Metaplanet, a Japanese listed company, has seen its market capitalization fall below the value of its Bitcoin reserves.

Metaplanet Inc., a publicly listed Japanese company, has seen its market capitalization fall below the value of its Bitcoin reserves. Data shows that its stock price hit a record high in mid-June but has plummeted about 70% since then, causing the ratio of the company's market capitalization and debt to its token holdings (mNAV) to fall to 0.99 at one point on Tuesday.