Metaplanet Market Cap Falls Below Bitcoin Holdings Value

Metaplanet's market capitalization has slipped below the value of its Bitcoin reserves, marking a curious inversion for the Japanese Bitcoin treasury company.

The mNAV ratio, which compares the company's market value against its Bitcoin holdings, touched 0.90x on Friday, indicating that investors are pricing Metaplanet's equity at a 10 percent discount to its digital assets.

CEO Simon Gerovich stated that the company is 'seriously considering' repurchasing its own shares using an existing $500 million credit line secured against its Bitcoin holdings.

This move would mark a change in direction for Metaplanet, which has been criticized for failing to put its money where its mouth is with regards to share buybacks.