Assets are overvalued due to artificially suppressed interest rates over the last 20 years, which has created bubbles in real estate and stocks. Bonds provide negative real return. Cash loses purchasing power every year. The only rational option for long term value storage for non traders is hard assets or undervalued companies if you can find them in an environment of overvaluations, which even Warren Buffet can’t do. Precious metals were the logical choice for this environment in the past, but that was before Bitcoin arrived on the scene and solved for all of Gold’s shortcomings: difficult verification, difficult transport, difficult storage, and gradual debasement. Until there is a structural reset and all financial assets are repriced, the only rational place for the average investor to store their long term wealth is Bitcoin. Diversification is normally a great strategy, but that assumes a functioning financial system that operates according to free market principles. Unfortunately, we live in a centrally controlled financial system where the Fed has distorted all prices across all assets within the system by manipulating the price of the money the underlies the entire system. To protect your wealth, you have to step outside of the system and ditch antiquated stores of value like Gold. Once you realize this, you realize Bitcoin is the hurdle rate, and you become a Bitcoin maxi.

Great article. Well worth the read. Simon is a master at hiding shareholder destruction in plain sight. He is the antithesis of the Bitcoin ethos.

At Smarter Web, we use fully diluted EV vs Bitcoin value for our mNAV metric. Right now we trade at 1.47x mNAV. I spend a lot of time thinking about what mNAV a Bitcoin treasury company should trade at. My view is that there isn’t a single right answer. One factor I believe is particularly important is the breadth of the capital markets toolkit available to a company. I think the market has increasingly recognised that Bitcoin treasury companies with preferred equity in their toolkit have greater flexibility and more avenues to fund accretive growth than those without. I share that view. Is a 1.5x, 2x, 2.5x or potentially higher mNAV expensive for Smarter Web? In my opinion, no. Today we have multiple tools at our disposal, and in the future we should have MORE. Having MORE tools gives us MORE options. Our job is to use those options intelligently, allocating capital with discipline and a long-term focus. LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8

What do all successful Bitcoin treasuries have in common? A charismatic leader who constantly speaks directly to shareholders via presentations and podcasts. Michael Saylor, Matt Cole, and Andrew Webley all do this. Simon Gerovich, on the other hand, goes MIA for months and mostly interacts with shareholders through X posts. That’s not a winning formula—especially when he’s already perceived as untrustworthy. Does anyone know if Simon speaks Japanese well enough to do podcasts and public speeches for his Japanese shareholders? Every easily accessible public appearance—conferences, podcasts, video interviews—is in English. Japanese versions are just subtitles or written pieces, not him delivering the speech himself. While he produces long, formal Japanese writing (shareholder letters, announcements) that reads native or near-native, and older bios called him fluent, I find it strange there are zero videos of him speaking Japanese. My hunch? He struggles speaking and understanding Japanese well enough to do public engagements. The main growth engine of a Bitcoin treasury is issuing digital credit, which requires trust in the issuer. Given the existing market distrust and his inability or unwillingness to speak directly to Japanese investors, I have doubts about the Japanese market trusting any preferred shares he launches. I'd appreciate the input of any Japanese shareholders.

VanEck’s Matthew Sigel and co-authors are heroes for revealing institutional investors’ viewpoint on Metaplanet’s pitting of shareholders’ interests against managements’: “Strategy, BitMine, and Strive all disclose per-officer grants, strikes, and vesting in SEC filings, tie the bulk of large awards to performance hurdles, cap plan size in a stockholder-approved document, and provide grant-timing disclosure under Item 402(x). “Metaplanet’s rights carry no performance condition beyond continued service, the JPY 10 strike is a legacy price set before the pivot, the pool size was formula-driven rather than committee-driven, and per-officer disclosure arrived only after shareholder pressure in September 2026. “Even DATs outside our top 10 screen with questionable dilution potential (TON Strategy, Nakamoto, ProCap, Empery) either capped their plans after the fact, tied their largest awards to price hurdles ($15 to $50 for ProCap, $10 to $30 VWAP for Empery), or put the plan to a vote. “Metaplanet did none of these until the pool had already encompassed 20% of the company. “These 4 changes would move Metaplanet off the “Bad” band: 1. Cancel the roughly 273 million shares added by the adjustment clause. 2. Replace the remaining rights with a stockholder-approved plan sized in the low single digits of FD. 3. Tie compensation to a shareholder-aligned key performance indicator (KPI) such as bitcoin per FD share. 4. Adopt a written grant-timing policy. “Realistically, unless past grants are clawed back, a lot of damage has already been done to Metaplanet. We find it hard to believe that Metaplanet’s investors, had the vast majority understood the scale, would ever have approved the substantial dilution of their shares to buy bitcoin. “Effectively, until the cuts to plan, Metaplanet passed only 80% of the bitcoin it bought through to shareholders, with management dilution absorbing the other 20%. vaneck.com/us/en/blogs/digit… $mtplf $mpjpy @GrafYves @RoaringRagnar @thebtcpharaoh @ZynxBTC @orangeyield @GlobalCloser @LawrenceLepard  @1914ad @odysseusito @CatoTheElder17 @RichardByworth @AdamBLiv @Anders_ @BenjaminStongMD @SpacsStocks @InHoloWeTrust @z500_tj @DavidFBailey @EneaDenkt  @btc_overflow @ThetaMaestro @toothsleuth33 @thisisjake_jp @mattkratter @ActuallyClimber @Compound26p @Bitcoin_Baddie_ @mriemer @metaplanetdays @ShamanSats @adkcurtis @727jht @Dchammerr @dRiskDave @laurashin @bigpicturebtc @thepowerfulHRV @WeaponXBT @financialcnspr @MitchTX21 @UncleDividends @EspritAlberta @JoshMandell6 @most_real_psymd @OrsonVega @market2kk @hodl15capital @linksonJ @danainhawaii @tslaish

100%. Credit, and specifically prefs, require a lot of trust, not just a little. A couple of months ago, there was a serious debate on whether Saylor would bring $STRC back to par or simply give up and stop paying dividends, which the prefs give him the ability to do. I don’t think anyone will want to give Simon and Dylan the ability to make that decision.

