Discussão sobre BTC
Postos
3.103
Simon Gerovich - Präsident und CEO von Metaplanet
Für jene die kein x Nutzen:
Bei Szenarien unter 1x mNAV:
Handelt der Kurs unter dem 1-fachen des mNAV, ist der Verkauf von Aktien mathematisch destruktiv – er hätte negative Auswirkungen auf die BTC-Rendite. An diesem Punkt würden wir Optionen wie die Ausgabe von Vorzugsaktien und gegebenenfalls Aktienrückkäufe prüfen, möglicherweise parallel. Genau deshalb konzentrieren wir uns intensiv auf die Anschaffung von unbefristeten Vorzugsaktien als Instrument in unserem Arsenal. Die Verfügbarkeit mehrerer Finanzierungsinstrumente gibt uns die Flexibilität, unabhängig vom Handelsplatz der Stammaktien Wert zu schaffen.
Der Schlüssel liegt darin, Optionen zu haben. Unser Ziel ist es, ein umfassendes Toolkit zu entwickeln, damit wir unseren Ansatz unabhängig von den Marktbedingungen optimieren können.
Ich hoffe, dies hilft, unsere Gedanken zu klären.
Kompletter Beitrag auf x
On the September-October Bitcoin purchase window:
The Sept-Oct timeframe in our disclosure is simply a regulatory window we had to define - it's not a hard constraint on our execution timeline. Our actual approach prioritizes speed while being thoughtful about market impact. We're balancing three objectives: maximizing BTC yield, minimizing market impact on Bitcoin prices, and optimizing revenue generation from our Bitcoin income business. We have zero intention of being indecisive with these proceeds. That said, dumping all into the market in one day would be irresponsible. We'll be diligent but decisive in our execution.
2) On the announcement-to-pricing timeline and stock pressure:
Short selling stock and covering with shares from the offering is illegal. Every broker in Japan was explicitly informed of this fact. The ~30% decline during that window was obviously not what we planned or wanted.
Could there have been factors at play? Absolutely - market uncertainty about the deal size, confusion about proceeds versus share count, general market sentiment, or other dynamics. But I cannot speculate publicly on specific market activities.
What I will say is that the Japanese market has different rules and timelines than other markets. The timeline requirements are what they are, but we're certainly aware of how this window played out.
3) On lessons learned and future offerings:
The most valuable part? We met with approximately 100 institutional investors over that week and told our story directly. More importantly, a large amount of the capital we spoke to came from long-only investors; serious institutional allocators who will be monitoring Metaplanet for years to come. That alone made this process supremely valuable.
Will we do this again? We're keeping all fundraising options open. Every tool in the toolkit matters. The experience and relationships we built are invaluable for maximizing shareholder value both today and indefinitely into the future. But each situation will be evaluated on its own merits.
4) On sub-1x mNAV scenarios:
If we trade below 1x mNAV, selling equity becomes mathematically destructive - it would be negative for BTC yield. At that point, we'd evaluate options like issuing preferred shares, and potentially, stock buybacks, possibly in tandem. This is exactly why we're laser-focused on getting perpetual preferred stock as a tool in our arsenal. Having multiple financing instruments gives us flexibility to create value regardless of where the common equity trades.
The key is having options. We're aiming to build a full toolkit so we can optimize our approach regardless of market conditions.
Hope this helps clarify our thinking.
✌️
My Bitcoin problem 🧡
GM,
Last year I bought Bitcoin regularly and built up a position of 0.03 $BTC (+1,85%) position. Looking back, I regret that I bought so little. 🤪
But now I don't really have the confidence, as it feels as if the price has run away from me. If you look at the past cycles, you could even take profits now and build up a proper position more cheaply in a few weeks/months.
But who told me that the cycle would repeat itself again? Maybe everything will be different this time? A good reason for this could be all the institutional hodlers.
I still have a confession to make: If I had bought Bitcoin of Trade Republic, I would have stayed on the ball much more consistently because it's just so uncomplicated there, but buying on Relai means for me: sending money from my account to Revolut and from Revolut to Relai (since my house bank charges horrendous fees for transfers to Switzerland) .
What I appreciate about Relai is that, depending on my risk tolerance, I don't need a wallet.
My registration with Strike didn't work and I didn't get any feedback from support.
I also have an account with 21Bitcoin and did a small test buy and sell many months ago and it might be an alternative.
How would you proceed now and in the future if you were me?
To the Moon 🧡
"Why should I buy at 30,000 when I could have bought at 15,000 recently"
"Why should I buy at 50,000 when I could have bought at 30,000 recently"
"Damn, I should have bought at 50,000. Now we're at 80,000 and I'm waiting for it to go down again"
"Crap! Now the price is at 100,000. I should have bought at 80,000 ..."
And in 5 years you'll probably wonder why you didn't buy at 100,000. I think the most important thing with Bitcoin is simply to stick with it.
Why don't you set up a savings plan and a standing order to Revolut + a standing order from Revolut to Relai :)
Then you don't have to worry anymore and buy regularly - and when the next bear market comes, it's all the better because you'll get more Bitcoin. And if not, you can look forward to rising prices.
And if the price has fallen by 20,30,40%, you can also take the trouble with the transfers and make targeted individual purchases :D
At least that's how I do it.
