Japanese Bitcoin Proxy Metaplanet Plunges as Key Metric Turns Negative

Shares of Metaplanet, a Japanese company widely viewed as a proxy for Bitcoin investment, experienced a dramatic selloff on Tuesday, plummeting more than 12%. The decline was triggered by a significant milestone: for the first time, the firm’s entire market valuation dropped below the dollar value of its substantial Bitcoin reserves. This development signals a severe erosion of investor confidence in the crypto-treasury corporate model.

The catalyst for the intense selling pressure was the inversion of a crucial financial metric. Metaplanet’s Enterprise Value (EV) now sits below the assessed value of its Bitcoin holdings. The market-to-Bitcoin NAV ratio has fallen to 0.99, dipping beneath the critical 1.0 level. This figure sends an unambiguous message from the market—the company as a... Read more...