Japan-based publicly traded company Metaplanet has attracted attention with a market capitalization that has fallen below the total value of its Bitcoin reserves. Metaplanet's Market Cap Drops Below Bitcoin Reserves The company positioned itself as “Japan's MicroStrategy” by transitioning to a Bitcoin accumulation strategy in April 2024. This strategy attracted considerable market interest for a while, and Metaplanet achieved a significant premium valuation compared to Bitcoin assets. Metaplanet's share price reached a record high in mid-June, a period of peak investor interest. However, since then, the stock has plummeted, resulting in a loss of approximately 70% of the company's total market value. According to the latest data, the company's mNAV (market-to-net asset value ratio) fell to 0.99 on Tuesday, indicating that Metaplanet now has a market capitalization lower than its Bitcoin reserves. This suggests waning investor confidence in the company's long-term Bitcoin strategy. Metaplanet's management hasn't officially commented on the price drop, but analysts say Bitcoin price fluctuations and a risk-off trend in the Japanese stock market are putting pressure on the company's shares. *This is not investment advice.