Overview
- Metaplanet’s mNAV dipped to 0.99 for the first time, then edged back to about 1.01, after the stock closed at ¥482 on a roughly 12% drop and about a 70–75% slide since June.
- The company holds 30,823 BTC worth roughly $3.4–$3.5 billion, placing it fourth among public bitcoin treasuries, according to industry trackers.
- On Oct. 10 the firm paused exercise of its 20th–22nd moving‑strike warrants, limiting a key share‑issuance tool used to fund additional bitcoin purchases.
- Technical pressure is mounting, with a recent “death cross” on the chart and market reports pointing to increased short positions by major institutions.
- The setback aligns with a wider rerating of digital‑asset treasury firms after a reported ~$19 billion in crypto liquidations tied to macro news, with a notable share of peers now trading below 1.0x mNAV.