Metaplanet’s Stock Takes a Dive as Bitcoin Holdings Outweigh Company Value
Metaplanet’s stock price has taken a meaningful hit, dipping below the crucial ¥500 support level. This decline marks a new low sence May and represents a 75% drop from its peak this year.
The company, known for its significant Bitcoin holdings, has seen its net asset value (mNAV) has fallen below its Bitcoin holdings for the first time. This shift indicates that the company’s enterprise value is now less than its Bitcoin reserves. This shift is a first since Metaplanet started accumulating Bitcoin.
several factors have contributed to this plunge. Interest in Bitcoin treasury companies has waned, affecting metaplanet and others like Bullish and MicroCloud Hologram. The company has also slowed its Bitcoin accumulation, possibly due to the falling premium.
- Metaplanet’s stock price has formed a death cross pattern.
- Technical analysis suggests further downside in the near term.
- The stock could target the ¥300 support level next.
investors have been taking profits after the stock surged nearly 4,000% from its 2024 low. Rising dilution, with shares increasing from 181 million in 2021 to 654 million, has also played a role. The daily chart shows a strong downtrend,invalidating previous support levels and patterns.
For more insights, check the Metaplanet share price chart.
