16% huge floating loss! 30,823 Bits evaporated overnight, Japan's 'All in King' tragically turned into a接盘侠?

According to the latest data, the Japanese listed company Metaplanet has experienced significant floating losses due to its Bitcoin holdings, and its stock price has fallen sharply, reflecting the market's bearish sentiment towards digital asset treasury companies (DATs) and the dual pressure brought by Bitcoin price volatility.

1. Metaplanet Bitcoin Holdings and Stock Price Status

Bitcoin Treasuries data shows that as of November 18, 2025, Metaplanet holds 30,823 Bitcoins (BTC), with a total value of approximately $2.78 billion and an average holding cost of $108,036. Based on current market prices, their holding has incurred an unrealized loss of 16.86%. Meanwhile, the company's stock price has fallen back to levels seen in April 2025. Another key indicator, mNAV (which is the sum of the company's market value and total liabilities divided by the value of its held bitcoins), has currently dropped to 0.912, indicating that the company's total enterprise value has fallen below the value of its bitcoin assets. Since the stock price peaked in mid-June 2025, Metaplanet's cumulative decline has exceeded 70%, and its market capitalization has also fallen to approximately $2.61 billion.

2. Analysis of the Reasons for Stock Price Decline and Unrealized Losses

The predicament faced by Metaplanet is the result of multiple factors working together. The most direct reason is the overall sluggishness of the Bitcoin market price. As the company's core asset, the volatility of Bitcoin's price directly determines its book value and market confidence. A deeper reason lies in the significant shift in market valuation logic regarding business models like "Digital Asset Treasure Trove" (DATs). In the early days, the market gave such companies a premium far above their Bitcoin Net Asset Value (NAV), but current investor sentiment has clearly shifted to caution, with the frenzy subsiding, resulting in selling pressure on related stocks. Furthermore, Metaplanet is not an isolated case; the entire DATs industry is experiencing a cold wave. For example, MicroStrategy (MSTR)'s mNAV has also fallen below 1, indicating that this is an industry-wide confidence issue.

3. Company Strategy and Market Response

In the face of market volatility, Metaplanet CEO Simon Gerovich publicly stated on platform X that the company's long-term strategy will remain unchanged, continuing to focus on the steady accumulation of long-term value. This statement aligns with its strategic positioning, which is to use Bitcoin as a primary reserve asset to hedge against economic pressures in Japan and the weakness of the yen. The company has also launched Bitcoin yield generation businesses, such as generating premium income by selling put options, and recorded approximately 770 million yen in operating income from this business in the first quarter of the fiscal year 2025. However, the market seems to be more concerned with the negative performance of short-term prices rather than the company's long-term narrative.

4. Future Outlook and Potential Risks

Despite the current severe situation, the mNAV dropping below 1 may be viewed by some "coin-based" investors as a theoretical investment opportunity, as it means that company stocks can be purchased at a discount price below their Bitcoin asset value. However, investing in such companies is as highly dependent on market consensus and sentiment as directly investing in Bitcoin, with extreme value volatility and no traditional "fundamentals" to speak of. The key for the future still lies in the price trend of Bitcoin and whether market confidence in the DATs business model can be restored. For Metaplanet, the ability to adhere to its strategy amidst volatility and effectively manage its Bitcoin assets will be central to determining its long-term fate.