bitcoin

bitcoin - made

[bitcoin @getonbitcoin]

@tristanblcktrnr @Metaplanet @nakamoto @Strive @ColeMacro The only thing more absurd than this merger idea, is the notion that Matt Cole has any business in a real man's weight room. Look at those shoulders. Look at the arms. Weight room cosplay.

[Simon Gerovich @gerovich]

A lot of pieces are being put in place right now at Metaplanet. Individually, none of them tell the full story. Together, they will. We are working harder than at any point I can remember to get them right. I wish I could share more. Soon enough, the picture will speak for itself. We are building this company for the long term, and for every shareholder who is along for that journey.

いまメタプラネットでは、様々な取り組みが少しずつ形になりつつあります。個別に見ても、全体像は見えてきません。すべてが揃ったとき、初めて意味を持ちます。私たちは、これまでにないほど真剣に、その一つひとつに向き合っています。今はまだ多くを語れないのが歯がゆいですが、時が来れば、自ずと見えてくるはずです。私たちはこの会社を長期視点で築いています。そして、その歩みを共にしてくださるすべての株主の皆様と共に。

[bitcoin @getonbitcoin]

Was always an interesting play by Masa. Looks like he took ~$300M haircut to exit. Tether got full control, will probably roll up Strike & Elektron now. XXI has been an awful BTCTC thus far. Masa should back MP - doubt it’s doable though. Japanese super power if he did though.

[bitcoin @getonbitcoin]

@Keller Looking forward to seeing all the creative ways people start taking this unwelcomed pollution out of the skies.

[bitcoin @getonbitcoin]

Henceforth my bitcoin will be referred to as bitcoin units.

[bitcoin @getonbitcoin]

@RaoulGMI Use Claude Code then configure /effort high

But yeah, happens a lot with Anthropic.

[bitcoin @getonbitcoin]

Spencer Pratt has leveraged the gaslit gibberish of the left impeccably - he's painted the left as the corrupt idiots they truly are with their own words.

He'll probably lose the election, which is the measure of CA itself. But what an impressively effective campaign.

[Spencer Pratt @spencerpratt]

Now this is a story all about how my life got flipped, turned upside down

[bitcoin @getonbitcoin]

Incredible

[Matt Braynard @MattBraynard]

We're so back.

An entrepreneur is restoring Pizza Huts to their former glory.

[bitcoin @getonbitcoin]

Double the money supply. Good. Double it again. Get Kevin O’Leary to tell everyone they’re not liquid unless they have $5M in treasuries. Now send the 10 year to 4.5%.

[Alex Cohen @anothercohen]

He’s finally locked in on his sleep, diet, and exercise. Have his kids bring home a flu from school that’s going to wreck him for 10 days

[bitcoin @getonbitcoin]

Cross-border preferred issuance through a US sub by a foreign parent is well-trodden ground. Japanese parent + US sub issuing dollar-denominated securities to US investors = Reg D private placement or S-1 public offering, governed by SEC. The Tokyo parent’s disclosure obligations to JFSA are separate and additive, not conflicting. Sony, SoftBank, Toyota, Nomura all have US subs issuing US-registered securities. This is not regulatory novelty.

[bitcoin @getonbitcoin]

My take:

1) Gensler-like regulatory slow play on behalf of incumbent power (bankers mostly). Imagine what 5-6% does to legacy players. Of course there’s pushback.

2) Nobody can stop bitcoin or the instruments being formed around corporations that hold large amounts of bitcoin - global markets being global.

3) MTPLF/MPJPY remains the best - potential - asymmetric bet long-term.

4) Building a cash machine into a BTC treasury co. will be massively different than any other treasury co if you can see the long-term market structure.

5) Prefs will come. Japanese investors just might not be the first to benefit from MP’s prefs though.

[Simon Gerovich @gerovich]

There is a limited universe of listed preferred shares in Japan today. Upon listing, our preferred would be only the seventh in the market, and the first perpetual preferred. We view this as a meaningful contribution to the development of Japan's capital markets, but it is also why the path to listing is necessarily deliberate.

In the Japanese market, dividends on preferred shares are expected to be supported by sustainable cash flows generated from underlying operations. The listing review accordingly assesses dividend-paying capacity based on projected financial performance over a multi-year period, including scenarios across different market environments. Metaplanet already has a six-quarter track record in its Bitcoin Income Generation Business, and we believe it is important to continue demonstrating that the business can generate stable, recurring cash flows across both strong and weak Bitcoin market conditions. We are also continuing to articulate the scalability and long-term viability of our related operating businesses that support this cash flow profile.

