Koen

[₿themoon | ∞ vs 21m | Capital ₿ear Stackers member @Bthemoon2030]

@_ALCPB been issuing tranche after tranche of warrants, OCAs and ATM facilities to fund its way to 7K-15k BTC by end off 2027. But what does that staircase actually mean for me as a holder over the next ~20 months?

I built a tool to figure it out 👇: https://t.co/IjZFTKn2Z3

It simulates the path from today (2,943 ₿, €0.64 share, ~732 sats/share) to FY27 target (7K-15K BTC end of 2027) month by month.

You pick the BTC price band, the mNAV you think Capital B trades at on avarage, and the holder behavior on OCA conversions.

The model figures out which warrants exercise when, which OCAs convert when, how much ATM gets tapped, and how big the funding gap is that requires new instruments. Share price emerges from the iteration.

— What the staircase looks like in numbers —

Warrants: 5 tranches (BSA 2026-01 to 05), 129M shares, ~€134M cash if all exercised. Strike prices €0.84 to €1.46.

OCAs: 6 tranches, 1,060 ₿ total BTC claim. Conv prices €0.544 (B-01) to €3.81 (Moonlight). Most have removed conversion gates so holders can convert at share ≥ conv × a chosen trigger. Moonlight still has original gates.

ATM: TOBAM €300M facility, only used when mNAV ≥ floor (you can set the floor)

Future instruments: whatever extra share issuance is needed to fund the rest. The model issues these at share × mNAV (same pricing as ATM.)

— What it doesn't model —

🔸The model works today but it static. The price an BTC holdings etc are the current but don't move with market and news. (no auto update of numbers)
🔸Linear BTC accumulation (real Capital B buys opportunistically).
🔸No transaction costs.
🔸No mNAV volatility - just a linear ramp.
🔸Treasury cash doesn't buy dips.

Pretty reliable for LOW + moderate mNAV. Less reliable for aggressive bull cases where assumptions compound.

— Credit —

Drag concept and BTC claim staircase framework: @CEBETracker

BTC pricing: @Giovann35084111's power law projections.

— Disclaimer —

⚡️NFA of course, just math.
⚡️Work in progress.
⚡️This model is just for fun.
⚡️Altough i tried my best there could be mistakes in the model.
⚡️I am bullish 🧡

[₿themoon | ∞ vs 21m | Capital ₿ear Stackers member @Bthemoon2030]

Proud Capital ₿ear Stackers member 🫡
As a investor in asymmetric oppertunities i can't resist.

You must be willing to do the things today others won’t do, in order to have the things tomorrow others won’t have - Les Brown

+ 37.500 @_ALCPB shares to my personal treasury. ⚡️

[Tolkien Universe @tolkienzone]

https://t.co/TIBzeMlKZ0

[₿themoon | ∞ vs 21m | Capital ₿ear Stackers member @Bthemoon2030]

https://t.co/FjFwUBxlXT

[Alexandre Laizet ⚡️ @AlexandreLaizet]

🟠 Capital ₿ Annual Results Presentation, FY 2025 ⚡️

⚡️ €11 M Revenue in FY 2025, and positive operational business EBITDA of €1.2 M

⚡️ Capital B operational cash treasury and BTC for operational needs represent approx. €7.6M as of April 2026, corresponding to 1.85x annual BTCTC costs of €4.1M (FY25)

⚡️ €278.3 million raised and acquisition of 2,783 BTC
(from 40 to 2,823) during FY 2025, with an annual BTC Yield of 1,658.5% (from 41 to 721 sats per fully diluted share over the period)

$ALCPB 🇫🇷 $CPTLF 🇺🇸 Europe's First Bitcoin Treasury Company ⚡️⚡️⚡️

Note: Operational data has not been subject to financial audit from the Company’s financial auditors and should be taken as indicative only. Find all information on the website of Capital B: https://t.co/ufOeTetxHd

Presentation Slides: https://t.co/hH9cdCvUxk

Presentation Video on YT: https://t.co/NrsNLfWXbL

[Metaplanet Inc. @Metaplanet]

*Metaplanet Issues 8 Billion JPY in 0% Ordinary Bonds to Purchase Additional $BTC*

[Metaplanet Inc. @Metaplanet]

メタプラネットは、追加のビットコイン購入のため、80億円の無利息普通社債を発行しました。

[Brian Brookshire @btc_overflow]

$MTPLF $MPJPY feels like it's just waiting for MARS listing approval to move. It's been lagging moves in bitcoin, but once Metaplanet has clarity on prefs it's game on.

