ProgresstiveT

I'm still finding deep value at these price ranges for Metaplanet. Here's my thesis. EV mNAV = 1.02x Market Cap vs. BTC NAV = 0.89x Amplification ratio = 12.9% Momentum has stalled relative to Strategy and Strive, who are capturing attention with the success of their Preferreds. I suspect this will continue until Metaplanet's own Preferreds, MARS and Mercury, reach IPO. The market is unsure at the moment about if and when they will be able to get the Prefs out to the public but I'm betting on this happening by Q2 2027 at the absolute latest. Obviously I am hoping for sooner but things move slower with the Japanese regulators. The opportunity set is clear. 1) $7 trillion in Japanese household cash getting less than 1% in yearly interest. Often below 0.5%. 2) Japan's fixed income market is the third largest in the world. 10-year Japanese bonds are currently yielding 2.39% vs 4.3% in the US. 3) The two aforementioned points makes the cost of capital for Metaplanet way cheaper than its market competitors in the US. It's essentially an amplified Yen carry trade. 4) Preferred dividends will be covered by revenue rather than common stock ATM. Less drag on common equity. Greater potential for mNAV expansion. 5) At 12.9% amplification, there is significant room to leverage up. Strategy sits at 33%. Strive at 42.8%. The gap is the opportunity. The market is looking elsewhere. That is precisely why I'm accumulating. It pays to be a contrarian. Metaplanet is the undisputed market leader in Japan and the third largest public Bitcoin holder in the world. I am ₿ullish, but more importantly - patient. $MPJPY | $MTPLF