Japan's largest Bitcoin treasury company is now trading *below* the value of the Bitcoin it holds. Metaplanet bought 40,177 BTC at an average price of ~$104,000 today BTC sits at $61,600. Their stock? Down 87% from peak.
This is the corporate treasury playbook laid bare: someone else holds the keys, makes the buy decisions, and you inherit their unrealized losses through a stock ticker. Meanwhile, self-custody costs you nothing but responsibility.
You can't "buyback" your way out of not controlling your own Bitcoin.
#SelfCustody

Protos
Metaplanet pitches stock buybacks after 96% mNAV decline
Metaplanet’s mNAV has crashed 96% since July 24, 2024, and its CEO is reminding investors that at least the company can buyback some stock.









