SupaGhost

@UncleDividends The biggest risk I see is Japanese regulatory hurdles and compliance. If by next year things can be absolved, I see glorious times ahead. Building income streams besides their standard income generation is what will justify a higher mNAV

Is Metaplanet Becoming Japan's BlackRock of Bitcoin?Project NOVA Deepdive #metaplanet #mtplf #メタプラネット youtu.be/dGL98WmsBaA?si…

@brycetill Sponsored structure, easier to access, and more aligned to long term strategy Downside would be ADR fees but this is minimal unless you are buying a ton of shares.

@harhar786 Can you comment on why?

Fam, do I buy $MTPLF or $MPJPY? Why?

@swissBTCmaxi @ZoroInvesting @Metaplanet Certainly, uncertainty works in good and bad ways, but there’s a lot more good future catalysts here that could accelerate. Enjoy the journey, the story is still getting started.

For sure it's not a "get rich quick" scheme... but we never know! One of the variables might accelerate the whole thing... terrible bond situation in Japan, regulatory clearance for the prefs, US prefs by July, or simply a BTC run... I am happy I've secured my room in the Japanese hotel and now comes the waiting games.

IMO what makes @Metaplanet really different (other than potentially addressing a yield starved Japanese market with prefs, which is already HUGE in itself!) is: 1/ project Nova which should create a true cash flow mechanism tt both Strategy and Strive DO NOT have, which will largely boost their BTC yield/BTC per share KPI. This video is a great dive into this with a potential ¥9.5 billion yearly revenue on the horizon... 2/ they are not "only" attacking Japan, but the the whole Asia as a one stop shop for everything Bitcoin related. They have been pretty vocal about it. It represents a Much bigger TAM. 3/ they are positioning themselves as a bridge between Asia and the US in the new monetary world order with bitcoin at its core 4/ a quick look at the Japanese bond mkt is showing MP is the only exit hatch. Great explanation from @thebtcpharaoh on the subject here x.com/thebtcpharaoh/… They are about to rise, and I trust in @gerovich, @DylanLeClair and team to make it a reality sooner rather than later LFG🚀

@_meaningless High mNAVs will return when Bitcoin starts seeing new all time highs!

다시 2000엔까지 갈 수 있을까? 작년에 mNAV 7정도까지 올라갔었는데.. 다시 볼수 있을까? 🙏

@ZoroInvesting @swissBTCmaxi @Metaplanet This. It’s pretty much speculation until it isn’t. The growth machine will outpace the stock valuation. And then all at once, an influx of capital inflows will happen. However this is something that will likely take months to play out but the vision is becoming a reality!

@swissBTCmaxi @Metaplanet The more importantly, right now the market prices all these massive potential and profitable businesses with negative value. It will be re-rated hard.

Funds for $BTC transferred for purchases next week and Roth IRA has been fully funded for 2026! Future transfers will go to taxable accounts. And I am to going start building long positions again for Space. Bitcoin positions will remain $SPCX $RKLB $ASTS $LUNR $VOYG $PL

@BTCoptioneer Buy $SATA in a Roth account. Buy the common stock in your taxable brokerage. Reap the benefits of both

Young investors should avoid over-allocating to $SATA. 3-6 months living expenses in SATA, get paid dividends daily. The rest in Bitcoin, $MSTR, $ASST, and LEAPS if you want to grow your net worth. What is your SATA allocation?

@BitcoinbyHeart Very heavy in Metaplanet right now but if that pays out in a few years, I would love to transfer a good portion of income towards these products! Might start allocating some in my retirement vehicles

Happy to own $ASST.. Sad, that it is still a very small percentage of my portfolio.. Bullish on digital credit! ;)

@Drew_Vish @thebtcpharaoh I feel you. Sucks being underwater but I’ve been adding much more at these levels and reducing my cost basis. We’ll get back to $10 in ~12 months. Patience is 🔑

@harhar786 @thebtcpharaoh In general, yes. But not currently if your cost basis is $5 and it’s still 20% of your portfolio 😂.

