Metaplanet mNAV has dropped to 0.99, causing its market capitalization to fall below its Bitcoin reserve value.

BlockBeats News, October 14th, according to Bloomberg, the market value of the Japanese publicly listed company Metaplanet Inc. has fallen below its Bitcoin reserve value. The company shifted to a Bitcoin accumulation strategy in April 2024 and once enjoyed a significant premium relative to its net Bitcoin position. Its stock price hit a historic high in mid-June this year, but has since plummeted by about 70%, causing the company’s mNAV (the ratio of enterprise market value to the value of BTC held) to briefly drop to 0.99 today.