Metaplanet, a Japanese Bitcoin treasury company, saw its enterprise value fall below the value of its Bitcoin holdings and entered uncharted territory as one of the world’s biggest 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,…
Read the full article here
