THE BITCOIN PHARAOH ✓

[text] Tethered to the Empire Here’s a strange thing about a $3 billion company you may have heard of. Twenty One Capital — ticker XXI, Jack Mallers’ Bitcoin company — is being lined up for a new president. Not Mallers (@jackmallers). A man named Raphael Zagury (@alphazeta), who runs

[image] THE JAPAN TRADE. weekend reading Everyone's seeing the charts on their feed: JGBs hitting record yields. Yen >158. US 10Y >4.5%. But do you understand what it actually means, and why it’s important? I’m going to break it down here, and explain the implications and how it relates

[video] A story most people in this space don’t know: Years before #Metaplanet, @DylanLeClair walked away from a business degree to study one thing obsessively. He published on-chain and macro work on a public feed, for free, when nobody was paying and before treasury companies even

[image] #Metaplanet Valuation Framework Market and sentiment-driven noise aside, I wanted to share some thoughts on how I look at #Metaplanet’s valuation. As far as I can see, there isn’t any proper valuation framework published anywhere. Only posts obsessing over whether it trades at a

[text] This Is Not a #Metaplanet Bull Post It took me a while to get to this as I'm on holiday with my kids, but I've been seeing both praise and criticism following Metaplanet's recent filings from March 16th. I wanted to properly read through everything before sharing my own thoughts

[text] #Metaplanet Q1 2026 results were announced today - which I read through in detail. I don’t want to restate the obvious things, so will try to just focus on what stood out to me, in addition to my read on Simon’s two posts from today, and what all this means for what we can expect

[text] It isn't a blowup. It's a duration lesson. Everyone hunting for the fund that detonated today is looking in the wrong place. Look closer. Here's the entire Strategy capital stack today: - $MSTR (common): -5.3% - $SATA (common): -6.1% - $STRC (variable perp, par-pegged): -6.5% -

[video] How high can #Metaplanet's mNAV go? A few days ago I recorded an episode of One Chair with @GrafYves and @quentinisonx. After we stopped recording, we kept talking — and landed on the one question no one can seem to agree on, and probably the one everyone wanted us to cover:

[text] Metaplanet Securities / Siiibo acquisition It's been a minute since #Metaplanet gave us something fun to talk about.. So here's what happened, and my read on it in case anyone's interested. Today, Metaplanet announced its first acquisition: ¥2.1 billion (~$13M) in cash for 100%

[text] Waiting for Aces #Metaplanet is short-stacked — low on chips, out of its easy moves. The stock trades at a discount to the Bitcoin it holds, around eighty cents on the Bitcoin. In poker, when you’re that far behind, you don’t sit and wait for a perfect hand; you push with what

[image] The #Metaplanet team came out today with three teaser posts about an investor roadshow they're on, starting in Boston. In the photo are @gerovich @DylanLeClair @Yoshimi3350Abe @Shinpei3350, and what follows is pure speculation (and connecting dots) on my part. I spent 10 years

[text] First Mover Takes the Arrows. Last Mover Takes the Notes. $STRC closed at $88.6 on Thursday, after briefly touching $82.6 at the session lows — a record low, ~17% below the $100 it's designed to hold. At the low, the effective yield was 13.9%, and at the close it was 13.0%.

[text] Higher frequency payments are where this whole category is heading — tighter stability near par, deeper liquidity, larger addressable market. Yes, #Metaplanet may be behind $MSTR and $ASST in getting MARS listed, given they are pioneering the product in Japan with regulators.

[image] METAPLANET Q2 — BITCOIN INCOME BUSINESS ESTIMATE Metaplanet Q2: I estimate ~¥1.4bn base case ($9M), or ~¥1.7bn ($11M) if they drew the credit facility into June's vol spike to write more — the likelier case — down 40-50% from Q1’s ¥2.969bn. Along with an transfer of ~1600-2600

[text] if you're interested in #Metaplanet, follow @UncleDividends $MPJPY $MTPLF

[text] 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

[text] #Metaplanet results are in, pretty much inline with my expectations. Revenue ¥1.7B, at the high end of my expected range, and BTC additions of 2,823, just ahead of my 2,600 estimate. Reason being they drew down a bit more from the credit facility than I had assumed - so they're

[text] “We’ve decided to buy Bitcoin,” Gerovich said. “How much?” “All of it. Eventually.” #Metaplanet $MPJPY $MTPLF

[text] You may think I'm hallucinating, but we will one day see the headline where #Metaplanet is the subject of this article. $MPJPY $MTPLF

[image] Lots of #Metaplanet activity in the US lately. Probably nothing 👀 $MPJPY $MTPLF

[text] Very important post on #Metaplanet $MPJPY $MTPLF You're not paying attention to what's happening at this Japanese hotel company.

[image] On further reflection, I expect #Metaplanet’s US roadshow to come with a MAJOR capital raise. Here's why. 1/ Metaplanet guided FY26 options income at ~$105M. Q1 actual: $18.6M, on a ~$148M average capital base. That’s around a 12.5% return during the quarter (50% annualized).

