The biggest bitcoin bank in Asia, Metaplanet

Author:Zhou, ChainCatcher

 

The actions of Bitcoin Treasury were clearly divided as the encrypted market turned back the window. GiantStrategyThe announcement of last week's expenditure9.627billions of dollars90,615Increase in dollar prices10,624A bitcoin. By contrast, the fourth largest Bitcoin TreasuryMetaplanet♪ And the pace has stopped ♪9Month30Since then, there have been no additional movements for the tenth consecutive week。

MetaplanetIt's a market name“..Asian versionMicroStrategy”A Japanese company, onceDATRadical representation in the field. From2024YearFourSince the start of the month, the company has quickly accumulated more thanThreeTen thousand bitcoins, total value27.5Billion dollars。

However, since the fourth quarter, the price of bitcoin has been12.6Ten million dollars in historical heights30%It is just as the market generally expected that the treasury companies would take the time to absorb itMetaplanetI'm here9Month29Upon completion of the last increase in the day, an unexpected pause in the key shifted the focus of short-term capital towards stock buy-back。

DATFrom radical accumulation to wind control

The data show that the total market value of the Digital Treasury in the fourth quarter was from1,500The billion dollars are shrunk to735Billion dollars, most companiesmNAVBrokenOneDouble. According to Bloomberg, the United States and Canada are listed as secret asset banksDATThe company's stock prices fell sharply this year, and the median fell43%Some companies fell more than they did99%I don't know。

GalaxyWarning, Bitcoin Treasury is entering“..Darwin phaseIt's not the sameThe stock premium collapsed and the leverage went downDATThe core mechanism of the once booming business model of equities, which were converted to discounts, is collapseing。

In this market context, it's the second-tier treasury companyETHZilla RecentAnnounced that the sum will be redeemed in advance5.16Billions of dollars in revolving debt. This move was seen as a positive signal to simplify the capital structure, increase financial flexibility and reduce the risk of high interest-rate indebtedness at a low market level。

MetaplanetThe action was echoed. For the moment, the company's outstanding debt is3.04A billion dollars, theoretically9Multiply bitcoin assets as a guarantee of repayment, but companies still choose to suspend growth, and this is a comparison with the currentDATThere is a high degree of convergence in the trend of industries that are shifting from radical accumulation to priority for wind control。

Stock price pressures and tactical adjustments under conservative accounting

Before, it was influenced by the policy of holding bitcoinMetaplanetShare price has been paid2024YearFourMoon20The dollar is rising2025YearSixTop of the moon1,930United States dollars. Although stock prices have fallen sharply in the second half of the year70%But this year, the whole thing's still on record20%The increase is now stable420Around the dollar, the total market value is about $3 billion。

In the face of the continued decline in stock pricesMetaplanetChief Executive OfficerSimon Gerovichon10MonthTwoIn response to stock price volatility, he cited the case of the Amazon during the Internet bubble, stressing that fundamentals and stock prices often deviated and reiterating that companies would continue to accumulate bitcoin。

He was there before9Monthly statement if the net value of assets is below market valuemNAVLess thanOneIt's not good for the companyBTCThe rate of return, which the company will give priority to evaluating options such as priority shares and stock buy-backs。

So, in10In the beginning of the month, when it hit the groundMetaplanetRapid action, first announcing authorization to repurchase up to1.5Billions of shares5Billion-dollar lines of credit, subsequently raised by collateralizing their Bitcoin assetsOneUS$ billion to purchase more bitcoin, as well as to expand revenue operations and buy back shares, and some of the funds will also be used for revenue operations, which are currently being run by companiesmNAV_Other OrganiserOneMore than that。

Thus, the suspension is a tactical protection of their stock price and balance sheet health, i.e., giving priority to ensuring the value of existing shareholders rather than blindly expanding the balance sheet。

In addition, the stoppage was intended to avoid the risks posed by Japan ' s conservative accounting standards. Given its average cost of bitcoin10.8$ million. The company has accumulated over and over5US$ billion in unrealized losses. In order to prevent excessive shocks to short-term profit statements, it chose to take the initiative to avoid exacerbating this book impairment risk。

Using low interest rates to build the Asian moat

On the face of it, the pause is a defense, actuallyMetaplanetThe real strategic intent lies either in upgrading and innovation of capital structures。

According to the company's third quarter financial report, its sales amounted to24.01Billion yen, ring growth94%;business profits13.39Billion yen, growth64%;net profits127Billion yen; net assets5329Billion yen, growth165%I don't know. Of which, options business contributed1628United States dollars income, increase over year115%This income covers the cost of day-to-day operations and interest。

