Metaplanet's market-adjusted net asset value (mNAV) fell below 1.0 for the first time, indicating a market discount relative to its Bitcoin holdings. The mNAV, calculated as market capitalization plus total liabilities divided by the net asset value of Bitcoin holdings, dropped to 0.99, causing shares to fall 12.36% to JPY 482. This decline occurred amid broader market pressures, including rising US-China tensions. Despite the temporary dip, mNAV recovered to 1.01, but the breach raised investor concerns about Metaplanet's valuation and future financing. The company holds 30,823 BTC and has seen its stock decline by 20.3% over the past month, though it remains up 28.7% year-to-date. Analysts debate the implications of the mNAV dip, with some viewing it as a potential buying opportunity. In response to market conditions, Metaplanet exercised stock options and partially redeemed bonds, adjusting its capital structure. The company also raised its FY2025 operating profit forecast by 88% to $30.9 million, citing improved treasury operations and favorable macro conditions.