Marcus

You have power over your mind — not outside events. Realize this, and you will find strength.

₿e like the rock that the waves keep crashing over.

[Marcus @MarcusSatoshi]

“If you want to be undefeated, begin by being unconquerable.” - Epictetus

For too long, we’ve accepted the 60/40 portfolio as sacred, equities for growth, bonds for ballast. It was designed for a fiat world. But what if the foundation has shifted?

What if Bitcoin is no longer an alternative, but the hurdle rate or benchmark?

I’ve been exploring what a Bitcoin-centric 60/40 portfolio might look like, not as an experiment, but as a structured response to conviction, shaped by years spent building portfolios where alignment mattered more than convention.

"The wise man prepares for all seasons, not just the harvest." - Unknown

A Bitcoin 60/40 portfolio is not about diversification for its own sake. It’s about alignment. Alignment with a monetary thesis that says Bitcoin is the base layer.

The structure demands two answers:
– What makes up the 60% seeking growth vs the hurdle rate?
– What composes the 40% offering income, durability, and rebalancing power, without violating the thesis?

Here’s how I’ve built that foundation.

“The blazing fire makes flame and brightness out of everything that is thrown into it.” - Marcus Aurelius

🟩 The 60%: Directional Bitcoin Exposure

This is not a blind leap. It is a disciplined allocation across instruments with different characteristics, betas, and asymmetries, all tied to Bitcoin’s success.

Core:
$IBIT – 8%
IBIT LEAPS – 10% (overweight for covered calls)
$MSTR – 15%
$MTPLF – 5%
(Favorite Miner or Miner ETF) – 5%

Speculative Layer (i.e. favorite SMID cap Bitcoin Treasuries) e.g.:

$TSWCF – 3.5%
$ALTBG – 3.5%
$SQNS – 3.5%
$DDC, $HOGPF, $BLGVF – 2.33% each

Each tier plays a role. IBIT gives clean exposure. Treasury firms and miners offer levered optionality. Small-caps bring asymmetric potential, but with tight sizing.

This is not passive beta. It is curated risk.

“The obstacle on the path becomes the path.” - Marcus Aurelius

🟦 The 40%: Fixed Income, Reimagined

There are no traditional bonds here. Bonds yield little in real terms and hedge nothing in a Bitcoin regime.

Instead, this 40% is composed of protection, yield, and volatility harvesting, all inside the Bitcoin ecosystem.

$IBIT puts – 5%
$IBIT covered calls – 5% (30DTE, ~10-delta)
$MSTR covered calls – 5%
$MSTR cash secured bull put spreads – 5%

$STRC – 8%

$STRF / $STRK / $STRD – 4% each

These aren’t placeholders. They have purpose. Puts provide resilience. Covered calls generate yield from volatility. Preferreds offer 10–11.5% income, backed by a BTC strategy.

This is the ballast, not in fiat stability, but in functional endurance.

“You have power over your mind, not outside events. Realize this, and you will find strength.” - Marcus Aurelius

🎯 Why This Structure

This is not about maximizing short-term return.
It is about staying power. It is about structure.

The portfolio is designed to:
Express long-term Bitcoin conviction
Create multiple return pathways
Generate cash flow through volatility
Hedge drawdowns without hedging away conviction
Rebalance with asymmetry in mind

Conviction without structure is gambling. This is conviction with scaffolding.

“We suffer more in imagination than in reality.” - Seneca

⚖️ Trade-Offs

There are costs to alignment:

$BTC Correlation risk is real, this is not traditional diversification

$MSTR preferreds carry corporate and liquidity risk
Options require thoughtful management
Microcaps may lack transparency or tradability
And most importantly: if Bitcoin fails, so does the portfolio

But if you truly believe Bitcoin is the base layer of value, the greater risk is not being exposed enough.

“Fate leads the willing, and drags along the reluctant.” - Seneca

📈 Expected Behavior Across Market Regimes

In bull markets, high-beta exposures like LEAPS, treasury companies, and small-caps may dramatically outperform

In sideways markets, covered calls and preferreds generate steady yield

In bear markets, puts, preferreds, and tactical flexibility reduce drawdown speed and severity
This is not a volatility-avoidant portfolio. It is a volatility-literate one.