On this basisMetaplanetI'm trying to do the sameStrategyIt's about to be distributedSTRCPriority shares, with more efficient access to capital。

The company plans to launchMercury"andMars"two new digital credit instruments, of whichMercuryto be provided4.9 per centThe rate of return on Japanese bank deposits is about ten times higher, of which73%Funds earmarked for Bitcoin increase, including1.07United States dollars directly purchased and1200US$ million options. In this way, companies can bypass the dilution of equity and shift to low-cost debt leverage, which is more attractive to home investors。

In addition, as Japan does not allow marketing mechanisms (similar toBitmineCurrentATMin secondary markets)“..Real time dumpingIt's not the sameStock, protect investors from diluted shocks。MetaplanetUse of mobile licensing mechanismsMSW) This limitation was skilfully bypassed while retaining the core advantage of flexible funding。

MSWIn essence, it is a special stock-buying certificate whose greatest feature is that market prices are not fixed but are subject to periodic dynamic adjustments. Usually every few trading days (MetaplanetEarly series eachThree(a) On a trading date) the right-to-hand price is reset to the average of the closing prices of the previous days, such as the simple moving average of the previous three days. Thus, when the holder of the certificate of rights chooses to exercise it, the company issues a new general share at a price close to the current market price to raise funds。

Later, the company may integrate the mechanism into a sustainable priority stock productMercuryMedium: Priority shareholders can adopt similarMSWThe conversion clauses are converted to common shares at dynamic prices, thus making the entire financing process more smooth and manageable。

In the meantimeMicroStrategyExecutive ChairmanMichael SaylorFirm's future confirmed12A similar product will not be launched in Japan within a monthMetaplanetIt's valuable12The monthly market has pre-emptive advantages。

The company has alreadyElevenMonth20The day was released1.5United States dollarsBThe Sustainable Priority Unit, whose financing strategy has begun to land. This series of actions indicatesMetaplanetUsing Japan's low interest rate environment, a unique financing moat is being constructed to achieve structural and sustainable expansion。

Indigenous dominance andMSCIReview

In factMetaplanetThe core value lies in the uniqueness of its Japanese ecologyAlpha:

On the one hand, the continued devaluation of the yen has reinforced the role of bitcoin as an inflationary hedge assetMetaplanetThe Bitcoin Reserve provides an effective way for native Japanese investors to combat the decline in the purchasing power of the yen。

On the other handJapanese Personal Savings AccountNIGERIAThe tax-exempt advantage of the account isMetaplanetI'm attracted6.3Ten thousand native Japanese shareholders, comparisonDirect possession of encrypted assets 55% capital gains taxThrough the purchase of Metaplanet shares by NISA, investors can obtain BTC exposures indirectly at lower cost。

This is why I have to goMetaplanetIt was recognized by international bodiesCapital GroupRaise Holding to11.45%♪ And become ♪MetaplanetThe top five shareholders now includeMMXX Capital♪ Pioneer leads ♪VanguardI'm sorryCannot initialise Evolution's mail component(b) Smooth capitalSyz CapitalPartnerRichard ByworthFromMicroStrategyAnd bitcoinETFRefund, transferMetaplanetThe latter, in his view, had lower financing costs and higher return elasticities。

An industry observer pointed out that, likeMetaplanetSuch enterprises must prioritize financial resilience in the low valleys in order to maintain long-term accumulation objectives。

However, despite the long-term benefits of structural healthMetaplanetPotential short-term shocks still exist. For example, this timeStrategyYesMSCIThe index's out of controlMetaplanet♪ And this year ♪TwoMonth includedMSCIJapan ' s index, if excluded because of its excessive share of Bitcoin assets, could trigger a wave of passive fund sales。

Concluding remarks

In generalMetaplanetA moratorium on raising bitcoin is not a failure of strategy or a submission to the market, but can be seen as a strategic resilience based on risk and efficiency considerations, as well as a sign thatDATThe track moves to maturity, from radical accumulation to priority for wind control。

BitwiseChief Investment OfficerMatt houganIt was said thatmNAVEvaluationDATThe company was not correct, as the valuation method did not take into account the life cycle of the listed company。DATMuch of the reason for the discount is established, while the reason for the premium is often uncertain. In the future, the price differentials between treasury companies will become more pronouncedMetaplanetPerhaps it was reshaping its valuation system。

 

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