A second consideration is dividend operations. Listed companies in Japan have historically paid dividends once or twice per year. The structure we are designing contemplates more frequent distributions, including monthly dividends. Implementing this requires careful work on record-date procedures, shareholder identification, dividend calculation, and recurring shareholder notice operations. We are working closely with our partners to build and modernize this infrastructure in a manner consistent with Japanese regulatory and market practice.

The process has taken longer than we initially anticipated, and we appreciate that this has created uncertainty. We are deliberate about this work because Japan today is one of the most yield-starved major capital markets in the world, and we believe a preferred equity product supported by credible operating cash flows, robust operational infrastructure, and a long-term growth strategy can meaningfully address that need. We are deeply committed to bringing this product to market, and to doing so in a form that earns the long-term trust of investors and market participants.

[bitcoin @getonbitcoin]

I think they can yes. The question is what would they potentially list in the US? Obviously, MSTR has the dominant position so they have to find something that MSTR is less competitive with. My opinion is Mercury. Compared to STRK, Mercury’s strike for conversion actually makes sense. I’d buy it today if I could.

[bitcoin @getonbitcoin]

He still doesn’t get it.

[Ray Dalio @RayDalio]

While Bitcoin gets a lot of attention, it hasn’t played the safe-haven role many expected. In my view, there are a few reasons why.

First, Bitcoin lacks privacy. Transactions can be monitored and potentially controlled, which is why central banks aren’t looking to hold it.

Second, it also has a high correlation with tech stocks. When investors get squeezed in other areas of their portfolio, they sell their Bitcoin to cover it.

Third, it’s a relatively small and controllable market, whereas gold stands alone. There is only one gold.

Ultimately, gold is more widely held, deeply established, and still plays a central role in the global system.

[THE BITCOIN PHARAOH @thebtcpharaoh]

The year is 2030. It’s Friday, May 10th, and Bitcoin is trading at $746K. This comes after a brutal five-month drawdown since it topped at $1,047,255 in December 2029. Skeptics on X are calling for $500K, and the WSJ just ran a piece on Michael Saylor titled “Michael Saylor’s Bitcoin Bet Just Lost $500 Billion. He’s Still Buying.”

Over in Japan, #Metaplanet’s share price corrected to 1.3x EV mNAV, and their market cap is trading 5% below the value of their Bitcoin holdings. Last month they closed with a stack of 451,200 BTC, worth $336.5B — 2.15% of every coin that will ever exist. Management expects to cross 500K BTC by the end of the year.

On the macro front, the yen had depreciated to ¥220 per dollar by late 2028, on the back of Takaichi winning her second LDP presidency that October — Abenomics 2.0, but this time with conviction and a mandate. The BOJ trilemma (pick two: stability, yield, or currency) resolved through the currency, which is the path her government had been walking deliberately since she came in.

For years now, Metaplanet has been running the largest and most sophisticated Bitcoin options desk in the world, monetizing volatility through their BIG business line. In FY2029, BIG brought in ¥1.3 trillion ($5.7 billion) in premiums, a ~1.7% return on their total Bitcoin holdings.

Project Nova — rebranded as Metaplanet Financial Services in 2027 ahead of the Bitcoin ETF launches — pulled in ¥420 billion ($1.9B at ¥220/USD) in recurring revenue in FY2029. Metaplanet stopped being a treasury company somewhere around 2028 and transformed into a financial conglomerate with the treasury at its core.

All that recurring income exists for one reason: to service the preferred stock book.

The math is simple. At a blended dividend rate ~5%, every $1 of recurring income covers dividends on $20 of preferred issuance. Income leverages 20x into preferred capacity, which is then used to buy more Bitcoin.

MARS, the Class A senior preferred Metaplanet announced in late 2025, was designed straight off Strategy’s $STRC playbook. Adjustable monthly dividend with no conversion/dilution to common. Built specifically for Japanese institutional capital that needed a yen-alternative short duration product, which the BOJ kept making more pressing every year.

MARS listed on the TSE late 2026 and has since scaled to ¥10 trillion ($45B) outstanding. MERCURY, the junior Class B convertible, converted into common in late 2027 during the post-halving rally — the instrument retired itself, exactly as designed.

Since then, Metaplanet has further built out the Bitcoin yield curve in Japan, launching JUPITER and SATURN with combined total assets of ¥4T ($18B). The company’s amplification ratio sits at 35% following the Bitcoin price drawdown, up from 25% at the cycle peak.

With operating income running at a ~70% margin, in FY2029 Metaplanet brought in ¥1.2T ($5.4B), covering preferred dividends at about 1.7x.