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 to Japan, the US, Bitcoin and #Metaplanet. Because believe it or not, Japan is probably the most important macro story in the world 1/ The data. JGB 10Y at 2.7% — highest since May 1997 (29 years). JGB 30Y at 4.00% — all-time record. JGB 40Y above 4% — first time any JGB maturity has been here in 30+ years. USD/JPY around 158, with the BOJ spending ¥5.48T ($35B) on intervention this month alone. This is not pocket change, and had little to no effect besides a short term bounce. 2/ But this isn't 1997. Look at the JGB 10Y chart (posted below). The yield is back where it last was in May 1997 — 2.70%. The country however, is not. In 1997, Japan's debt-to-GDP was ~100%. Today it's 248%. So it’s the same nominal yield, applied to a debt stack roughly 2.5x larger. Today's reported interest bill (¥13T) is still mild because most outstanding JGBs carry sub-1% coupons issued during the ZIRP/QE era — but every bond that rolls now reprices to today's curve. 3/ Which sets up an impossible trilemma. Three things Japan is trying to do at the same time: (a) keep debt service affordable, (b) prevent the yen from collapsing, (c) let rates normalize to reflect actual inflation. You can only pick two out of three. — Pick (a)+(b): keep BOJ buying bonds to suppress yields, burn FX reserves to defend the yen. This is the path that got Japan to 46% BOJ ownership of JGBs and ¥5.48T of intervention in a single month. Every quarter the exit gets harder. — Pick (b)+(c): let BOJ hike to close the US spread, yen stabilizes. But every 100bps higher reprices a ¥1,300T+ debt stack on rollover. Fiscal crisis looming. — Pick (a)+(c): hike slowly, keep fiscal stimulus, let yen find its level. Yen drifts to 170, 180. Imported inflation crushes consumers. Foreign capital starts selling JGBs. Fiscal crisis through a different door. The trap is circular: every solution produces the problem you tried to avoid. That's why this isn't a riddle you can solve. It’s a can you keep kicking down the road, until the market eventually forces a choice. 4/ Then PM Takaichi said the quiet part out loud. She said "break free of the spell of excessive fiscal austerity." Her plan: ¥21.3T supplementary stimulus, a ¥122.3T FY26 budget (biggest ever, +6.3%), tax cuts and record defense spending. And the bond market is responding. 5/ The fiscal math doesn't work anymore. Interest spending in FY26: ¥13 trillion — about 10.6% of the entire ¥122.3T budget. Total debt service (interest + principal redemption): ¥31.3T, roughly one-quarter of the budget. Japan now spends about ¥1 of every ¥10 of its budget just on interest, before a yen is allocated to defense, healthcare, or anything else. Sensitivity: every 1% rise in yields adds ~¥3–4T to annual interest cost in the near term as JGBs roll (MOF rule of thumb). Over a decade of full repricing across the ¥1,300T+ debt stack, it adds ~¥13T — effectively doubling today's interest bill. The budget already had to bump its assumed bond rate from 2.0% (FY25) to 3.0% (FY26). The 30Y is currently quoting 4.00%. 6/ The BOJ wants to hike. It can't move fast. Policy rate is 0.75% (still negative in real terms). Core CPI forecast for FY26 is 2.5–3.0%. April PPI: +4.9% YoY and accelerating. Three board members already dissented for 1.0%. But every hike makes the fiscal hole deeper. They're trapped between inflation and insolvency. 7/ Which is why the yen keeps falling. US 10Y: 4.57%. JGB 10Y: 2.7%. Spread: ~190bps. As long as that gap exists and the Fed isn't cutting, the yen wants to weaken. Tokyo's ¥5.48T intervention may have bought them a few weeks, but it didn’t fix anything. 8/ Now the global piece — the carry trade. For a decade-plus, the world borrowed yen at ~0% to buy higher-yielding assets globally. Estimated notional: $350–500B+. As JGB yields rise and yen funding gets expensive, that trade unwinds. Japanese capital comes home. Foreign assets get sold. The biggest one: US Treasuries. 9/ That's why US 10Y just crossed 4.5%+. It's not only US inflation. It's the marginal Japanese buyer becoming a marginal seller. Japan holds ~$1.1T in US Treasuries — the largest foreign holder. If even 5% repatriates, that's ~$55B of supply hitting an already-fragile market. 10/ The deeper story is debasement. Japan printed ¥700T+ over the last decade. The BOJ balance sheet is now ~130% of GDP. They finally got the inflation they worked so hard for. The cost: yen debasement, a bond market revolt, and a central bank that owns half its own debt. There is no clean exit. 11/ Bitcoin is the hedge against exactly this. Debt monetization that can't be reversed. Currency as the release valve. Bond markets that have stopped trusting central planners. BTC corrected with bonds this week on the risk-off — but the structural reason it exists just became clearer. 12/ So the real question. Not "who owns BTC." Not "who's Japan-listed." Which balance sheet is actually built for this regime — capital structure designed for a debasing yen, a rising US 10Y, and a global capital pool that's starved for real yield? I think you can guess who that is. 13/ Metaplanet is the bridge architecture. Metaplanet ($MPJPY / $MTPLF / $3350.T) is the only treasury company designed to bridge three pools: a Tokyo-listed parent equity, US institutional appetite (the deepest BTC-proxy demand pool in the world), and Japanese yield-starved capital. Into one ecosystem. It’s a structural setup @gerovich and @DylanLeClair have been quietly putting together, while the market is too focused on the short term price action. 14/ The Japan engine is already running. 40,177 BTC on the balance sheet; the largest holder outside the US and third largest globally -> likely to jump to second by end of Q2. Perpetual preferred shares being built from scratch as a first time innovation with extremely high barriers to entry, albeit exact timeline is uncertain. 15/ The US engine is being built right now. I laid out the full chronology in detail in my last post. The short version: this didn't start last week. Apr 2025: Miami subsidiary established. Sep 2025: US Income Corp (BTC income generation, US jurisdiction). Dec 2025: Sponsored Level 1 ADR live ($MPJPY), Deutsche Bank depositary, MUFG custodian. Mar 2026: strategic-disclosure day — Asset Management + Ventures + JPYC investment, all on the same day. Thirteen months of compounding setup. 16/ The fee-waiver is the tell. Metaplanet opened a 60-day fee-free window for converting $MTPLF → $MPJPY ADRs, running April 13 to June 12, 2026. Translation: management wants the ADR float deep, clean, and institutionally ready before something lands on top of it. 17/ The likely product — and why it fits the macro. The most plausible first product is a USD-denominated perpetual preferred, run on the same 144A playbook Strategy used for $STRC / $STRD / $STRF. And the macro story is exactly what makes the two-pool structure powerful: Japan is yield-starved (a 5–6% coupon clears domestically), the US is yield-rich (BTC-treasury perps already clear at 10–14%). Metaplanet can issue into both worlds at their respective rates, building optionality and taking advantage of the two deepest capital pools in the world as they evolve over the coming years. 18/ No other company has this structural setup. A debasing-currency balance sheet, holding the asset that hedges debasement, raising in the world's deepest dollar capital market — while its home market produces the structural tailwind. 19/ What this means for the US and Bitcoin. For the US: Japan is the leading edge, not the exception. US debt-to-GDP is ~125%, the 10Y is 4.59% — the same arithmetic eventually applies. Higher rates → higher debt service → political pressure on the Fed → yield curve control, dollar debasement, or both. The US is roughly 10–15 years behind Japan on the same curve. Japanese repatriation is one of the reasons that curve is being pulled forward right now. For the dollar: short-term strength as the yen weakens further. But every reserve currency with high debt-to-GDP and aging demographics ends up where Japan is. The dollar's privileged reserve currency status buys time, but we are already seeing this start to unwind. For Bitcoin: BTC is the only macro asset whose supply is fixed regardless of what any central bank decides. When bond markets stop trusting central planners — and the JGB curve is the first to break that trust at scale — Bitcoin's value proposition stops being abstract. Short-term, BTC trades with risk-on/risk-off. It sold with bonds this week. But the structural bid keeps building: corporate treasuries, sovereign accumulation, capital fleeing fiscally-trapped currencies. Each Japan-style episode makes Bitcoin's reason for existing more obvious, not less.

