Metaplanet's Market Value Falls Below Bitcoin Reserves

According to Foresight News, Japanese publicly traded company Metaplanet has seen its market capitalization drop below the value of its Bitcoin reserves. The company shifted its strategy in April 2024 to focus on accumulating the original cryptocurrency, initially achieving a market value significantly 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%. This decline led to its mNAV ratio, calculated as the sum of market value and debt divided by token holdings, briefly falling to 0 source: https://www.binance.com/en/square/post/30992906029793?utm_source=BinanceNewsRSS