“The whole future lies in uncertainty: live immediately.” - Seneca

🧭 Who This Is For

Allocators with long horizons and strong hands

Advisors seeking to structure Bitcoin exposure for serious clients

Portfolio architects who see Bitcoin not as an asset class, but as a base layer

Builders who prefer clarity over complexity

This isn’t built for marketing decks.
It’s built for durability and alignment.

“First say to yourself what you would be; and then do what you have to do.” - Epictetus

🔚 Final Thoughts

If Bitcoin is your hurdle rate, your portfolio should reflect that.

This is one way to do so, with intent, balance, and fidelity to the thesis.

It’s not a bet. It’s a design.

“Luck is what happens when preparation meets opportunity.” - Seneca

🙇‍♂️

[Marcus @MarcusSatoshi]

@BenjaminStongMD @MasonFoard @JoshMandell6 @JeffBooth That's when the world starts thinking in Satoshis and Satoshi backed loans. Instead of dollars and securities backed loans.

[Marcus @MarcusSatoshi]

@STRC_live ✅

[Micro2Macr0 @Micro2Macr0]

Metaplanet $MTPLF is FINALLY starting to break out of a downward trend line (1) that is 6 months old. We hit a stronger level of a resistance at the trend line (2) that goes back to May. If we can get above $4.00 (3), where we see peak volumes for the life of the stock, it's off to the races again. :)

NOTE - The bullish divergence (4) that's been alive since September.

[Ragnar @RoaringRagnar]

The Next Metaplanet Milestones.

1. Launch $850M+ of preferred shares, enabling them to purchase ~7,000 BTC without any dilution. This will increase their Bitcoin treasury to almost 40,000 BTC. It's also worth nothing that they plan to service all pref dividends from the revenue they generate. So no dilution there as well.

2. Continued revenue generation with selling puts. They use ~10% of the capital they raise for this purpose. In Q3, they generated $16M+ from this, and growing fast.

3. Launch and growth of https://t.co/3Cd1Ijlph0 and Project NOVA, enabling them to generate even more revenue and potentially vertically integrate some key aspects of their treasury business.

To recap:

Metaplanet is a company with practically no debt, 30,800 BTC on their balance sheet, and strong revenue generation capabilites.

There is ZERO risk they go bankrupt.

The only major risk is Bitcoin.

If you believe in the continued growth of Bitcoin, then Metaplanet will flourish, potentially becoming the largest company in Japan.

But if you believe Bitcoin won't do well, then you shouldn't be a Metaplanet shareholder.

It's as simple as that.

[MacroScope @MacroScope17]

The established sequence:

1. Gold moves up. It outperforms BTC for weeks or months while BTC is quiet or drops.

2. Gold’s outperformance over BTC begins to slow, then reverse.

3. BTC catches up and vastly outperforms gold and other assets.

If this gold/BTC cycle plays out like previous ones, we’ve entered #2.

[Simon Gerovich @gerovich]

メタプラネットは、市場において屈指の強固な財務基盤を維持しています。豊富な資産に加え、財務レバレッジは1％未満に抑制されており、次なる戦略フェーズを実行するための余力も十分に備えています。私たちは揺るぎません。

日頃よりご支援とご信頼をお寄せいただいている株主・関係者の皆さまに、心より感謝申し上げます。懐疑的な見方や批判的な声に対しても、私たちは揺るがず、この日本から株式・債券市場の変革をリードしていく強い意志を持っています。

Metaplanet maintains one of the strongest balance sheets in the market, asset rich with leverage under 1%, and a full runway to execute the next phase of our strategy.

To our supporters and shareholders, thank you for your continued belief and support. And to the skeptics and critics, we are not going anywhere, and we fully intend to lead the transformation of equity and fixed income capital markets from Japan.

[Zynx @ZynxBTC]

The end goal for the Bitcoin Treasuries that win are either becoming banks or conglomerates... perhaps both.

1. Use your Bitcoin as collateral to eat the fixed income market and eventually replicate the functions of a traditional bank.

2. Use your Bitcoin as collateral to buy assets and profitable businesses.

Generating yield on the Bitcoin currently DOES NOT MATTER... right now, the goal should be to stack as much Bitcoin as possible.

Avoid the BTCTCs that do not understand or optimise for this.

[Daily Stoic @dailystoic]

"Let all your effort be directed towards a particular aim and keep a particular aim in sight." Seneca

[Zynx @ZynxBTC]

It's Yachts or McDonald's.