@ZynxBTC They have not yet revised their BTC targets. Expecting something significant from them soon 👀

Metaplanet will issue preferreds in both Japan and the US. In Japan they will have no competitor. In the US they enter the best capital market in the world, already proven by Strategy and Strive. What makes this uniquely compelling is that no other company in the Bitcoin treasury space is positioned to operate simultaneously in both markets. Japan has the third largest fixed income market in the world and $7 trillion in household cash earning next to nothing. The US has the deepest and most liquid capital markets on the planet with institutional appetite for Bitcoin credit growing by the month. Metaplanet sits at the intersection of both. A 12% yield in the US would be enough to carve out a serious slice of the market while the Japanese preferred infrastructure is built out in parallel. The opportunity set is enormous and I am willing to be patient for it to play out. Bullish on Metaplanet.

@Sam_Badawi $SOXL

Which stock will do this on Monday?

@cantonmeow Somehow sold ADOBE when it topped near $560. Debating to nibble back in

Software stocks!!!!! 😂

@diglloyd @Metaplanet @AdamBLiv Did you call them or go in person? Been debating making a trip to my local branch but need to explain the conversion to them

Converted my @Metaplanet $MTPLF today to $MPJPY. Schwab says it usually gets done in a week or less. @AdamBLiv

@RoaringRagnar This isn’t luck, it’s Financial engineering and math at work. Mechanically lifting Bitcoin up to $1M

Record volume for $STRC, $1.53 billion in a single day. 14,000+ BTC purchased. The flywheel is working. Bitcoin is on its way to $1M.

