According to Charles Edwards, Metaplanet is in a -73% drawdown, has been making infrequent Bitcoin (BTC) purchases, and its mNAV is collapsing toward 1; source: Charles Edwards (@caprioleio) on X, Sep 18, 2025. For traders, Edwards’ remarks focus attention on two key drivers to monitor: the frequency of BTC treasury additions and the mNAV trajectory toward 1; source: Charles Edwards (@caprioleio) on X, Sep 18, 2025. Edwards also states that all treasury company mNAVs trend toward 1 over time, underscoring convergence risk when evaluating Metaplanet equity versus holding BTC directly; source: Charles Edwards (@caprioleio) on X, Sep 18, 2025.