Japanese publicly traded 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, focusing on accumulating Bitcoin. Initially achieving significantly higher market capitalization than its net Bitcoin asset value, Metaplanet’s stock price reached an all-time high in mid-June but has since dropped by approximately 70%. This decline has resulted in a mNAV ratio (calculated as the sum of market value and debt divided by token holdings) briefly falling to 0.99 on Tuesday. This development highlights the volatility and inherent risks associated with cryptocurrency investments.