Metaplanet vs. Bitcoin on the road back to the $126,000 BTC ATH:
Metaplanet currently trades around 0.83× CEBE mNAV, which looks substantially derisked to me.
In this projection, Metaplanet buys zero additional Bitcoin and raises zero new growth capital. BTC simply returns to $126,200, while minor share issuance covers existing obligations.
CEBE NAV rises to $3.74 per share.
At a 1.50× ending mNAV, MTPLF reaches roughly $5.60... about a 4.03× from today versus Bitcoin’s 1.97×.
That is approximately 2.04× Bitcoin’s return multiple, without purchasing another sat.
Adam Silver says next season’s schedule is on hold until LeBron makes his decision ⏳👀
"We have to finish up the schedule and where LeBron plays affects the schedule ... opening week, Christmas. So I need him to make a decision."
(via Game Plan, @CNBCSport@boardroom)