VanEck on Metaplanet: “[W]e rank Metaplanet (MTPLF) as the only company among the top 10 DATs we classify as “Bad” on executive compensation practices and it falls well short of “Acceptable.” “Its plan pool is 14.7% of FD, with officer exposure at 8.2% while the largest single officer holds 3.8%. These figures each represent a multiple of the next-worst name on every metric. “Most importantly, the pool did not balloon to its size by committee decision. It got there through an unchanged, floating clause that reset the stock grant to 20% of fully diluted shares every time the company issued stock to buy bitcoin. “This was due to Metaplanet’s legacy as a former struggling hotel operator that created a reward structure to turn around the company. A retention plan approved by shareholders in 2023 at 46 million shares was built to grow with the share count to ensure officer compensation was not affected by dilution. “Even after Metaplanet evolved into a DAT, its executive compensation scheme was never re-aligned. As a result, every purchase of bitcoin funded by equity was also a pay raise for its officers as the awards were reset upward each time Metaplanet issued stock. “By mid-2026 the pool had swelled to 319.5 million potential shares, or about 20% of the company on a fully diluted basis. “Bowing to immense shareholder pressure, the board has acted twice in the past month but we believe its actions still fall well short of the mark. “On August 18, 2026 Metaplanet’s board stopped the automatic growth by repealing the evergreen dilution clause but locked the pool at its enlarged size. “On September 11 the board went further, rolling the conversion ratio back to where it stood before the September 2025 share offering. “This effectively cut the pool 41% to 188.2 million shares. However, because 82.8 million shares had already been issued to insiders at the old ratio, the potential new shares fell by more than half, to 105.4 million, or roughly 7% of the company.” $mtplf $mpjpy @GrafYves @RoaringRagnar @thebtcpharaoh @ZynxBTC @orangeyield @GlobalCloser @LawrenceLepard  @1914ad @odysseusito @CatoTheElder17 @RichardByworth @AdamBLiv @Anders_ @BenjaminStongMD @SpacsStocks @InHoloWeTrust @z500_tj @DavidFBailey @EneaDenkt  @btc_overflow @ThetaMaestro @toothsleuth33 @thisisjake_jp @mattkratter @ActuallyClimber @Compound26p @Bitcoin_Baddie_ @mriemer @metaplanetdays @ShamanSats @adkcurtis @727jht @Dchammerr @dRiskDave @laurashin @bigpicturebtc @thepowerfulHRV @WeaponXBT @financialcnspr @MitchTX21 @UncleDividends @EspritAlberta @JoshMandell6 @most_real_psymd @OrsonVega vaneck.com/us/en/blogs/digit…

🗳️ Poll for current and former @Metaplanet shareholders 🗳️ Were you aware of the 10th Series insider compensation plan when you invested?

Do you think it’s possible for Metaplanet management to regain trust at this point? Not only did they behave unethically, but they’ve equivocated and justified their actions ever since being caught, meaning they don’t even recognize that they’ve behaved unethically, which is even worse. You can never trust people like this again. No matter how they respond going forward, it will only be because they think they must make concessions for shareholder relations, not because they recognize any injustice. People like this don’t change, and rest assured, if given the opportunity to benefit themselves at the expense of shareholders, they’ll take the opportunity every time.

IMPORTANT NOTE ON #METAPLANET Capital Group’s Capital Research and Management filed a change report today. nitter.net/fa46496700/status/2099… Between 2 and 8 September it sold 13,318,200 shares — 12,941,100 on-market across five sessions, plus 377,100 ADRs off-market at ¥245.98 — taking its stake from 11.09% to 9.76%. It now holds 131,358,320 shares of 1,345,340,624 outstanding, including 5,902,500 Class B non-voting. They were still buying in July: 13,572,800 shares over 13–14 July, across two separate filings. Those shares have since been sold, and more. Perhaps we give Capital Group too much credit for what they “must have known.” Perhaps they, like the rest of us, are only now learning. @CapitalGroup $MPJPY $MTPLF $DN3

Here you go. I’ve been beating that drum for almost a year. I went through their 5 corporate presentations where the entire foundation of the trade was presented as 3x mNAV being lower bound of dilution. They put these out at the same time they were setting up the deal to dilute at barely over 1x mNAV ( and as we have discovered - with 20% of the dilution for Simon) Jackals.

They are experts at what they did. Big fat shinny analytics dashboard, with every random metric imaginable, updated like every 10 minutes to make you think you knew everything that was going on. But no mention of the 20% skim.

Just wipe it all man.

Metaplanet’s reputation is beyond repair. The level of intentional deception and grift is unprecedented.