Metaplanet’s Enterprise Value Drops Below Bitcoin Holdings

Japanese Bitcoin treasury company, Metaplanet, has experienced a notable decline in its enterprise value relative to its Bitcoin holdings. This marks one of the largest public Bitcoin holders as their market valuation falls below the actual worth of their Bitcoin assets. According to official data, Metaplanet’s market-to-Bitcoin NAV (mNAV) dropped below 1 on Tuesday, reaching a record low of 0.99. This dip follows Metaplanet halting Bitcoin purchases in recent weeks, resulting in a significant decline of 75% in their stock value from an all-time high of ¥1,895 to just ¥482. This marks a substantial shift in the company’s financial landscape.