Most people still think Metaplanet $MPJPY $MTPLF is just "Japan's" $MSTR.
They're missing the bigger picture.
Metaplanet isn't copying Strategy.
It's building a global Bitcoin capital machine that could become impossible to compete with.
In this conversation with @TheBTCPharaoh, we discuss:
• Why Metaplanet's strategy is fundamentally different
• The hidden advantage of operating in Japan
• What $STRC and $SATA taught every Bitcoin treasury
• Why cash-flow businesses may be the next evolution of Bitcoin treasury companies
• Why Strive $ASST is emerging as a serious contender
• What Metaplanet could become in a Bitcoin standard
00:00 Introduction: The BTCPharaoh's Bitcoin Journey
07:09 Why Metaplanet Is Different From Every Other Bitcoin Treasury
11:03 Mercury & Mars: The Next Bitcoin Financial Products?
11:52 What Metaplanet Learned From Strategy's STRC Depeg
15:26 Will Bitcoin Preferred Shares Become Truly Stable?
19:05 Is Metaplanet About to Launch a U.S. Preferred Stock?
20:57 Why Japan Gives Metaplanet a Massive Advantage
22:47 The "Double Carry Trade" That Could Supercharge Bitcoin Buying
26:34 Why Metaplanet Isn't Just Copying Strategy
29:39 Simon Gerovich's Long-Term Vision Is Finally Making Sense
30:12 Will Metaplanet Build Bitcoin Infrastructure Beyond Finance?
32:27 Why the New Board Members Could Change Everything
34:08 Why Less Communication Might Actually Be Bullish
37:56 The One Question He Would Ask Simon Gerovich
39:45 Is NAKA a Hidden Opportunity... or a Value Trap?
45:01 The Most Underrated Bitcoin Treasury Company Right Now
47:55 Europe Could Be the Next Bitcoin Treasury Battleground
48:40 Bitcoin Price Outlook: Bull Market or Bear Market?
50:55 The Biggest Mistake Bitcoin Investors Keep Making
52:19 Where to Follow TheBTCPharaoh
Watch the full episode 👇
GM! 🧡
YTD @metaplanet tracks 30,533.4 #BTC behind target (177.8 BTC per day in 2026 to reach
100K by EOY).
Approaching end of Q2. Hopefully planet was able to capitalize on recent vol.
@DylanLeClair@gerovich
$MTPLF #bitcoin
GM! 🧡
YTD @metaplanet tracks 24,262 #BTC behind target (177.8 BTC per day in 2026 to reach
100K by EOY).
Siiibo was a great step this week!
Looking forward to more M&A puzzle pieces falling into place.
@DylanLeClair@gerovich
$MTPLF #bitcoin
If I have time I will write up a more fully-formed view on BTC and related situation, I will. For now, a few thoughts.
Saylor is doing what he said he would. He's creating and managing a complexifying capital structure around Bitcoin.
Because it involves leverage and various corporate and governance and other risks, it offers both (1) greater risk of loss of investment and (2) greater potential returns than just holding spot BTC exposure. Reasonable debates can be had about the risks embedded in the "digital credit" portions of the capital structure.
This "strategy" looks great in a Bitcoin bull market but scary in a bear market. Also since it involves paying cash dollars and because people get greedy and add their own leverage to its leverage, it feeds back into the dynamics of the bear market itself. It's Soros' reflexivity at play.
Also there appear to be actions behind the scenes to shore up the newest iteration of the dollar-based global monetary system. Matt Dines can tell you more about that.
And of course Warsh is "playing tough" out of the gate. Only time will reveal his actions.
Right now BTC/USD is "desperately trying" to hold above the 50-week moving average.
That involves more retesting of the same area in the low $60ks.
It's the same as the last 2 bear cycles I lived through.
In 2018 that level was $6k. In 2022 it was around $19k.
Unfortunately, history of these cycles doesn't suggest that the bottom is in yet.
In 2018 and 2022 there was a final capitulation about a year after the peak and two and a half years after the halving.
Will that happen here in 2026?
I have to say greater than 70% chance that the bottom is NOT yet in for this year. I should probably think harder about a target price. In my Feb 28 Bitcoin market update post I wrote 33% chance of 4-handle BTC (i.e. breaking below $50k). Earlier this month I offhandedly put that $50k probability at 20% in a reply tweet. But that was probably premature/optimistic. Here/now I reiterate my Feb 28 view of 33% chance that price gets below $50k.
The last two times we hit $60k, I observed that it would make sense for anyone who is currently under-allocated on BTC to buy those levels.
But the corollary is that it probably wasn't yet time to "get greedy" or "back up the truck" for anyone who already has a reasonable allocation. I haven't "backed up the truck". Maybe I'll miss the chance. That's fine for me because I have been making money in somewhat-diversified basket of other assets in the meantime.
Long-term Bitcoin DCA still makes sense to me since the same dollars buy more coins when dollar price is lower.
In bear markets hodler conviction gets tested over and over. Many are taking hard looks in the mirror. Others are dodging hard looks from their spouses. Same as it ever was. All the best to all of you.
@Z06Z07@Strategy That’s like throwing out all metrics and just dilute until there no tomorrow. Firesale.
I doubt that would support $STRC but also erode trust toward $MSTR. Big dump.
With Pending Acquisition of Siiibo Securities, Metaplanet Poised to Bring Bitcoin Yield to Japanese Households; Would Represent First Step in Plan to Create of Bitcoin-Centric Ecosystem in Japan - Benchmark Equity Research