@cantonmeow Please sell your $MTPLF and $BTC as well. 😂That’s the true catalyst. I’ve learned my lesson.

Please sell your $COIN $ETH $GLXY $BMNR $BTBT so my bags can finally go up.

Metaplanet's US Strategy: What Metaplanet Is Building in the US — Connecting Every Dot Over the past couple of weeks, #Metaplanet management have been dropping clues that they are preparing something significant on the US side. We can all guess what it is (and there are several possibilities) but it’s becoming increasingly clear that something is in the works. Here’s what I’m seeing. The chronological US buildout A 13-month progression that doesn't look incidental when you line it up: → April 2025: Metaplanet Treasury Corporation (Miami) established — highlighted by COO Yoshimi Abe on May 7: "One year ago, we established Metaplanet Treasury Corporation in Miami, our first US entity." x.com/Yoshimi3350Abe… → July 2025: Establishment of US Holding Subsidiary and Share Transfer by Way of Contribution in Kind → September 17, 2025: Metaplanet Income Corp (US) established — specifically to operate the Bitcoin Income Generation business out of US jurisdiction → December 12, 2025: Form F-6 filed with SEC — registration of Sponsored ADR shares → December 19, 2025: SEC declares the F-6 effective. Sponsored Level 1 ADR launches under ticker $MPJPY with Deutsche Bank Trust Company Americas as depositary and MUFG Bank as custodian. → March 12, 2026: Strategic-disclosure day. Three coordinated filings drop together: • Establishment of Metaplanet Asset Management (US subsidiary) • Establishment of Metaplanet Ventures K.K. (Japan venture arm) • Investment in JPYC Inc. via Metaplanet Ventures I want to pause here for a minute and share a excerpt from their own filing: contents.xj-storage.jp/xcontents/3350… This is the actual language from Metaplanet's March 12 filing announcing Metaplanet Asset Management: "The Company sees an opportunity to establish a dedicated asset management platform to serve this market, bridging Asian and Western capital markets." The same filing goes further. It explicitly names the product set: "perpetual preferred securities and related fixed income instruments, a category increasingly referred to as Digital Credit" — alongside "actively managed strategies… derivatives and structured positions, equity and credit strategies focused on Bitcoin treasury companies… index products and benchmarks." Then it commits to the rollout: "The Company intends to announce specific funds, managed strategies, and structured products as they are launched, spanning the full spectrum of Bitcoin capital markets from yield instruments and fixed income to actively managed equity, credit, commodity, and volatility strategies." This plan was disclosed two months ago in plain English in a filing on their website. This has been in the works for some time. A perpetual preferred ("Digital Credit") is the most likely first product IMO. But it's the first product in a platform, not a one-off raise. Metaplanet Asset Management is the operating engine for a multi-product Bitcoin capital markets business — issued out of US jurisdiction, designed from inception to bridge Tokyo-listed parent equity, US institutional appetite, and Japanese yield-starved capital into a single ecosystem. → March 16, 2026: Capital Allocation Policy revised. → April 13, 2026: Metaplanet opens a 60-day fee-free window (Apr 13 to Jun 12) for converting unsponsored $MTPLF shares into sponsored $MPJPY ADRs. Removes the standard $0.05/ADR fee. More on this later. → April 26, 2026: Metaplanet lights up the Las Vegas Sphere with "Secure the Future with Bitcoin" — ~$450K/day for premium US institutional visibility. dlnews.com/articles/marke… → April 27, 2026: High-tier sponsor of Bitcoin for Corporations at Bitcoin 2026 Conference (Venetian, Las Vegas) → May 7–13, 2026: Boston (and potentially other US cities) week-long institutional roadshow. Full senior team: Simon Gerovich (CEO), Dylan LeClair (Head of BTC Strategy), Yoshimi Abe (COO), Shinpei (IR). → May 13, 2026: Q1 FY2026 results filed. Same day, coordinated messaging: • Simon: Japan prefs listing "has taken longer than we initially anticipated… we appreciate that this has created uncertainty" — explicit admission of delay. Flagged monthly dividends as a structural feature that would also take time to build. x.com/gerovich/statu… • Dylan: "Transforming capital markets is patient work. We will continue diligently, tirelessly, and without compromise, in Japan and abroad." The "and abroad" is not a slip. Shoutout to @swissBTCmaxi for catching that x.com/swissBTCmaxi/s… Five US legal entities. Sponsored ADR with a major Wall Street depositary. Million-dollar Sphere/conference spend. CEO + COO + Head of Bitcoin Strategy + IR on a senior-roadshow tour. Coordinated