mo
315 posts


@misteryouareso @Micro2Macr0 Except the two gaijins are saylor clones. Monkey see, monkey do. Why do you think these clowns are sitting on >$1B unrealized losses. Not from any free thinking on their own.
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@Micro2Macr0 Sounds more like next year to me. If at all. The regulatory hurdles in Japan seem awful. Preferreds aren’t the only way to raise capital. Maybe they need to come up with another idea that makes sense for the Japanese market. Not everybody needs to copy Saylor.
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@Based_Pizza @RetiredAFRN You just explained why the war should have never been started. Thank you.
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@ChrisBucher5 @SpencerHakimian Trumptards shamed again by the Ultimate TACO. What a wuss.
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@SpencerHakimian Do you retards want Trump to just go ahead and nuke Iran? You don't want the war, but a peace deal is "surrender" and somehow bad? Fuck off
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@thebtcpharaoh BKKT is in it's 5th iteration of being a business. Last 4 were utter fails. They have NO clue who they are or what they do.
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The Company Inside Bakkt
Over the past year #Bakkt changed its CEO, its core business, its board and its balance sheet. The stock price still reflects the old company, not the new one – and that's the opportunity.
A few days ago I said I bought 22,000 shares at $10.20. Let me show you the company inside Bakkt.
Start with the old Bakkt. It was built inside the New York Stock Exchange. ICE, the NYSE's parent, launched it in 2018 and took it public in 2021 at a $2.1 billion valuation. Then it lost the plot. The first leg down came post-SPAC, when the original vision never materialized and the stock collapsed roughly 95%. The second leg came on March 17, 2025, when Bakkt disclosed in an 8-K that both Bank of America and Webull were walking from their contracts. Webull alone was 74% of crypto revenue. The stock fell 27% that day and shareholders sued.
Then, four days later, the company did something unusual.
On March 21, 2025 — the same week the existing revenue model died — Bakkt brought in Akshay Naheta (@Akshay_Naheta) as co-CEO and signed a commercial partnership with his stablecoin payments firm, DTR. If that name doesn't mean anything to you: Naheta spent five years at SoftBank investing next to Masa Son, with a hand in the ARM and Nvidia positions. By August, the old CEO was gone and Naheta was running the company alone. The loyalty business was sold off. The dual-class super-voting share structure was scrapped. The balance sheet was cleared out: no debt, $82.6 million in cash. In October, Mike Alfred (@mikealfred) joined the board, then Lyn Alden (@LynAldenContact) a few days later. And in January 2026, Bakkt formally acquired DTR. On paper, Bakkt acquired DTR. In substance, it was a reverse merger — the acquired company is now running the acquirer.
So when you pull up $BKKT today, the chart you're looking at belongs to a company that effectively no longer exists. New CEO, new core business, new board, a clean balance sheet. The only things that carried over are the NYSE listing and the licenses. And the licenses, as you'll see, are the one piece of old Bakkt actually worth keeping.
That gap is the entire opportunity. When the company underneath a ticker gets swapped out but the ticker, the name and the chart all stay, the price can sometimes stay stuck to the ghost.
Even the one number that looks current is misleading. The headline says Q1 revenue "collapsed 77%." But open the filing. Revenue was $243.6 million. Of that, $242.0 million was pass-through crypto cost. The actual margin left over was about $1.6 million. Bakkt's "revenue" was always gross transaction notional, a number that looks enormous and tells you nothing. The real cost of running this company is around $18.5 million a quarter, against $82.6 million in the bank.
Now look at what the new company owns.
The licenses come first. Pan-U.S. money transmitter licenses, a New York BitLicense, a European VASP license. And while that may sound trivial, it's actually what protects the business. Assembling that stack from scratch takes 2-3 years and millions of dollars. Plenty of bigger players have it — Coinbase, Circle, PayPal, Robinhood — but for each of them, licensed crypto payments is one piece of a much wider business. The faster route is M&A, which is why Stripe paid $1.1 billion for Bridge and Mastercard paid $1.8 billion for BVNK — both private. As far as I can tell, Bakkt is the only publicly traded, NYSE-listed company whose entire forward business is the licensed stablecoin payments rail. If you want public-market exposure to this, there is nothing else to buy.
