Metaplanet (3350) is now trading below a 1.0x multiple to net asset value (mNAV) for the first time since launching its bitcoin treasury strategy back in 2024.

mNAV can be defined as a metric that measures the market capitalization of a company relative to the value of the crypto assets it holds on its balance sheet.

According to the company’s website, its currently valued at 0.99x mNAV. Metaplanet’s definition of mNAV includes total debt, which stands at $24.68 million, representing its aggregate outstanding debt. Metaplanet is the fourth-largest bitcoin treasury holder globally, with 30,823 BTC, representing a treasury worth $3.5 billion.

The company’s share price fell 12% on Tuesday, closing at 482 yen. While, its share price is up 35% year-to-date.

Similarly, KindlyMD (NAKA) is als

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