same-day messaging. The fee-waiver window is not a coincidence Look at the calendar. The fee-free $MTPLF→$MPJPY conversion window runs Apr 13 to June 12, 2026. My projected announcement window for a US perpetual preferred (144A path) is mid-June to mid-July (more on this below). The waiver expires almost exactly when the announcement is expected to land. This isn't coincidence. Before issuing a USD-denominated perpetual preferred under the same parent, you want the sponsored ADR — Deutsche Bank-backed MPJPY — trading with consolidated, deep, institutionally-clean float. So management compressed the MTPLF→MPJPY migration into a 60-day sprint that ends right as the new product needs the ADR liquidity to launch on top of it. The pricing reality A 5-6% rate works in Japan because Japan is yield-starved. It does not work in the US, where the comparable BTC-treasury perpetual prefs already clear at much higher yields - let’s just call it anywhere between 10-14% depending on the instrument and issuer. If Metaplanet issues a USD perpetual preferred to clear at scale ($200–500M), the coupon almost certainly needs to be 12%+. The EDGAR reality check I went to SEC EDGAR to red-team this. Here's what I found: → Metaplanet Inc. (CIK 0002100603) has only TWO filings ever: the F-6 ADR registration and its EFFECT notice — both from December 2025. Zero filings in 2026. → Metaplanet Asset Management — no EDGAR registration. Not a filer. → Metaplanet Income Corp — no EDGAR registration. Not a filer. → Metaplanet Treasury Corporation — no EDGAR registration. Not a filer. → (Note: "Metaplanet AI Fund I, LP" exists on EDGAR with Estonian principals and AI focus — completely unrelated, just a name coincidence.) This rules out an imminent NYSE/Nasdaq listing or fully SEC-registered F-1 IPO — those require scaffolding that we'd already see by now. But it strongly supports a Reg S / 144A private placement path: 144A placements sell to qualified institutional buyers (QIBs) only Don't require SEC pre-registration Allow public marketing without quiet period (which is exactly what we're observing) Can close in 4–12 weeks from pre-marketing This is the same mechanism Strategy used for $STRC/$STRD/$STRF — initial 144A placement, eventual broader registration The most likely scenarios, ranked 1. US 144A perpetual preferred. Issued by Metaplanet Inc. or Metaplanet Asset Management, structured like a $STRC clone (or possibly convertible like MERCURY). Sized $200–500M. Targets QIBs initially; broader exchange listing later. 2. Metaplanet Asset Management product launch. Could be a US-domiciled BTC treasury fund or managed strategy that institutional allocators buy into. Distinct from issuing securities directly. Fees on AUM become a revenue line. 3. $MPJPY upgraded from Level 1 to Level II/III ADR. Common stock dual listing on Nasdaq. Simpler, faster, no new instrument. But EDGAR shows no F-3 yet, so this would push to Q4 2026 at earliest. Some of the scenarios may not be mutually exclusive. Timeline If 144A path (most likely): Roadshow start: May 7 ✓ Anchoring institutional orders: 3–6 weeks Announcement window: mid-June to mid-July 2026 Pricing and close: 2–4 weeks post-announcement 144A listing / QIB trading start: late July to early August 2026 Closing thoughts @Strategy is running the best capital markets playbook in financial history. @Strive is doing a fantastic job and punching above its weight. But the loudest stories aren't always the biggest ones. Metaplanet is building something none of the others have. Don't write off the dark horse just because there is a new flavor of the month. They've been training. And they're ready to sprint.

@bariksis Made a post about this. This is Year of the Accumulation. Enjoy the dip this year.

I'll admit, one of my biggest L's. What happened to these guys? $MTPLF

Buying $BTC today!! Get ready to see these tickers launch: $HOOD $COIN $CRCL $MSTR $ASST $MTPLF

@ChrisMMillas Strive is building their balance sheet but as fast as Metaplanet? Hard to say right now. Metaplanet has definitely stalled this year, Strive can absolutely catch up.

All this time, Saylor has been talking up Metaplanet as Strategy’s biggest competitor, when in fact all along it may have been a company positioned right under his nose led by two of his biggest disciples — Jeff Walton and Ben Werkman.

@btc_overflow They are coming but they could’ve been more conservative in their guidance when they initially approved them in 2025. 2027 seems the most likely to me at this point

Status update on Metaplanet preferreds. Tl;dr, listing not imminent, they are working through market infrastructure as well as regulatory hurdles. Prefs are taking longer than hoped, but the high DoD of listing is what gives Metaplanet potential for monopoly position in Japan.