Metaplanet, a Japanese Bitcoin treasury company, saw its enterprise value fall below the value of its Bitcoin holdings, reaching an mNAV of 0.99 for the first time. The company’s stock lost 75% of its value, dropping to $3.20 per share. Metaplanet holds $3.5 billion in Bitcoin with 30,823 BTC on its balance sheet.

mNAV is a ratio of enterprise value to Bitcoin NAV, helping investors assess how the market values the company relative to its BTC holdings. When mNAV falls below 1, it signifies the company is trading at a discount to the value of its Bitcoin holdings. Metaplanet’s mNAV decline may present a buying opportunity for long-term Bitcoin bulls.

Metaplanet’s mNAV drop reflects a cooling trend in Bitcoin treasuries. Analysts see the decline as a bursting bubble, signaling potential buying opportunities. Other Bitcoin treasury companies, like Michael Saylor’s Strategy, have also experienced stock declines recently. Metaplanet’s mNAV fell below 1 for the first time on record, indicating market concerns.

Read more at Cointelegraph: Metaplanet Misses Bitcoin Buys As mNAV Dips Below 1