Metaplanet’s valuation, much like a Russian aristocrat’s gambling debts, briefly collapsed below its Bitcoin holdings-an absurdity worthy of Gogol’s satire.
The mNAV-(market cap + liabilities) divided by Bitcoin assets-plunged under 1.0, implying the market values this company less than its digital gold hoard. A concept so ludicrous, even Oblomov would wake from his slumber to scoff at it. 🤦♂️
The Great Bitcoin Discount: A Tragedy in Three Acts
Metaplanet (TSE: 3350), which clings to Bitcoin like Tolstoy’s Levin to his agrarian ideals, saw its mNAV sink to 0.99 on Tuesday-a number as shocking as Anna Karenina’s train ticket. Shares tumbled 12.36% to ¥482, as if the specter of Napoleon himself haunted the markets. 📉
Though the mNAV later whimpered back to 1.01, the damage was done. The stock, much like a poorly planned duel, is down 20.3% this month-yet still up 28.7% this year, because irony is eternal. The firm holds 30,823 BTC, a stash that would make Platon Karataev weep with confusion.
Analysts, those eternal chatterers of the Moscow salons, argue whether this mNAV dip signals doom or mere melodrama. Is it a “bubble bursting,” as one claims, or just the market being as fickle as Natasha Rostova’s affections? 🤔
The Philosophical Debate: To mNAV or Not to mNAV?
Greg Cipolaro of NYDIG-a man with the fervor of Father Zossima-declared mNAV “a lie,” dismissing it as eagerly as Pierre Bezukhov rejects Freemasonry. “It ignores revenue! It misleads like a French émigré!” he cried, to which the markets replied with a collective shrug. 🙄
Yet Metaplanet, undeterred by existential crises, raised its profit forecast by 88%. A move as bold as Kutuzov abandoning Moscow-except, unlike Napoleon, they might actually win this time. 🏆
In Conclusion:
“Equity-funded BTC accumulation slows as Metaplanet’s share price drops, while BIG sees high returns but faces sustainability concerns. Phase II focuses on platform development…Bitcoin bank.” – Mark Chadwick
5/
– Smartkarma (@smartkarma) October 2, 2025
🚨NYDIG’s Greg Cipolaro says mNAV is a lie – and it needs to be deleted!💸
He calls the “market cap to crypto value” metric “useless” because:
• It ignores non-crypto revenue (like Strategy’s software sales)
• Treats convertible debt as equity (it’s a liability!)
• “NAV…– Josh ( locked in arc ) (@joshstaked) September 30, 2025
Corporate Restructuring: Bonds, Shares, and the Inevitability of Change
Metaplanet, like a tsar redistributing serf lands, issued new shares and repaid bonds-13,000 options exercised, ¥637 per share, ¥750 million in debt cleared. A maneuver as delicate as a waltz at a St. Petersburg ball, yet with all the grace of a bear in a porcelain shop. 🐻
Thus continues the grand saga of finance: a tale of numbers, nerves, and the eternal human capacity to misunderstand both. The end? Unwritten-much like War and Peace’s first draft. ✍️
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2025-10-15 06:12