Episode Details

Metaplanet’s Bitcoin buying spree has slowed to a crawl, snapping its record-setting pace as it spent $222 million for just 2,823 coins—its smallest purchase in a year. With total holdings now at 43,000 BTC, the firm’s ambitious goal of 100,000 by 2026 and 200,000 by 2027 now feels increasingly out of reach. Instead of selling stock, they’re funding buys through loans, bonds, and option sales—earning $10.95M from options alone. They only issue new shares when stock price exceeds Bitcoin value, a strategy now risky as the mNAV premium shrinks across the board. Strategy, another major player, is even considering selling $1.25B in Bitcoin just to stay liquid, and has halted new share issuance unless stock trades at a premium. Despite the slowdown, Metaplanet is expanding its Bitcoin business with a venture arm and a Japanese securities firm to create yield-linked products—though it posted a major Q1 loss and postponed a preferred share sale.

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