‘Asia’s MicroStrategy’ Metaplanet Down 70% Since June, Company Value Falls Below $3.4B Bitcoin Reserves
Metaplanet Inc. (OTCQX:MTPLF) shares fell to $3.45 on Tuesday, extending a months-long slide that has erased 70% of the company’s value and pushed its market capitalization below the worth of its Bitcoin reserves.
Market Discounts Metaplanet’s Bitcoin Holdings
The Tokyo-based company, once hailed as Japan’s equivalent to Strategy Inc. (NASDAQ:MSTR), is now confronting a sharp reversal in its fortunes.
After pivoting from hospitality to Bitcoin (CRYPTO: BTC) investment in April 2024, Metaplanet’s stock initially soared as traders embraced its crypto-treasury strategy.
That optimism has since evaporated. The company’s market value and debt combined now total less than the value of its Bitcoin holdings, with its market-to-net-asset-value ratio (mNAV) briefly falling to 0.99 on Tuesday.
This indicates that investors are valuing the firm below its own Bitcoin reserves which is a rare scenario for listed crypto-treasury firms.
Technical Breakdown Deepens Losses
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