Metaplanet enterprise value dips below its Bitcoin holdings

Japan Bitcoin treasury company Metaplanet has 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, has seen its enterprise value fall below the value of its Bitcoin holdings, entering uncharted territory as one of the world’s largest 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 482 yen ($3.2) on Tuesday, according to TradingView.

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