Japan Bitcoin treasury company Metaplanet paused Bitcoin purchases for two weeks, only to see its enterprise value slip below the value of its BTC holdings.
Metaplanet, a Japanese Bitcoin treasury company, saw its enterprise value fall below the value of its Bitcoin holdings and entered uncharted territory as one of the world’s biggest public holders of the asset.
Metaplanet’s market to Bitcoin NAV (mNAV) — a ratio between the company’s value and its Bitcoin (BTC) holdings — dropped below 1 on Tuesday, reaching 0.99 for the first time on record, according to official data.
The metric has dropped by more than seven points since mid-June, as the Metaplanet stock (3350) lost 75% of its value, falling from a peak of 1,895 Japanese yen ($13) per share to $3.20 on Tuesday, according to TradingView.
