Metaplanet Inc.

Literally, we saw so many companies come out at once trying to follow the strategy, strategy to coin a phrase, or Michael Saylor's strategy, and sort of have had some challenging times.

You know, MetaPlanet and Nakamoto are two that sort of like stand you know as sort of you know ones that were really highly thought of initially and then the share prices really took a beating since those early days and so maybe it was you know there's a bit of faith lost there but yeah In terms of BitDigital, we know that the Ethereum, their choice of crypto to hold on their treasury position there and having one of the largest treasury positions in Ethereum, all they can rely on now is really the price value of Ethereum increasing.

It's just a challenge.

The market's not giving them any credibility for holding that.

See you on Mars.

And this is MetaPlanet's basically announcements of what they are doing going forward.

And I'll get more into this in a second here because we have a great post by Brian that says, Significant concessions on the 10th series options from the MetaPlanet team.

It was rolled back to the prior IEO.

The remainder was canceled.

The IEO is the clearest dividing line when management interests diverge significantly from shareholder interests, and one I myself called for as a natural rollback point.

Metaplanet still has work to do, but I see these as positive steps in the right direction.

And this is, of course, in response to Simon's letter to MetaPlanet shareholders that just came out because there's been a lot of individuals on Twitter and in a lot of ways they were very right in a lot of things they were saying that the compensation that was being rewarded to board members and people on the not just board, but actually also the staff of MetaPlanet was not just too rich.

So that's the market sentiment driving prices there.

But still, Metaplanet, even though it's got a lot of bad juju in the market right now, I'd say it's probably a pretty good buy, 70%.

That normally trades significantly higher.

And you might remember from a couple of years ago, it traded like 8x 7 or 8x and now which would be like 800 premium so if you buy this thing at 70 discount you sell it at 80 or 800 premium like the significant return that you have denominated in bitcoin where you sell that meta planet share and you buy bitcoin or you buy a bitcoin etf so what i'm doing because all this is my 401k i just trade in and out of the etf i use my etf as my as my base and And then I'll trade in a discount and they'll sell out at a premium and buy more of the ETF.

You're beating it.

You're beating it by a little in a bear market.

Like the long-term thesis has to be like, if you're buying MSTR right now, if you're buying ASST right now, if you're buying Metaplanet right now, like I don't care honestly what your metrics tell me right now.

Like just me using my common sense, it's all going to be worth more in two years.

It's insane.

And then the financial engineering on top of that, so Metaplanet have started falling over and there'll be more.

there will be more it's just back to basics um if you're following what's going on on the other chain the blake 2b chain uh they are there's exchanges now that have listed them under the ticker it would seem xbt Again, be aware of phishing attempts from your wallet providers.

You might get a phishing email that says, if you want to claim your coins, make sure you click this link, and then make sure you input your seed phrase so we can match the amount of coins, and then boom, it's gone.

Look, for me, you know, I've just been around long enough and seen so much in the Bitcoin space, right? Like, we've seen it all, from BlockFi to Celsius to FTX to Mt.

Gox to, you know, like NAKA, now MetaPlanet.

Like, you know, it's just one after the next after the next.

So for me, you know, there's just one play, right? And that's trying to figure out how to create OPSEC and how to...

I was in crazy land and then, uh, listening to you guys.

Um, I think I-

Were, were you selling your MetaPlanet? Is that what you were doing?

I was selling, selling a little MetaPlanet.

michael before before you go too like some people may not have the full context the high level gist of it is that There is a niche Japanese structure that essentially allowed for, because people know, I think generally speaking that these companies have pursued a strategy of just issuing a lot of equity to purchase Bitcoin.

And so this structure that MetaPlanet has is essentially non-dilutive to the management team.

So they're able to issue more equity without diluting themselves while they're diluting all the shareholders of the company.

And not to mention the compensation package tied to that is significant and the strike price is low.

take hate listeners.

That's totally fine.

Listen, I promise you my compensation structure does not look like MetaPlanet's.

But let's talk about a few unfortunate things.