Timgeb

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.

If Bitcoin hits $500M, does it actually fix inequality or just create a new elite class?

This is where the supply shock is really going to hit hard and send Bitcoin's price parabolic. It's impossible for Strategy to accumulate 56,000 Bitcoin, every month, for the next 5 years and for the price to end at $232,532. We all use 25%-30% CAGR as a baseline when we're modelling future Bitcoin price projections, but you also have to factor in where we are in the cycle compared to prior years. That would represent just a 15% CAGR from 2021 to 2031 - an impossible return considering the modelled accumulation figures and predicted inflows into the network. For Bitcoin's 5-6 year CAGR to align to at least 25% by the end of 2026, Bitcoin's price will need to increase from it's $67k price to $163k - that represents a 143% gain from today's price. I don't doubt the volume that STRC, SATA and institutional demand is going to explode into Bitcoin in the coming years, but if we believe that to be true, the CAGR simply has to be far higher than base level figures. Remember - if you add $1 Trillion of capital into the Bitcoin network, its market cap increases by 4X. I think Bitcoin's price is going to melt faces in the next 18 months as its new natural supply continues to get absorbed at multiples of itself on a weekly basis. And because of that, I don't think Strategy ever reach half of what's being modelled in the example below. We're entering unchartered territory. The world has never, ever, seen how a truly scarce asset acts when there's infinite demand for it. But we're about to find out. Strap in. 🚀

NOW: 🇯🇵 Metaplanet has taken over the Las Vegas Sphere 👀

Opportunity at generational wealth missed once again. 😞 How many times will this happen. $SNDK