Metaplanet Market Cap Dips Below Bitcoin Reserves

Japanese company Metaplanet has experienced a significant decline in its market capitalization, falling below the value of its Bitcoin reserves. The company shifted its strategy in April 2024 to prioritize accumulating Bitcoin, initially achieving a market value substantially higher than its net Bitcoin asset value. Metaplanet’s stock price reached an all-time high in mid-June, but has since plummeted by approximately 70%, leading to a brief dip in its mNAV ratio (market value and debt divided by token holdings), reaching 0.99 on Tuesday. This move underscores the volatility present within the cryptocurrency market.