Nate Lee

CEO @ Harpers Co. Just chilling

[Nate Lee @natelee25]

No pain no gain

[Simon Gerovich @gerovich]

Since my post yesterday, some have said: “You’re not Amazon. That’s a ridiculous comparison.”

With respect, I don’t think it is.

In the early 2000s, many thought Amazon’s TAM was just books. They were wrong—it was building the rails of the internet economy. We are addressing something even larger: the monetization of a new global monetary asset. In our eyes, this represents a $100 trillion+ opportunity.

Our model is not new. It is the foundation of global banking: net interest margin. Every major bank borrows at one rate and lends at a higher rate, capturing the spread. We apply the same principle to Bitcoin: Bitcoin returns minus the cost of JPY capital. Unlike banks, our model is lean—margin-rich without the same operating burden.

The opportunity begins in Japan. Households and corporates sit on more than $10 trillion of idle yen earning near zero. They can access the return we offer through equity, and in time, potentially through fixed-income style instruments offering stability with high JPY yield.

But this is not just a Japan story. The TAM extends to the global USD capital base—investors who hold dollars, borrow yen, and seek positive carry. We are building the bridge upon Bitcoin to enable that. And over time, we believe Bitcoin will be recognized as the highest-quality collateral in the world—stronger than fiat, stronger than melting cash flows.

This is not small vision. It is one of the largest opportunities in global markets. If you don’t yet see it, that’s understandable—most didn’t see Amazon either.

[Nate Lee @natelee25]

@hani_i__ 실제 사람 아니죠? AI 죠?

[Nate Lee @natelee25]

@Jaemyung_Lee 하… 딱 한번만 클릭해 보면 멸칭에 혐오적 포스팅이 보일텐데… 왜 이러는거지?

[Nate Lee @natelee25]

@DylanLeClair Now it is up to you to prove yourself.

[Nate Lee @natelee25]

To begin with that I am a 100% all-in $MTPLF shareholder with a massive paper loss at this moment.

There is not a single incorrect statement in what Ragnar has said.

Make the correction which will make the stock 10X making your 46m options much worth than what you try to steal

[Ragnar @RoaringRagnar]

My final thoughts on Metaplanet.

This will most likely be my last long post on Metaplanet. You may want to bookmark it for future reference.

Let me start by saying how incredibly disappointed and sad I am. Metaplanet used to be my largest position. I had enormous respect for the team. I saw tremendous potential. And for the past 16 months or so, I was one of their most vocal supporters.

Unfortunately, all of that came to an end over the last month.

Let me be clear. I want Metaplanet to succeed. I want them to be the best possible company they can be. And I would love to be a long-term shareholder.

But it seems my values and principles are not aligned with theirs. And that we have to part ways.

My principles include:

1. Align with shareholders as fully as possible, and treat them as real partners.
2. Behave in a way that passes Warren Buffett’s Newspaper Test. (See link below)
3. It’s okay to make mistakes. But if you do, own them. Take full responsibility. Apologize. Make it right.
4. Excellent performance deserves excellent compensation. But it has to be reasonable, defensible, and based on clearly defined criteria.
5. Respect the ethos of Bitcoin. Avoid the Cantillon effect like the plague.

The root cause.

When you think it through, it’s pretty clear that the 10th series should have been frozen at 46 million shares when Metaplanet embarked on its Bitcoin journey. I’m sure every compensation consultant would have flagged this, and that shareholders would not have approved it if they had the opportunity to vote on it after the Bitcoin pivot.

This is the root cause of the situation. And it could have been fully fixed retroactively. And to be clear, it still can be fixed.

In fact, so far, the team had several chances to fix it.

1) After the community raised concerns about the extra 96.25 million shares in September/October 2025. They didn’t.

2) After the first round of criticism in July and August 2026. On August 18, they chose to do the bare minimum. They didn’t fix it.

3) With their second amendment on September 11, following a very loud backlash. Again, they chose what feels like the minimum they could get away with. They didn’t fix it.

To be honest, I’m tired and frustrated. I really wish they had done the right thing. Which then could have been a proper foundation for rebuilding the broken trust over the years to come.

Instead, it appears they have drawn a line in the sand and decided that they won’t do the right thing.

So, unfortunately, I am done. I did what I could, and said what I had to say. But this is as far as I’m willing to go.

As you know, I’m no longer a shareholder. And I have no plans to change that anytime soon.

It’s never too late to fix a mistake.

