Metaplanet Inc., a publicly traded Japanese company, has seen its market capitalization fall below the value of its Bitcoin reserves, according to Bloomberg. The company adopted a Bitcoin accumulation strategy in April 2024, which initially led to a significant premium over its net Bitcoin asset value. However, after reaching an all-time high in mid-June this year, Metaplanet's stock price has plummeted approximately 70%, causing its market net asset value (mNAV) to drop to 0.99 on Tuesday.