@thebtcpharaoh They also need to hold some money back to cover the cost of buying back the private placement prefs since Japanese regulators clearly aren't going to approve listed prefs this year.
@McDonaldsPrinz@UncleDividends They don't have any money to buy Bitcoin. They refuse to borrow money. Their MSW plan can't run because the share price is below 1mNAV. They don't have prefs up and running.... so, how would they buy Bitcoin?
@nztester@OneChairPod Yep. I made a major error by investing so much into this company. I've not only lost money, but I've also lost years of my life because this error prevents me from retiring on time. I know it's my own fault for going in so heavy, but it's still awful how it all played out!
@DylanLeClair I'm trying to figure out if this is good or bad for Metaplanet. Wasn't part of the original thesis that investors were subject to heavy taxes, so Metaplanet gave them Bitcoin exposure without the taxes?
@AdamBLiv No, the bear case is now, "ok, they have the licenses to sell certain financial products, but they STILL have to get regulatory approval to sell the specific prefs that they want to sell, and Japanese regulators don't seem to keen to provide that approval."
@gerovich You say it isn't built to stand still, but you don't say what it's built to do. What's the plan? What's the timeline for the plan? Are you going to revise your 100k EOY Bitcoin goal soon? The MSW plan isn't working, prefs aren't approved, and you refuse to borrow money. Now what?