I've broken all my portfolio rules for this Japanese Hotel.

Metaplanet will be Japan's largest I have no doubt.

Irresponsibly long.

[Bill Ulivieri @cenaclecapital]

$MTPLF vs $MSTR relative strength chart. Flipped into a column of X's indicating short term outperformance by Metaplanet. This pairs trade has a LONG way to go before we can consider it in bull market.

[Marcus @MarcusSatoshi]

@vincent13031925 Got in at $3.80. Very happy camper.

[Dan Hillery @hillery_dan]

Buying MTPLF.

[Simon Gerovich @gerovich]

1) On the September-October Bitcoin purchase window:

The Sept-Oct timeframe in our disclosure is simply a regulatory window we had to define - it's not a hard constraint on our execution timeline. Our actual approach prioritizes speed while being thoughtful about market impact. We're balancing three objectives: maximizing BTC yield, minimizing market impact on Bitcoin prices, and optimizing revenue generation from our Bitcoin income business. We have zero intention of being indecisive with these proceeds. That said, dumping all into the market in one day would be irresponsible. We'll be diligent but decisive in our execution.

2) On the announcement-to-pricing timeline and stock pressure:

Short selling stock and covering with shares from the offering is illegal. Every broker in Japan was explicitly informed of this fact. The ~30% decline during that window was obviously not what we planned or wanted.

Could there have been factors at play? Absolutely - market uncertainty about the deal size, confusion about proceeds versus share count, general market sentiment, or other dynamics. But I cannot speculate publicly on specific market activities.

What I will say is that the Japanese market has different rules and timelines than other markets. The timeline requirements are what they are, but we're certainly aware of how this window played out.

3) On lessons learned and future offerings:

The most valuable part? We met with approximately 100 institutional investors over that week and told our story directly. More importantly, a large amount of the capital we spoke to came from long-only investors; serious institutional allocators who will be monitoring Metaplanet for years to come. That alone made this process supremely valuable.

Will we do this again? We're keeping all fundraising options open. Every tool in the toolkit matters. The experience and relationships we built are invaluable for maximizing shareholder value both today and indefinitely into the future. But each situation will be evaluated on its own merits.

4) On sub-1x mNAV scenarios:

If we trade below 1x mNAV, selling equity becomes mathematically destructive - it would be negative for BTC yield. At that point, we'd evaluate options like issuing preferred shares, and potentially, stock buybacks, possibly in tandem. This is exactly why we're laser-focused on getting perpetual preferred stock as a tool in our arsenal. Having multiple financing instruments gives us flexibility to create value regardless of where the common equity trades.

The key is having options. We're aiming to build a full toolkit so we can optimize our approach regardless of market conditions.

Hope this helps clarify our thinking.

[21Rates @21RatesHQ]

"I think Metaplanet will be the most valuable hotel company in the world. I think they will be the most valuable company in Japan.

And every day I get up I have to go to work because the Metaplanet people are going to outrun me if I don't."
- @saylor 😂

[mNAV.com @BitcoinPowerLaw]

🚀 Big news: MicroStrategist is now https://t.co/szBXGcZnG5 — the hub for Bitcoin Treasury insights, dashboards & smarter stacking strategies.

A new name. A bigger mission. The same commitment to driving BTC treasury adoption.

[Adam Livingston @AdamBLiv]

Metaplanet priced in Bitcoin since April 2024.

Enjoying the bumpy ride!

[Zynx @ZynxBTC]

It is going to be amazing to see Metaplanet buy another 10,500+ Bitcoin and have zero debt.

A Bitcoin Treasury with 30,000+ BTC, no debt and can generate a cash income via the CSPs is still an incredible value proposition.

Then we get to see intelligent leverage via the Preferred's which should add another 5000-10,000 Bitcoin to the balance sheet.

There's a real possibility that Metaplanet ends the year with 50,000 Bitcoin.

If we can get the combination of Bitcoin running to $140k+ and mNAV expansion to 3> once more then share price will be far higher than what it is today.

I don't see this as an unrealistic possibility.

[Marcus @MarcusSatoshi]

Mute is better in my opinion.

I mute words, phrases, and accounts I don't like. They'll never know. They can still engage and help me in the algorithm.

Also on my homepage I tell it when I don't like a post. It helps the algo and helps other people's timelines see less of it.