Welcome to the US Crypto News Morning Briefing-your daily dose of crypto chaos and confusion, served with a side of sarcasm! 📰🤪
Grab your sake and hold onto your bitcoins, folks, because Japan’s crypto darling, Metaplanet, is in a pickle! 🍣🥒 Once hailed as the digital gold pioneer, it’s now trading cheaper than its own Bitcoin stash. Talk about a symbolic crack in the market’s faith-or maybe just a bad case of crypto constipation. 💩💰
Crypto News of the Day: Metaplanet’s mNAV Hits Rock Bottom as Bitcoin Faith Takes a Dive 🌊📉
Japan’s Bitcoin poster child, Metaplanet Inc., has hit the crypto equivalent of rock bottom. Trading below the value of its 30,823 BTC reserves, it’s like showing up to a party and realizing your outfit costs more than your date. 💼👗
With an mNAV of 0.99, investors are basically saying, “We’d rather have the Bitcoin, thanks-your stock? Not so much.” 😂🚫
And get this-despite killer fundamentals like:
- 115.7% growth in Q3 Bitcoin-related revenue (cha-ching! 💸),
- Raised 2025 guidance to ¥46 billion ($302.5 million) 🎯,
- And a balance sheet cleaner than a Marie Kondo closet after redeeming bonds and paying down debt. 🧹✨
But since June, Metaplanet’s shares have plunged 70%, faster than a Mel Brooks punchline. 😱💔
“Why did my Metaplanet models fail?… All my models were based on mNAV premium arbitrage before compression to 1, but the compression occurred very quickly. Tons of new companies didn’t help as everyone fought for inflows,” wrote pseudonymous analyst Climb the Ladder on X. 🤓📉
Translation: The crypto treasure hunt turned into a game of musical chairs, and Metaplanet got left standing. 🎶🪑
Adding insult to injury, Metaplanet President Simon Gerovich announced they’re pausing stock acquisition rights to “refine” their strategy. Sure, Simon, whatever you say. 🧐✋
“We are now temporarily suspending the 20th-22nd Series of Stock Acquisition Rights as we optimize our capital raising strategies in our relentless pursuit of expanding our Bitcoin holdings and maximizing BTC Yield,” he shared in a post. 🚀💹
Still, the mNAV inversion is a gut punch to the idea that Bitcoin-rich companies are the golden ticket to crypto riches. 🌟💔
With an Extraordinary General Meeting on December 22, will this be a minor hiccup or a full-blown crypto reckoning? Stay tuned, folks-it’s gonna be a wild ride! 🎢🍿
Q4 marks a critical stretch for Metaplanet, as we continue to execute our vision. As such, we are calling an Extraordinary General Meeting of Shareholders on December 22, 2025, with October 24, 2025 set as the record date for voting eligibility. More details to come. 📅📝 – Dylan LeClair (@DylanLeClair_) October 8, 2025
Chart of the Day 📊
Byte-Sized Alpha 🥨
Crypto Equities Pre-Market Overview 📉
| Company | At the Close of October 13 | Pre-Market Overview |
| Strategy (MSTR) | $315.47 | $299.30 (-5.13%) 😢 |
| Coinbase (COIN) | $356.99 | $340.84 (-4.52%) 😬 |
| Galaxy Digital Holdings (GLXY) | $41.23 | $38.00 (-7.83%) 😱 |
| MARA Holdings (MARA) | $20.24 | $19.15 (-5.39%) 😓 |
| Riot Platforms (RIOT) | $21.70 | $20.44 (-5.81%) 😭 |
| Core Scientific (CORZ) | $19.21 | $18.49 (-3.75%) 😕 |
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2025-10-14 19:59