If they ever wanted to regain my trust, here is what they would have to do:

1. Fully roll back the 273 million extra shares from the 10th series, while keeping the 46 million shares from right before the Bitcoin pivot.
2. Cancel the 18th series employee incentives and have the 19th series reviewed, ideally by an external consultant.
3. Hire a global compensation consultancy to create a proper compensation policy, fully aligned with shareholders.
4. Put that policy to a shareholder vote, with insiders abstaining. If approved, apply it retroactively to the full duration of the Bitcoin strategy.
5. Apologize for their biggest mistakes and list them one by one, including not replying when asked about the 96.25 million extra shares.
6. Provide full transparency on MMXX and Simon’s economic interest. Explain every major past share transaction, including share lending and sales, and disclose any past or present conflicts of interest.
7. Provide full transparency on EVO Fund and all terms, including the terms of MMXX’s lending to EVO, and disclose any past or present conflicts of interest.
8. Radically improve corporate governance with the help of independent external experts, and explain the changes publicly.
9. Engage with shareholders more frequently and respond to their concerns in various formats, including video Q&A sessions.

What’s next.

There are brave people continuing this work. It’s not over yet. In my recent poll of 2,505 participants, 51.8% said the latest changes were not good enough.

Make sure to follow @thebtcpharaoh and @HODL15Capital for their continued excellent research and courageous posts on this topic. And remember, the best way to stay up to date is to type “Metaplanet” into the X search bar and review the “Top” posts.

Of course, every shareholder needs to decide what is best for them, and everyone needs to draw their own conclusions. I’m not telling anyone what to do. I’m simply sharing my thoughts and my actions.

I’m proud of the work I’ve done with @ZynxBTC and so many others who got involved. This industry will be so much better because we had the courage to fight for our beliefs. From now on, every company will think twice about how it sets up its corporate governance and compensation system. And maybe, just maybe, we prevented the next FTX or the next Mt. Gox by demanding the highest standards.

The Irresponsibly Long Metaplanet community, which I founded and where @ZynxBTC served as a moderator, has now been deleted.

So with that, farewell, Metaplanet.

--

Here is a list of all my posts on this topic for reference (sorted newest to oldest):

9/13/26: I had no idea that EVO owned 70.2% of Metaplanet at the time when the 10th series was approved. https://t.co/2FeTo1iRjO

9/11/26: Metaplanet shareholders, be honest. https://t.co/mfmn9j7P8G

9/6/26: My reply to Simon Gerovich, CEO of Metaplanet. https://t.co/7X3jDOeCTt

9/5/26: Metaplanet history of public mentions of the 10th series stock options. https://t.co/xvLNr1jZ2S

9/5/26: I keep thinking about the Warren Buffett newspaper test. https://t.co/iuPkSv4WJY

9/4/26: People have asked me why I keep posting about Metaplanet. https://t.co/90F2RiZSpG

9/3/26: How Metaplanet can solve this situation. https://t.co/e5YtBTkSN9

9/3/26: Remember the mysterious 96.25 million additional shares from the Metaplanet international offering last year? Now we finally have our answer. https://t.co/Q4ThPWCsI0

9/2/26: Here are my conclusions on the Metaplanet 10th series situation. https://t.co/cMy2MEdU3V

8/25/26: The Metaplanet 10th series situation still doesn‘t sit right with me. https://t.co/R1Y6f4SYNd

8/18/26: Metaplanet addresses the anti-dilutive option grant situation. https://t.co/VFZxNTPU7K

8/10/26: There‘s a lot of discussion on legacy, anti-dilutive option grants https://t.co/sCUKp6bY3L

9/26/25: Important Question with Regards to the New Metaplanet Share Count https://t.co/f4x32vyIhR

--

Other posts on the topic that fully resonated with me:

9/12/26 „I wanted Simon’s post to change my mind. It didn’t.“ https://t.co/dRxTi0Iwm6

9/12/26: „Integrity is doing the right thing when no one is watching.“ https://t.co/orUQZK0VDa

9/11/26: „Just to be clear, I am no longer a shareholder in Metaplanet.“ https://t.co/X4Cu6c8zqU

[Nate Lee @natelee25]

@gerovich Still waiting for your updates.

[Nate Lee @natelee25]

@juriwatanabe_ @Shinpei3350 Keep the original 46 million shares. Cancel the 273 million. Build a plan that is fair to everyone.

[Nate Lee @natelee25]

Keep the original 46 million shares. Cancel the 273 million. Build a plan that is fair to everyone.
@gerovich @DylanLeClair @Metaplanet

[Zynx @ZynxBTC]

This will blow your mind.

Metaplanet's own "reason for the amendment" explicitly admits their conflict of interest.

The explanation for removing the anti-dilution clause is the argument for reversing what it produced.

They say themselves that the clause amplified dilution, obscured the fully diluted share count, and risked "concerns regarding the relationship between capital-raising decisions and the interests of the SAR holders."

