New ATH: 847,666 BTC YTD Acquired: 175,166 BTC

The world’s 10 richest people are all American.

Ask your parents what a house cost in 1985. Now imagine your grandchildren asking what a Bitcoin cost in 2026. That conversation is coming. Make sure you have a good answer. bitcoin:native

The best trade I did in 2022 was start buying the Grayscale Bitcoin ETC at a 50% discount to NAV, equivalence of buying bitcoin at $8,000 - 8,500. It was becoming highly probable that there would be a moment where either the SEC approved ETFs or a redemption at par could happen. A similar situation is starting to present in Metaplanet: 0.87x EV mNAV (or buying bitcoin for $73,080) just when they are about to launch prefs in the US which has helped Strive achieve a 1.5x EV mNAV in the same environment. I think both companies can viably see a 3x mNAV (even higher) with continuing strong execution in a more violent bull run. NFA. Obviously, Strive have the ball right now, and Metaplanet playing catch up, Strive can keep accreting more value while Metaplanet are stuck here, so I am not suggesting a l/s trade. Just highlighting Metaplanet looking cheap.

A Bitcoin treasury company is not an ETF with a CEO. It's for Bitcoiners and allocators who want a company that measures success in one number: Bitcoin per share. It has tools an ETF doesn't: – sell shares at a premium – buy back at a discount – access unique liability structures But what most people underestimate is the cash flow and equity value these companies can build on top of their balance sheet. That's the real edge in the next phase. Grow Bitcoin per share faster than holding can, or don't exist.

People will congratulate you for getting a: - $500K mortgage to buy a house - $50K loan to get married - $70K loan to buy a car - $200K student loan But the moment you tell them that you're buying investments or starting your own business, they start asking you: - "What if it doesn't work out?" - "Are you sure?" - "Isn't that too risky?" - "Will you lose your money?" Think about that

Overseas investors dumping Metaplanet on recent management comp issues made the classic mistake of viewing a Tokyo-listed asset through a standard Western lens. To foreign investors, it might not look like good corporate governance. To domestic Japanese capital, Metaplanet stock is an economic life raft. Japan’s debt-to-GDP is above 260%. The BoJ is boxed in, real yields are deeply negative, and holding cash in yen guarantees steady purchasing power destruction. Here is Metaplanet's structural moat: - Regulatory Monopoly: Zero spot ETFs approved (earliest in 2028), no liquid domestic alternatives. Even MSTR cannot crack this market due to regulatory hurdles, language barriers, and domestic brokerage integration etc. - Execution Moat: An insurmountable 43,000 BTC head start backed by an 8-quarter track record of income generation with imminent US & Japan prefs. The ONLY multi-jurisdiction treasury company in the world. The ONLY treasury company owns a Type I securities subsidiary. - The Capital Arbitrage: Japan is the world's second-largest developed capital market, sitting on trillions of yen in 0% bank deposits starving for yield. While US peers have to offer punitive 12%+ coupons to compete for Wall Street credit, Metaplanet can tap domestic Japanese liquidity at an ultra-low 5%–6% cost of capital. - The Tax Shield: Spot Bitcoin in Japan is taxed as miscellaneous income up to 55%. Holding Metaplanet stocks is taxed at 20% (and 0% inside a tax-free NISA account). There is literally no real competitor in sight that can replicate this setup in Japan. There is no "Japanese SATA vs STRC" scenario. Western capital traded the governance noise and panic-sold at 0.8x mNAV. Domestic capital is buying the only regulated escape hatch from sovereign debasement. Do you really believe a quasi-monopoly in Japan can stay at sub 1x mNAV for long? Thinking about a few generational companies selling at screaming price in 2022 - $APP, $PLTR, $RKLB, you have another one here. #Metaplanet $3350 $MPJPY $DN3

Anyone in the world can buy Bitcoin as long as they have a phone and internet 70%+ of the world doesnt have access to the S&P 500 This is one of the biggest reasons why Bitcoin will outperform over the next few decades

Honestly I don’t know the “ideal” mNAV. Theoretical mNAV looks like ~1 if all they do is hold bitcoin. Over long-run, I suspect it drifts toward 1 as BTC treasury companies slow accumulation. At that point they start acting like a spot Bitcoin ETF: tight to NAV, almost no fee, plus corporate risk. What do you think?

Portable + liquid > immovable + illiquid. Same rule for income: money you can earn anytime, anywhere is worth 10× more than money locked to a time and place. Optimize for optionality. Be time- and location-free.