Metaplanet's Broken Business Model: mNAV Falls Below Bitcoin Holdings Value

Metaplanet's business model has hit a snag after its market capitalization fell below the value of its Bitcoin holdings. The company's mNAV, or metric for measuring the ratio of market cap to the value of its Bitcoin treasury, stood at 0.72 as of July 25, 2026.

This marks a significant reversal from its peak in July 2025 when the mNAV was above 3x. As a result, issuing new shares to buy more Bitcoin now destroys value for existing holders rather than creating it.

CEO Simon Gerovich has acknowledged this shift and stated that when the mNAV drops below 1.0, the company will 'seriously consider' share buybacks instead of further equity issuance to maximize Bitcoin yield. However, no concrete repurchase program has been announced yet.