[Zynx @ZynxBTC]

I'm still finding deep value at these price ranges for Metaplanet.

Here's my thesis.

EV mNAV = 1.02x
Market Cap vs. BTC NAV = 0.89x
Amplification ratio = 12.9%

Momentum has stalled relative to Strategy and Strive, who are capturing attention with the success of their Preferreds.

I suspect this will continue until Metaplanet's own Preferreds, MARS and Mercury, reach IPO.

The market is unsure at the moment about if and when they will be able to get the Prefs out to the public but I'm betting on this happening by Q2 2027 at the absolute latest.

Obviously I am hoping for sooner but things move slower with the Japanese regulators.

The opportunity set is clear.

1) $7 trillion in Japanese household cash getting less than 1% in yearly interest. Often below 0.5%.

2) Japan's fixed income market is the third largest in the world. 10-year Japanese bonds are currently yielding 2.39% vs 4.3% in the US.

3) The two aforementioned points makes the cost of capital for Metaplanet way cheaper than its market competitors in the US. It's essentially an amplified Yen carry trade.

4) Preferred dividends will be covered by revenue rather than common stock ATM. Less drag on common equity. Greater potential for mNAV expansion.

5) At 12.9% amplification, there is significant room to leverage up. Strategy sits at 33%. Strive at 42.8%. The gap is the opportunity.

The market is looking elsewhere. That is precisely why I'm accumulating. It pays to be a contrarian.

Metaplanet is the undisputed market leader in Japan and the third largest public Bitcoin holder in the world.

I am ₿ullish, but more importantly - patient.

$MPJPY | $MTPLF

[Nature is Amazing ☘️ @AMAZlNGNATURE]

Koalas being weighed.

[BitcoinTreasuries.NET @BTCtreasuries]

JUST IN: French #Bitcoin treasury company Capital B is now officially trading on the U.S. OTC market under the ticker $CPTLF.

[Zynx @ZynxBTC]

Metaplanet should up their amplification ratio from 13.2% to at least 30%.

For context, Strategy are at 34% and Strive at 43.6%.

The best way to get there is through Preferreds but if that's still some way off, traditional leverage works in the meantime.

Lots of juice left.

[Capital B @_ALCPB]

🟠 Capital B stock begins active trading on US OTCID market under ticker CPTLF 🇺🇸⚡️

Full Press Release (EN): https://t.co/FgYMwSlpjV

Full Press Release (FR): https://t.co/MoA8M5vIIu

BTC Strategy (EN): https://t.co/4CuCwz23bW

[Alexandre Laizet ⚡️ @AlexandreLaizet]

🟠 Capital ₿ has acquired 37 BTC for €2.3 million at €60,892 per bitcoin and has achieved BTC Yield of 1.25% YTD. As of 4/13/2026, $ALCPB holds 2,925 $BTC for €269.4 million at €92,096 per bitcoin ⚡️

@_ALCPB Europe's First Bitcoin Treasury Company 🇫🇷⚡️

[Simon Gerovich @gerovich]

MPJPY now tradeable on Robinhood.

Our Depositary Bank is waiving the ADR issuance fee through June 12. Applies to both MTPLF conversions and new purchases.

Full disclosure + investor FAQ in the next thread. $MPJPY $MTPLF

[Aristo @aristomarinetti]

"Never trust a thought that occurs to you indoors."

— Friedrich Nietzsche

[Interesting AF @interesting_aIl]

What to say on a 911 call after a self-defense incident according to a criminal defense attorney 🚨📞

[Zynx @ZynxBTC]

Great news for Metaplanet.

Japan's government amended the Financial Instruments and Exchange Act on Friday, formally classifying crypto assets as financial instruments alongside traditional securities.

Full implementation is expected in 2027.

The Bitcoin ecosystem is thriving.

[Ragnar @RoaringRagnar]

🇯🇵 Japan enters the next phase!

And Metaplanet is in the pole position to dominate this market.

[Nature is Amazing ☘️ @AMAZlNGNATURE]

Mama lion saving her cub after it slipped off into the pond