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Metaplanet enterprise value dips below its Bitcoin holdings

Metaplanet, a Japanese Bitcoin treasury company, has halted Bitcoin purchases and witnessed its enterprise value drop below the value of its Bitcoin holdings for the first time. The market to Bitcoin NAV (mNAV) fell to 0.99, implying that the company's stock has lost 75% of its value since June. This decline reflects growing market concerns regarding Metaplanet's debt and operational model. As of now, Metaplanet holds 30,823 BTC, valued at $3.5 billion. The drop in mNAV follows a period where the company experienced a significant surge in its share price due to previous Bitcoin acquisitions. Analysts suggest that the decline may signal a cooling trend in the Bitcoin treasury sector, with some investors perceiving it as a potential buying opportunity despite the negative outlook. Metaplanet is not alone in this situation, as many Bitcoin treasury companies have seen significant stock declines recently.

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