Metaplanet’s Enterprise Value Sinks Below Bitcoin Holdings

Metaplanet Inc.’s enterprise value dipped below that of its Bitcoin reserves, underscoring diminishing investor appetite for so-called digital-asset treasury firms globally.

The Tokyo-listed hotelier pivoted to accumulating the original cryptocurrency in April 2024 and once commanded a hefty premium to its Bitcoin net asset value. Its shares hit an all-time high in mid-June but have slumped about 70% since, dragging the company’s mNAV — the ratio of its market capitalization and debt to its token holdings — to 0.99 at one point on Tuesday, according to data published by the company.