The Bitcoin price saw a sharp decline as it retested the $58,000 level, which had not been recorded since late 2024, and the Bitcoin exchange-traded fund (ETF) market, in turn, bled sharply.
This affected companies holding Bitcoin, as Metaplanet shares closed in the over-the-counter (OTC) market at around $1.29 on June 25, continuing a decline that spanned a full year and amounted to 88%, while the company’s Bitcoin holdings reached over 40,000 coins.
These figures have attracted the attention of an analyst who believes that the market is pricing the stock well below its true value.
The market value of “Metaplanet” without the value of its Bitcoin holdings:
According to data released by analyst “Zynx” on June 26, “Metaplanet” currently owns 40,177 bitcoins with a net asset value of approximately $2.36 billion, while its market value does not exceed $1.54 billion and its debts amount to $297 million.
Zynx wrote, commenting:
There’s no reason to trade a profitable company for much less than its book value.
The $2.36 billion net asset figure comes from the company’s own tracker, which also shows that its enterprise value is around 0.81 times its Bitcoin net asset value, meaning investors are effectively buying Bitcoin at a discount.
Additionally, the unrealized loss on its Bitcoin holdings amounts to approximately $1.77 billion, as 40,177 of these currencies were purchased at an average price of $104,000 per coin, or a total of approximately $4.18 billion.
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After falling 51%: Is Bitcoin price awaiting a deeper low at 42,000?
