, igniting the “Japanese version of MicroStrategy” craze, which drove the stock price soaring. However, with frequent issuances, a complex capital structure, and the slowdown of Bitcoin's upward trend, market buying power seems to be gradually cooling down.

At the same time, the world's largest Bitcoin holding company, MicroStrategy )Strategy(, has seen its stock price drop by about 30% this year. This indicates that while Bitcoin reserve companies have symbolic significance, the simple business logic of buying and holding is facing challenges as the market enters a period of volatility.

) Always buy at the peak! MicroStrategy adds another 220 coins, holding a total of 640,000 Bitcoins (

Between temporary hemostasis and rebuilding shareholder trust, this company, once hailed as the “Japanese version of MicroStrategy,” is being tested on its Bitcoin financial route.

This article Metaplanet's stock price plummeted 75% over three months, mNAV first dropped below 1: Is the Bitcoin DAT craze cooling down? First appeared in Chain News ABMedia.