[image] Saylor on the Ropes and why that's exactly where he wants to be Watch a great fighter take a beating and you learn the difference between a man who's losing and a man who's waiting. To the crowd they look the same. To anyone who knows the sport, they are opposites. Right now

[text] The Endgame: A Multi-jurisdictional Black Hole A black hole doesn't chase matter. It bends space until everything nearby has no choice but to fall in. In August 2020, @DylanLeClair predicted the next phase of the monetary endgame ( publicly traded

[text] If a company with practically no operating cash flow and a pref cost of 11.5-13% can comfortably sustain 50-60% amplification — as both @saylor and @ColeMacro have recently signaled — how far can a company go that earns 2.5% operating income yield on its BTC NAV at half the

[text] If you're sitting around wondering if/when #Metaplanet prefs will be listed and if management's silence on the topic means it's no longer happening. Think about the following: They have a $500M credit facility, of which $253M is untapped. At a BTC price of $78K, that could

[text] 👀

[image] You know who benefits from this volatility? You guessed it. #Metaplanet. Time to draw down more of the credit facility and sell some juicy puts. $MPJPY $MTPLF

[video] Had fun recording this. Thank you @GrafYves @quentinisonx for having me on.

[image] Being an investor requires patience and the ability to block out the noise and see the future with clarity. #Metaplanet $MPJPY $MTPLF

[text] Maybe I should have mentioned: Metaplanet is deeply undervalued IMO. The stock is seeing a nice pop of life on this news (DN3 +7%). Though I would personally temper any short term expectations, as this could just as easily reverse within a few days. Building lasting businesses

[text] I dodged the question, but the answer’s obvious. They acquire an actual planet. Simon points at the sky. Mars is trading at a discount to NAV — no atmosphere, sure, but also no dilution. Rebrand the rock: #Metaplanet. BTC standard from the genesis block, no central bank, no

[image] #Metaplanet Q1 2026: My Expectations on Apr 2 I spent some time looking at the capital inflows/outflows, and looking at vol throughout the quarter, to sketch out what we can expect for Q1 in terms of revenue and BTC acquisition (this overrides any previous estimate I may have

[text] #Metaplanet released a few disclosures today - here's how I read them: First to recap - three disclosures: 1) the establishment of Metaplanet Ventures K.K. in Tokyo 2) under MP Ventures, an investment of up to ¥400 million in JPYC (Japan's first regulated yen stablecoin) 3) the

[image] #Metaplanet raised ~$60M this week: • $10M — 27th series MSW exercises • $50M — 0% coupon bonds ≈ 770 BTC at spot. We may hear Monday that they now hold ~40,950 (or close to that if a portion of the funds went to BIG) The math from Monday to hit 100K BTC by year-end: 59,050

[text] Great video going into the details of what #Metaplanet is building and how they are differentiating from others in the space. The company you will see in 2 years from now is very different than today. $MPJPY $MTPLF

[image] How to Read a Falcon Short the body, long the wings — never still. A falcon earns its living in the middle of the sky. The glide — long, flat, unglamorous — is where it hunts. But nothing about the bird is explained by the glide: it’s built for the two moments that kill, the

[image] Just want to make the point that the size of this 0% bond ($50M) is ~2-3x what #Metaplanet's market cap was when they started their BTC treasury journey 2 years ago. And today, this is only around 1.5% of their current mcap. Make of that what you will. $MPJPY $MTPLF

[image] Just came across this so thought to share, although it's a few weeks old. Always good to hear directly from @DylanLeClair Dylan LeClair Metaplanet Inc. Full OTC Markets Investor Presentation #Metaplanet $MPJPY $MTPLF

[image] To borrow a line from @dRiskDave.. First came Nokia, then Blackberry. Before we finally got the iPhone. #Metaplanet $MPJPY $MTPLF @DylanLeClair

[text] #Metaplanet’s 27th Series MS warrants update EVO Fund pulled the trigger on two exercises in four trading days so far. Share issuances can be found on the JASDEC website here: Here’s the walkthrough of what we've seen so far — with the accretion/dilution

[image] Strive ($ASST): Deep Dive. What's Priced In After a ~100% Run. ASST has been the darling of the BTC-TC sector over the past few months — up about 100% in three months on the back of the $SATA pref machine finding institutional yield buyers, the Semler Scientific acquisition

[text] The Bazooka He Never Fires Now that we’ve all had 48hrs to process and digest the $STRC situation.. I’m sure many of us are thinking the same thing. What’s Saylor's best next move? It’s not what you think. It’s not raising the dividend rate on STRC to push it back to par.

[image] “In the short run, the market is a voting machine, but in the long run, it is a weighing machine.” Benjamin Graham Human psychology and its patterns are predictable. Knowing what you own is what will make you a great investor, not a trader. #Metaplanet $MPJPY $MTPLF

[text] What Comes Out of the Kiln You don’t prove gold by weighing it. You prove it by burning some. Around 1350 BC, a Babylonian king named Burna-Buriash sent Pharaoh Akhenaten a complaint that survives on a clay tablet: the gold Egypt had shipped him went into the kiln, and less gold

[text] #Metaplanet $MPJPY

[text] Castle First No attack survives an uncastled king. Every club player loses this game once. Your development is beautiful, your pieces are flying at the enemy king, and your own king is still sitting in the center. One counter-thrust down the open file and none of the beautiful

[text] Off the Ropes Rope-a-dope is only half a plan. The other half is the combination you throw when the other man has punched himself out. Kinshasa, 1974. Foreman spent seven rounds throwing everything he had at a man leaning on the ropes, and Ali let him, taking it on his arms and