Overview

• Shares closed at 482 JPY after a roughly 12% drop, leaving the stock more than 75% below its mid-June peak.
• For the first time, the company’s enterprise value has fallen beneath the reported value of its Bitcoin reserves.
• Outlets cite sharply different Bitcoin totals for Metaplanet—about 30,800 BTC versus roughly 18,113 BTC—complicating valuation comparisons.
• A death-cross pattern has appeared on the daily chart, a signal many strategists view as a sign of prolonged weakness.
• Major institutions are reported to hold sizable short positions as Bitcoin hovers near $112,000 with thinner trading volume.