Dylan LeClair

今年の株主総会に参加する、もう一つの理由。 当日会場にお越しいただいた株主の皆さまの中から、抽選で400名超の方に、総額0.3350 BTCをプレゼントします。 実際に手にできるビットコインを、ぜひこの機会に。 下記よりお申し込みください。

Breaking down our latest raise. Our single KPI is Bitcoin per share. Every capital decision we make gets measured against that. After our last institutional offering, we heard from shareholders that they wanted us to think differently about how we raise capital. The demand was still clear: more Bitcoin. So here's what we did. Japanese PIPEs typically price at a ~10% discount to market. We sold shares at a 2% premium to market and packaged our equity vol into fixed-strike warrants at a 10% premium. The company gets immediate capital to grow the Bitcoin balance sheet. If the stock goes higher and warrants are exercised, we receive additional capital at a price above today's market. The investors get to express a view on volatility. This isn't zero-sum. Both sides can win. This is the same playbook MSTR pioneered with convertible bonds. A 0% coupon convert was a bond and an embedded call option packaged into one security. The coupon was zero because the embedded option on a levered BTC vehicle was so valuable it replaced the coupon entirely. The bondholder wasn't lending for free. They were paying for vol. Saylor understood this before anyone else in BTC and it unlocked a new paradigm for Bitcoin treasury capital formation. Same principle, different wrapper. We used stock plus warrants instead of converts, so there's no debt, no maturity risk, no overhang, no ongoing dividend or interest payments. The capital structure stays clean with no debt sitting above equity holders, and that's by design. When we issue preferred shares, the balance sheet underneath needs to be pristine. Every Bitcoin we add strengthens that foundation. The bigger the base, the more credible the credit. We are intentionally building this to become the dominant issuer of Bitcoin backed fixed income instruments in Japan. And finally, we run one of the most active BTC derivatives books in the world. Every scenario here has been stress tested and is being managed, including the tail risk on future warrant exercise. We built this company around Bitcoin volatility and BTC Yield. This is what we do. This is permanent capital with no ongoing cost. The proceeds go to Bitcoin. ~$255M now. Up to ~$531M on exercise. March toward 210,000 BTC continues.

Strategy generated ₿16,622 of BTC Gain last week, worth ~$1.2 billion. BTC Gain is the closest analog to Net Income on the Bitcoin Standard. $MSTR

メタプラネットは、グローバルな機関投資家を対象とした第三者割当による資金調達により、約408億円を調達しました。新株発行価額は2%のプレミアム付きで、さらに10%固定プレミアム行使価額のワラント（新株予約権）を組み合わせることで、エクイティ・ボラティリティを収益化し、行使時には、最大で約445億円の追加資金を確保できる設計としています。合計で最大約853億円の「追加の推進力」を手に、我々は210,000 BTCの保有という目標に向かって突き進みます。

Metaplanet has raised ~$255m from global institutional investors via a placement of new shares priced at a 2% premium, paired with fixed-strike warrants at a 10% premium that monetize our equity volatility for up to ~$276m in additional capital upon exercise. Up to ~$531m in additional firepower on our march towards 210,000 BTC. $MPJPY