Anyone remember the International Offering?

The problem is every defect is written in the past tense and the remedy of pausing it now only applies to the future. The clause was switched off but the 273 million shares it generated were kept.

If the mechanism was sound, why remove it? If it was not, why keep everything it produced?

Keep the original 46 million shares. Cancel the 273 million. Build a plan that is fair to everyone.

They have already made the argument as to why it is necessary.

[Nate Lee @natelee25]

💯

[Ragnar @RoaringRagnar]

How Metaplanet can solve this situation.

1. Lock the 10th series retroactively to the 46 million shares pool size at the beginning of the Bitcoin pivot.

2. Retroactively add an employee incentive program similar to Strive (about 1-1.5% annual dilution when all targets are met, including stock price targets).

3. Full transparency with regards to MMXX and the economic interest held by Simon, explanations of every big share transaction in the past (share lendings, share sales etc.), and a disclosure on any past or present conflicts of interest.

4. Disclosure of any other past or present conflicts of interest, e.g. is there any with regards to EVO Fund?

Then, and only then, can we shift the discussion back to the future.

@DylanLeClair @gerovich

[Nate Lee @natelee25]

@gerovich @DylanLeClair
Don’t bee too greedy. You can make the money if the stock go higher anyway. Both the investors and the management win & company can accomplish goals. You should make the adjustment as much as you can giving up your shares. All is on stock price. $mtplf

[Ragnar @RoaringRagnar]

Remember the mysterious 96.25 million additional shares from the Metaplanet international offering last year?

Now we finally have our answer (confirmed by Grok):

"Yes. The 96.25 million extra diluted shares match the 10th Series anti-dilution ratchet exactly.

The 10th Series stock acquisition rights (granted in early 2023, ¥10 strike) contained an adjustment clause that reset the option pool to 20% of fully diluted shares after every capital increase. That formula is equivalent to the pool growing by 25% of any new shares issued."

As you can see in the post below, many of us have asked the team multiple times.

And we followed up multiple times (see here for example) without any answer by the team: https://t.co/lZZtonDOb1

@metaplanetdays has cracked it, but unfortunately I haven‘t seen it back then: https://t.co/yB4x2azDTB

This is the final nail in the coffin.

I haven‘t planned to announce this, but I have rotated all of my remaining Metaplanet shares to $ASST this week.

I might be back one day, but honestly I don‘t plan to, as the Strive team have built exactly what I hoped Metaplanet would build one day.

Onwards and upwards.

[Ragnar @RoaringRagnar]

Remember the mysterious 96.25 million additional shares from the Metaplanet international offering last year?

Now we finally have our answer (confirmed by Grok):

"Yes. The 96.25 million extra diluted shares match the 10th Series anti-dilution ratchet exactly.

The 10th Series stock acquisition rights (granted in early 2023, ¥10 strike) contained an adjustment clause that reset the option pool to 20% of fully diluted shares after every capital increase. That formula is equivalent to the pool growing by 25% of any new shares issued."

As you can see in the post below, many of us have asked the team multiple times.

And we followed up multiple times (see here for example) without any answer by the team: https://t.co/lZZtonDOb1

@metaplanetdays has cracked it, but unfortunately I haven‘t seen it back then: https://t.co/yB4x2azDTB

This is the final nail in the coffin.

I haven‘t planned to announce this, but I have rotated all of my remaining Metaplanet shares to $ASST this week.

I might be back one day, but honestly I don‘t plan to, as the Strive team have built exactly what I hoped Metaplanet would build one day.

Onwards and upwards.

[Nate Lee @natelee25]

@DylanLeClair @metaplanero Hi Dylan, US investor here. Thanks

[Nate Lee @natelee25]

@SPCX100T Are you still holding metaplanet? Just wanna know because I am.

[Nate Lee @natelee25]

Just waked up by the metaplanet notification. Not ATH yet. 🤣 Go sleep again. Will be back on the ATH notification.

[Nate Lee @natelee25]

@Monica55dzrh You should do takeout and have all your group eat in your dinning room if you are not able to tip 20%. Especially when you are eating in group.

[Nate Lee @natelee25]

@ZynxBTC How can I double down when I am 100% all-in in it ? 🤔

[Nate Lee @natelee25]

@ZynxBTC Agreed. Same feeling

[Nate Lee @natelee25]

@KB_Hiragi Here

[Nate Lee @natelee25]

I wish I have more cash to buy the stock

[Nate Lee @natelee25]

@RoaringRagnar So that means you still have cash ?

[Nate Lee @natelee25]

@kei24kei24 Don’t leave. Buy if you can