Then the plan. Three businesses. Bakkt Markets is institutional trading rails, with transacting volume the company expects to grow from $241 million last quarter to around $2.5 billion by year-end. Bakkt Agent is programmable payments for AI agents, launching in Q3. An AI agent can't pull out a credit card. It needs licensed, programmable money rails, and very few companies can legally provide them. Bakkt Global is a capital-light international arm. The Japan position — $11.5M into Bitcoin Japan Corporation (TSE: 8105, formerly Marusho Hotta) — is marked at $31.7M as of March 31, a 2.8x return that includes $14.9M of cash already received from Rizap share sales. The India position is a $9.5M warrant subscription in Transchem (BSE: 500422), an Indian brokerage that will offer regulated access to offshore and tokenised investment products. The warrants are subscribed but not yet exercised — conversion is pending regulatory and shareholder approval — with an illustrative quarter-end mark of $44.3M (4.7x). Combined Bakkt Global asset value: $76M. Strip that out of the $445M market cap along with $82.6M of cash and you are left with an enterprise value of roughly $286M for the entire operating business — the licenses, the rails, Bakkt Markets, and a yet-to-launch Agent product.
Then there's the board. Lyn Alden (author of Broken Money) is on it - one of the most respected voices on how money actually works. She describes the financial system that's run since the 1970s as "antiquated monetary technology." She has now agreed to help govern a company building the replacement for it. Sitting next to her: Mike Alfred, who also sits on the $IREN board and recently bought 585,000 shares of Bakkt in the open market, and Richard Galvin, who runs an institutional digital-asset firm.
So what could it be worth?
Sum-of-the-parts, today. On 44.6M shares: cash is $1.85/share, Bakkt Global is $1.70/share at current levels (Japan $0.71 + India $0.99). That is $3.55/share of net assets before you value the operating business. Put the licensed, NYSE-listed payments rail at a 50% discount to what Stripe paid for Bridge and Mastercard for BVNK — call it $500-900M — and the operating business is worth $11 to $20 per share. SOTP fair value today: $15 to $25. The stock is trading at $10 following the rally this week.
From there, two paths to the bull case, and you don't need both. Path one: an acquirer decides buying the only public-market licensed rail beats building one, and pays a strategic premium. Path two — the one I think is underappreciated — the Clarity Act passes, the sector re-rates, and Bakkt trades like the public pure-play it is. If Markets and Agent together drive $200–300M of real (non-pass-through) revenue by year three, and the sector trades at 15–20x revenue — still a discount to where Circle trades today — that's a $3–6B company, or $60 to $115 per share. If multiples expand the way they did in 2021 and Bakkt commands a scarcity premium as the only public option, you can defend higher. Circle, the only public stablecoin pure-play, is worth $28 billion today.
One more piece I’m following with interest. Bakkt has changed its investment policy to allow it to hold Bitcoin on the balance sheet. Bakkt would be a Bitcoin treasury sitting on top of a real, licensed, operating business. The market currently prices that option at nothing.
The Pharaoh's view: the market is paying $10 for the ghost. The company inside is worth far more, and eventually the market will figure it out.
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@CryptoApprenti1 Losing it's core: anti fiat. Now, drifting into that world. Aww, shucks.
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@AlanBsacramento @thebtcpharaoh If u convert to Y, u'll be paying $.01 per share yearly to DB. No advantage to holding Y over F
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@thebtcpharaoh I live in the US and currently hold only MTPLF. All shares are held in retirement accts.
1. I am going to add new capital to MetaPlanet; should I buy more MTPLF or buy MPJPY?
2. On my existing MTPLF stack; should I leave those monies in MTPLF or sell them and buy MPJPY?
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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.
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@crypto_ebro @Metaplanet Yup. Don't forget the pens, t shirts, mugs, 3350 exclusives, meet up space,etc... ALL FOR NAUGHT. Saylor clones are pure amateurs.
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@BTCisVegan @AdamBLiv @MeAndTruthVsYou Not true, MTPLF is more liquid. And when you hold MPJYP don't forget the $.01 per share / annually for ur bank wrapped adrs.
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@AdamBLiv @MeAndTruthVsYou Won’t you be converting your MTPLF to MPJPY? If not, why not? It’s free, and MPJPY has more liquidity. And when you sell MTPLF, no matter how many shares you sell, you gotta pay that$50.00 flat sell fee. Had to pay that upon purchase too.
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People keep misunderstanding Metaplanet’s income generation strategy.
It’s a TROJAN HORSE.
To get the MARS IPO done, they need to make Japan regulators comfortable with cashflows.
In the United States, BTC collateral isn't even normalized yet, and Japan is further behind.
So the Metaplanet team must build trust inside a financial system that still treats Bitcoin like radioactive internet contraband.
Scale the machine once the pipes are upgraded.
People saying “they won’t be able to scale this” are missing the game.
Japan still sends dividend distributions by physical mail.
I’m not joking.
This is not a market you brute force overnight with some spreadsheet and a podcast microphone.
Income generation is the polite wrapper.