One structural decision in 2027 made all of this possible at scale. Metaplanet’s TSE listing graduated from Standard to Prime that fall, and TOPIX index inclusion followed shortly after.

Suddenly Metaplanet sat in every passive index fund tracking Japanese equities. And today, around 1.5 million Japanese retail shareholders hold the stock, up from 220,000+ in 2026. Nippon Life, Dai-ichi Life, and Tokio Marine all anchor the MARS preferred book.

Meanwhile on X, @gerovich posted “Morning Planet!” at 6:47am Tokyo time. And @DylanLeClair retweeted a daily Bitcoin chart with the caption: still bullish.

Financial stats:
•Market cap: ~$320 billion (¥70T at ¥220/USD)
•FD share count: ~3.0 billion
•Sats per diluted share: ~15,000
•Metaplanet share price: $125 (¥27,500)

$MPJPY $MTPLF

[bitcoin @getonbitcoin]

@BauerOutage Brilliant. No one can credibly argue for Luis Castillo (SEA), Kodai Senga (NYM), or Garrett Crochet (CWS) over this idea.

Good luck. Hope it works. Joe Rogan wants you on his podcast too.

[bitcoin @getonbitcoin]

@theshoostan *end of year

(dictation software still needs work)

[bitcoin @getonbitcoin]

Where Simon & Team's US roadshow fits in the $MTPLF timeline. My best guess.

Nov 20, 2025 - Board approves two-tier preferred structure: MARS and MERCURY. $150M MERCURY private placement announced. Keep in mind, they have 1 year to IPO MERCURY. Clock's ticking.

Dec 2025 (Bitcoin MENA) - Simon calls MERCURY "pre-IPO," targeting early 2026 listing. Confirms MARS is Metaplanet's answer to Strategy's STRC.

Dec 22, 2025 - EGM. All five proposals pass. Authorized Class A (MARS) and Class B (MERCURY) shares doubled to 555M each. Capital stock and reserves restructured into capital surplus, expanding the legal pool for preferred dividends and buybacks. ADR program (MPJPY) launched for US access.

All that sets the stage for this week.

Metaplanet's team is on a week-long US investor roadshow. Flexing in Boston, tweeting publicly...which is interesting.

A formal roadshow shuts all that down. This is a non-deal roadshow / pre-marketing tour, building the US institutional book potentially across all three instruments. No clue which one will come into focus as the next big capital raise vehicle.

Common: US demand feeds directly into that program, but I don't think this is viable at current mNAV. Need to get it to 1.01x on the 27th series.

MARS: fully authorized and ready to issue. Recent success of STRC makes this a LFG potential, but I'm hesitant to let STRC recency bias overtake me here. I'm rooting for it, but US investors I'd assume look more towards MERCURY.

MERCURY: pre-TSE listing, with a 1-year IPO clock embedded in the Q4 2025 placement. Targets the hybrid fixed-income + equity-upside buyer. This is my bet for the current roadshow. Why? STRK never had a prayer at hitting the $1000/sh strike price IMO on any reasonable timeframe. Like so many things, Simon and team learn from MSTR errors and improve on them. MERCURY is the best bitcoin-backed call option in the world right now. I would buy this with both hands if I was an institutional investor with a mandate.

Formal roadshows are typically a grueling 7-10 business days before pricing. Not where we're at today. I worked for the COO of a fund during this exact timeline before the fund IPO'd, and I thought he was going to drop dead. There's no time to pose in front of Paul Revere.

(I do appreciate the symbolism of the MTPLF team posing in front of a statue that symbolizes revolution. Nice touch.)

NDRs like this are ballpark 2-12 weeks before a deal, and I'd guess more like 8-10. Happy if it happens sooner. Would be thrilled if it's MERCURY.

When Dylan stops tweeting sweet new headshots of himself, and the signal-sending-tourism photos disappear, I'll be paying attention.

[bitcoin @getonbitcoin]

Totally agree with you here. Long USD/JPY. Long bitcoin. It's ideal. Add in low-yield COUNTRY of 120M people who culturally favor savings. It's not a low-yield "environment" - it's the 4th largest GDP on the planet and they're culturally geared to save in a newly-inflationary regime.

As you mention, simple structure (no converts) + low preferred dividend rate + cash flow + 40K stack going to 200K stack. It's all over but the crying.

Technically, the FSE is the approval agency. Once that's approved, then it moves to the TSE. Think of this like SEC then NYSE.

People might call me crazy. That's fine. I think 100k by interviewer is completely doable.

[bitcoin @getonbitcoin]

Waiting on MARS IPO

- by Edward Hopper