Last year, all Bitcoin Treasuries took a massive hit, and my short-term bet on Metaplanet $3350 (+0,81 %) 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 (+0,5 %) rebound, while competitors like Strive $ASST (+0,39 %) 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 (-1,52 %) 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 (-1,07 %) turn out to be something.😅 But even I’m watching that one from the sidelines.

$SWC
$ALTBG (+0,53 %)

$3350 (+0,81 %) And the next tranche. Congratulations to everyone who waited until now—it could have turned around sooner. Personally, I liked the stock at the same price back in February, when its fundamentals were even “worse.” I made my first purchases last year at a price equivalent to less than €1.

The private international stock offering will end soon; from then on, the interests of many current “short sellers” and existing shareholders are likely to align. It’s expected to raise over one billion USD, roughly 10,000 BTC. A potential 50% increase in the treasury.

Current mNAV is at 1.3, below the “Slow Giant” strategy. The fully diluted mNAV isn’t much higher. BTC holdings are 73 times (!) as high as current debt. Have fun waiting for BTC to fall that low.

With Japan, this is an incredibly yield-hungry environment that’s likely to snap up other products similar to “Strategy.”

The prerequisites: You’re convinced of BTC itself and see no risk in the management team. Especially compared to Strategy, the latter is actually an advantage for me.

What do you think of the stock? Have you already bought some, or are you staying away from this mess? :D

$BTC (+0,5 %)
$MSTR (-1,52 %)
$ALTBG (+0,53 %)
$SWC

If the well-known assets $MSTR (-1,52 %)
$3350 (+0,81 %)
$ALTBG (+0,53 %) are too boring and too stable for you, then $ARCA (+0 %) be right up your alley ;-)

What is K33?

K33 ASA is a Norwegian company specializing in digital assets. It offers a platform for trading, managing, and analyzing cryptocurrencies and serves both retail and institutional clients in the EMEA region (Europe, the Middle East, and Africa).

K33 ASA, formerly known as Arcario AB, is a Swedish holding company with subsidiaries in Norway and Luxembourg. The company operates several business units:

• K33 Markets: A cryptocurrency trading platform that enables users to trade various digital assets. In February 2024, K33 Markets expanded its offering to include seven new cryptocurrencies, including ALGO, GRT, FTM, MANA, SAND, APE, and GALA. The platform supports trading pairs with seven major fiat currencies, including NOK, SEK, DKK, EUR, GBP, CHF, and USD. The goal is to reclaim the local market in Norway and gain market share from international exchanges such as Binance, Coinbase, and Kraken.
• K33 Research: A research team focused on analyzing the crypto industry. According to K33 Research, approximately 35% of the people employed in the global crypto industry work in Asia, primarily in Hong Kong and Singapore. In Europe, most crypto jobs are concentrated in the United Kingdom.
• Green Data: An eco-friendly Bitcoin mining operation in northern Norway that achieves a hashrate of nearly 70 PH/s. The location benefits from low electricity prices and a cold climate, making it an attractive site for Bitcoin mining.
• Puremarkets Ltd: An interbank OTC market for digital currencies in which K33 holds a stake.
• LN Markets: A Bitcoin exchange based on the Bitcoin Lightning Network, in which K33 also holds a stake.

Sources: Marketscreener

$BTC (+0,5 %)

If you’re interested in an overview of Bitcoin treasury companies, I think this site is quite good:

Bitcoin Treasuries - 228 Public Companies, Private Businesses and Other Entities

I personally hold a small position in $ARCA (+0 %)

Of course, this post is intended purely for inspiration and does not constitute investment advice

$MSTR (-1,52 %) With nearly 1,500 Bitcoin (BTC), the Blockchain Group is one of Europe’s leading BTC treasury companies. Just yesterday, the French company announced the purchase of weiteren 624 BTC for €60.2 million.

And the stock price shows that the strategy is working. Since the beginning of the year, the stock ($ALTBG (+0,53 %) ) has risen by nearly 1,000%. By comparison, BTC has risen by “only” 13%. (Source: News.bitcoin.com)

And now the question for you: same principle, different results. Why?