Bitcoin collateral is the payload.
And there won’t be a SATA to MARS in Japan. Metaplanet is going to have a DIGITAL CREDIT MONOPOLY.
Metaplanet has a real shot to own the category before the market even understands what the category is.
BULLISH on the JAPANESE HOTEL COMPANY

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本邦市場における上場優先株式は依然として限定的であり、当社が予定している優先株式は、本邦市場における7例目であり、かつ初の償還期限のない永久型優先株式となります。これは、日本の資本市場の発展にとって重要な一歩であると同時に、上場までのプロセスを丁寧に進める必要がある理由でもあります。
本邦市場においては、優先株式の配当は、基礎となる事業活動から継続的かつ安定的に創出されるキャッシュフローを原資とすべきであるという基本的な考え方があります。そのため、上場優先株式の審査においては、複数年にわたる業績見通しや、市況変動を踏まえた複数シナリオを前提として、配当支払能力が審査されるのが一般的です。当社は既にビットコイン・インカム事業において6四半期のトラックレコードを有しておりますが、ビットコイン市場が好調な局面のみならず、軟調な局面においても、安定的かつ継続的にキャッシュフローを創出できることを、さらに実証していくことが重要であると考えております。あわせて、当該キャッシュフローを支える関連事業についても、その拡張性および長期的な持続可能性を引き続き丁寧に説明してまいります。
二つ目の論点は、配当実務に関する論点です。日本の上場企業においては、これまで年1回または年2回の配当が一般的でした。一方で、当社が設計を進めているスキームでは、毎月配当を含む高頻度の分配を視野に入れております。このような仕組みを実現するためには、基準日運営、株主名簿管理、配当金額の計算、および継続的な配当通知業務など、関連する実務オペレーションを慎重に設計する必要があります。当社は現在、日本の法規制および市場慣行との整合性を維持しつつ、これらのプロセスを効率化・高度化するべく、関係パートナーと緊密に連携しながら準備を進めております。
本プロセスは当初想定していたよりも時間を要しており、株主の皆様にご不安を抱かせていることは認識しております。一方で、現在の日本は世界的に見ても利回りに乏しい資本市場の一つであり、持続可能な事業キャッシュフロー、堅牢な業務インフラ、および長期的な成長戦略に裏付けられた優先株式は、その需要に対する意義ある選択肢となり得ると考えております。当社は、本優先株式を市場に提供すること、そして投資家および市場参加者の皆様から中長期的な信頼を得られる形でこれを実現することに、強くコミットしております。
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@jonicollick @pureguava10300 lol then don’t act like a dumb fuck in another country
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Fury Erupts!
Drunk foreign woman picks a fight with Thai women, pulls hair and throws shoes at them before the Thai women’s friends swarm her and deliver a full beatdown in the middle of a Phuket street.
facebook.com/share/r/1CayYh…
Thanon Nakhon Chai Si, Thailand 🇹🇭 English

@goriko1991 @gerovich Gee, why so angry? You drank the gaijin flavored (saylor clones) Kool Aid.
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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.
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I don't feel good about President Trump going to China tomorrow. I pray everything goes well, but I wish I trusted the Secret Service.
Who has more to lose in the world right now than China? Trump has systematically blocked China everywhere. And Xi would sacrifice anything to win, even his own citizens.
I trust the President. But right now, I’m worried for him.
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来るよ。大急騰‼️‼️一度しか言いません。
年収8000万円。26年勤めた任天堂の従兄が、ぽつりと漏らした。
「次に来る本物の主役は、ロボットでもAIでもない。
世界中の工場の電気代を根こそぎ削る、“黒子”だよ」福岡に社員わずか50人ほどの小さなメーカーがある。
そこでひっそりと量産されているのが——
超低損失パワー変換モジュール。導入実績の効果は衝撃的:消費電力 −30% 、発熱−56% 、装置寿命+50%。
すでにテスラとサムスンが2026年分の生産枠を押さえ、
トヨタと日立も2027年分を予約済み。来年、国際エネルギー規格の最終認証が下りれば、
一気に世界の表舞台へ。それでも株価は…まだ228円前後。私は黙って30000株だけ仕込んだ。
これ以上はここでは書けない。
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@BitcoinPoke @gerovich @DylanLeClair and learn how to public speak. Have you ever heard this gaijin talk at conferences?
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@gerovich @DylanLeClair, you’re a good looking guy and fit, but you need to up your game and get better shoes, laptop bag, and wear a belt.
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@PMilk0418 @gerovich Always sweet nothings to appease the holders. This saylor clone clown should be a stand up poet not ceo of a Japanese company.
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