KindlyMD Chief cautions that not all Bitcoin treasuries will survive

According to David Bailey, KindlyMD CEO, the initial hype surrounding firms holding large Bitcoin reserves is cooling as investors become more cautious. So far, Bitcoin treasury companies have watched their market net asset values (mNAVs) tumble in the past few months.

Earlier this week, Metaplanet, a Japanese Bitcoin treasury company, saw its enterprise value fall below the value of its Bitcoin holdings, entering uncharted territory as one of the worlds largest public holders of the asset.

The company‘s market-to-NAV (mNAV) ratio, which compares the company’s value to its Bitcoin holdings, dropped below one on Tuesday, reaching 0.99 for the first time on record, according to official data.

Data from TradingView shows that the metric has decreased by over seven points since mid-June, as the Metaplanet stock (3350) has lost 75% of its value, dropping from a high of $13 per share to $3.20 on Tuesday.

Metaplanets mNAV dropped below one after the firm stopped buying Bitcoin for the past two weeks, with its most recent BTC purchase announced at the end of September.

Different from traditional net asset value (NAV), mNAV is a ratio of enterprise value to Bitcoin NAV, intended to help investors gauge how the market values the firm relative to its underlying BTC holdings, according to a mNAV page on BitcoinTreasuries.NET.

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