bitcoin

Bitcoin

[Zoro @ZoroInvesting]

Fully agree.

Compared to its US and European peers, Metaplanet has gone far beyond running a passive corporate balance-sheet treasury. It is systematically building Asia’s first vertically integrated Bitcoin investment bank.

This strategy didn’t happen by accident—it reflects Simon’s Goldman Sachs investment banking DNA. Every filing over the past 12 months has been an intentional brick in this financial architecture:
Oct 1, 2025: Launched Phase II Bitcoin Platform & "Project Nova"

Nov 20, 2025: Announced Mercury 4.9% Class B Preferred Shares

Dec 19, 2025: Listed US ADR ($MPJPY) on OTCQX

Mar 12, 2026: Established Metaplanet Asset Management (MAM) in Miami & Metaplanet Ventures; invested ¥400M into JPYC stablecoin

Jun 12, 2026: Acquired FSA-registered Type I broker-dealer Siiibo Securities (closed early July, rebranded as Metaplanet Securities)

Jul 10, 2026: Commenced joint research consortium on Bitcoin, JPYC, and Security Tokens

Aug 13, 2026: Issued 21st–24th Series BitBonds—a live plumbing test for secondary market distribution and aggregation ahead of institutional-scale debt

Aug 18, 2026: Announced acquisition of $SLE (closing Q4 2026) to create $SUPA, securing the Nasdaq ATM engine and unlocking the distribution of Uridashi-style preferreds to Japanese investors at ~6% coupons without private-placement caps

Sep 11, 2026: Established Metaplanet Asset Management Asia in Hong Kong to run 24/7 trading, derivatives yield, and risk execution

Connecting Simon's pieces:
1. Massive Verified Collateral: 43,000 BTC on-chain reserve backing the balance sheet.

2. Global Capital Arbitrage: The ONLY multi-jurisdiction treasury company in the world with access to both major capital markets. It can issue perpetual preferreds at nearly half the cost of US peers (~5%–6% in Tokyo vs. 10%–13%+ on Wall Street) via Uridashi structures or a TSE MARS listing.

3. Active Yield & 24/7 Execution: The ONLY player with an 8-quarter track record of volatility monetization via options, now equipped with a follow-the-sun trading desk (Miami + Hong Kong) to execute around the clock.

Yet the stock trades at ~0.85x mNAV?

The market is pricing a distressed micro-cap while management is assembling a transnational financial institution. The scale of domestic Japanese capital waiting to be unlocked via 6% preferreds will catch the market completely off guard.

A persistent discount at this stage is a gift—expect mNAV to re-rate violently once the rails go live.

One final observation on velocity: While most Bitcoin treasuries simply sit on cold-storage or run ATMs daily and wait for macro tailwinds, Metaplanet’s team is operating at breakneck speed. This 12-month sprint proves they aren't just staying busy—they are systematically executing on an institutional roadmap that most corporate boards can't even conceptualize.

References:
Structural Moat Deep-Dive: https://t.co/iKbAHnmrUA

$SUPA Uridashi Mechanics: https://t.co/WzW0vTwrWZ

Quote from @bjunjo: "Japan wants STRC-like high-yield preferreds more than the West does. Metaplanet is built for that demand."

#Metaplanet $MPJPY $3350