The value of the mNAV metric was below 1.00 hours ago.
Mark Chadwick interprets that “the bubble” of bitcoin treasury companies is bursting.
The market value of Metaplanet Inc., the Japanese investment firm known for its bitcoin (BTC) accumulation strategy, has fallen below the value of its reserves of the digital asset.
The company’s shares have plunged more than 70% from their all-time high in June, in a sign of the declining investor appetite for companies that act as bitcoin treasuries.
During trading this Tuesday on the Tokyo Stock Exchange, Metaplanet shares closed with a drop of 12%, as seen in the following graph, provided by TradingView:
According to data published by the company itself, your mNAV —the ratio of your market capitalization and debt to your digital currency holdings— it reached 0.99although he recovered quickly.
This indiacadore evidence that the market valued the company below its own bitcoin assetsan unprecedented situation for the firm.
Metaplanet, which, as CriptoNoticias has explained, began its treasury strategy in April 2024, currently owns 30,823 bitcoin, valued at approximately $3.4 billion.
The analyst Mark Chadwickconsulted by Bloomberg, interpret the fall as the “burst of a bubble” around these actions. However, long-term bullish bitcoin investors could view the current discount as a buying opportunity.