Overview

• The Tokyo-listed stock closed at 482 JPY on Oct. 14 after falling about 12%, leaving mNAV at 0.99 based on the company’s website.
• Metaplanet holds about 30,823 BTC worth roughly $3.4–$3.5 billion, ranking fourth among public corporate treasuries.
• The firm’s mNAV includes $24.68 million of total debt, putting enterprise value slightly below the market value of its bitcoin reserves.
• Trading pressure has intensified with a 'death cross' on the chart and reports of rising institutional short interest, while the shares have dropped roughly 70% since June.
• The slide follows a broad crypto selloff, including about $19 billion in liquidations that briefly pushed bitcoin below ~$110,000, as more digital-asset treasury firms trade at discounts according to K33 Research.