Metaplanet’s Enterprise Value Tumbles Below Bitcoin Holdings, Stock Plunges 12%
Metaplanet’s enterprise value has slumped below the value of its Bitcoin reserves as the crypto’s price plunge pressures Asia’s largest BTC treasury firm. The Japan-based company’s mNAV — the ratio of market capitalization plus debt to the value of its crypto holdings — dropped to 0.99 during today’s trading session, Bloomberg reported, citing data from Metaplanet’s website. Metaplanet’s share price plunged more than 12% in the past 24 hours, extending a dizzying 70% correction since June, according to Google Finance. Metaplanet share price (Source: Google Finance ) Metaplanet’s shares are also down more than 19% over the past week The declining share price is one of the main drivers for the company’s falling mNAV, and the stock remains under pressure. Looking at the daily chart for Metaplanet’s share price, a major bearish technical flag has been triggered in the past couple of days, with the 50 Simple M...