Metaplanet's Net Asset Value (NAV) is now trading below the value of its underlying Bitcoin holdings, as indicated by the mNAV chart showing a current value of 0.99. This suggests a potential discount opportunity for investors to gain exposure to Bitcoin through Metaplanet at a price lower than its direct market value. The author draws a parallel to Grayscale in 2022, implying that such discounts can emerge when the "operator premium" diminishes.