Last year, all Bitcoin Treasuries took a massive hit, and my short-term bet on Metaplanet $3350 (+5,26 %) 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 the final nail in the coffin.
Metaplanet also failed to benefit from the latest Bitcoin $BTC (-2,5 %) rebound, while competitors like Strive $ASST (+14,46 %) 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 (+6,97 %) managed to outperform.
However, I believe that’s precisely where the opportunity lies right now. 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 in 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 excess return relative to the broader market and a moderate excess return relative to spot BTC. It’s something worth looking into at least once.
And hey, maybe something will even come of the German $WDL1 (+0 %) turn out to be something.😅 But even I’m watching that one from the sidelines.
