Last year, all Bitcoin Treasuries took a massive hit, and my short-term bet on Metaplanet $3350 (+1.38%) didn’t pan out. To be honest, I didn’t like the way the international stock offering was handled at all, and what recently came to light regarding executive compensation and transparency in communication could have put an end to the whole thing for good.
Metaplanet was also unable to ride the wave of the latest Bitcoin $BTC (-0.1%) rebound, while competitors like Strive $ASST (+8.16%) are clearly better positioned for the moment, and this is directly reflected in their mNAV and, consequently, their stock price. Even the giant Strategy $MSTR (+0.75%) managed to outperform.
However, I believe this is precisely where the opportunity currently lies. Contrary to my short-term speculation, my long-term thesis regarding the Treasuries—and Metaplanet in particular—remains completely intact.
Through the acquisition of the U.S. subsidiary SuperLeague $SLE and the confirmation of the first preferred shares—which are set to be issued in October and will be tradable privately in Japan first and then publicly in the U.S. by the end of Q4—Metaplanet is now presenting the market with a first plausible basis for no longer underperforming in the future.
I believe that the recent FUD surrounding management is still weighing on the stock price and see this as an opportunity to continue accumulating shares, as I have been doing since August. In my opinion, over a 10-year period or longer, with a portion of the portfolio diversified globally across leading BTC treasuries, it’s possible to achieve a massive outperformance relative to the broader market and a moderate outperformance relative to spot BTC. It’s something worth considering at least once.
And hey, maybe something will even come of the German $WDL1 turn out to be something.😅 But even I’m watching that one from the sidelines.