And what I now also do is "reward" myself with a Bitcoin purchase when I've saved money😂
For example, if I cook for myself and we save €50 because we would otherwise have spent it on Uber Eats, I spontaneously buy €50 worth of Bitcoin😂 It's a great way to change unwanted behavior and I also get something out of it😅
Portfolio feedback desired
I started investing (again) at the end of 2024 and somehow found it fun. The portfolio doesn't follow a clear line yet, the core ETFs will be the Umweltbank ETF (quasi World) and the Euro-Stoxx (currently savings plans on both). Sustainability is important to me (the GLS Bank equity fund, for example, is a fairly old investment and will remain so in the long term). At the same time, I am also a gambler and invest speculatively in shares without making a big science out of it or doing extremely comprehensive research. I am a great friend of $IREN (-2,45%) and $PNG (+1,65%) unfortunately too impatient with decisions and curious 🤓. Oh and regular dividends ($O (-0,83%) or $MAIN (+0,72%)) I also like very much, but recently only without covered calls 😁. About 5% $BTC (+1,85%) are still elsewhere, I haven't felt like investing in gold yet 😏.
I look forward to exchanges, comments and suggestions.
Portfolio presentation & feedback
Hi there, i'm quite new here around and I'm moving/restructuring my portfolio from a private banking to TR, following @DonkeyInvestor suggestion here is my portfolio presentation:
INVESTMENT HORIZON & GOALS:
I'm 38 yo from Italy, no wife no kids, not planning to buy a house, at the moment having a salary from my own business of 8.000 euro/month, saving 4.500/month this way: 430/month pension fund 500/month in bond fund, 3.500/month in my portfolio in TR.
Putting together TR, what is left in the private bank, pension fund and bond fund, i have a 620k at the moment.
My goal is to be financially independent as early as possible and to be able to live off my portfolio, i really don't like to work in an office 8.10 hours a day and in addiction i have an autoimmune desease that will probably keep in an hospital in a 10-15 year.
STRATEGY
Why i was investing in a private bank stealing a lot in fees? Well i was in period of my like when i like to complicate things, so: the bank basically lend me 80% of the investment to do real estate investment. So even if i was spending 2-2.5% cost on my portfolio (VS 0.20% of an ETF), i parallely investing the 80% lending in real estate projects that give me a 12% annualy (- 0.35% + euribor lending cost).
So basically, higher cost compared to TR of SC, but the possibility to leverage.
Now i just want to simplify life with less stress and so i stopped the real estate business and moving the portfolio to TR, started in may i will finish to move everything in november.
STRATEGY
At the moment as I told you I'm trying to move all the portfolio to TR (just because it is the only one having an italian account to calculate automatically taxes) and trying to maximize my saving monthly rate.
I cannot follow a complicated strategy as the ones used by users such as @Epi , that i follow with real interest, but i can't copy. I'm looking for a simple autopilot.
HOW THE PORTFOLIO IS STRUCTURED
430/month in the pension fund because Italy gives you a tax exempion of 50% on the money you put in a private pension fund with a cap at 5196 euro/year.
500/month in the bond fund is just a mind calming medicine, it yields 3%/year
3.500/month go to TR where I also transferring the money, almost in the same % as it allocated the lump sum, in this way:
- 50% in world ETF, divided into 4 ETF in equal parts: $XDEM (+0,99%) + $JREG (+0,99%) + $IQSA (+1,22%) + $VWCE (+0,75%)
To have a solid and stable growth, with a bit of factor
- 10% of EM with $EIMI (-0,14%) and $FLXC (-0,49%)
In the past I was not a fan of EM, but I'm guessing if the world paradigm is changing and China is finally gaining a real leading role in the future
- 5% GOLD $SGLD (-0,29%)
Just for pure diversification
- 10-15% pure growth through $XNAS (+1,6%)
$IART (+2,02%)
$SMH (+4,51%)
$QNTM (+5,07%)
As a satellite to give a little boost in the long term, no matter the volatility
- 1-2% of frontier market through $XMKA (+0,5%)
$DX2Z (-0,08%)
Just for exotic reason
3% of a junk bond with a 14.5% yield $XS2800678224 (+1,2%)
Yes there's a $BTC (+1,85%) hold in Binance: i used to trade cripto in the past, i converted everything into BTC and hold it till my death
HOW I WANT TO PLAN FURTHER
Here is my real question for the GQ community. Of course I would like to have your opinion on the portfolio at the moment, but mostly i would like to know about the future, beacuse I don't know what to do at the moment between keeping this way or change to distributing ETF: as I told you at the beginning my plan is to try to stop working asap, even beacuse my health issue, and enjoy life. So every morning i wake up thinking: do i have to put all my capital and saving plan in $VWRL (+0,47%) to start moving to dividend while growing? I'm not that young to just go to accumulating ETF but not old enough to move to high dividend etf that lost value, so i'm i bit lost. Maybe continue like this and than in 5-10 years sell everything (and paying taxes on capital gain...) to move to dividends?
I hope this was enough clear to share all the infos, while staying the more synthetic possible!
Thanks in adavnce for your thoughts & feedbacks
You don't want a complicated strategy, but you have lots of different ETFs. I am convinced that you could reduce these in a targeted manner. Regarding Bitcoin, you should consider whether you really trust Binance in the long term.
Selling everything, reallocating and paying lots of taxes doesn't make sense. It is much better to simply sell shares than to bet on dividends. When you want and how much you want. You are much more flexible than with dividends.
Implementation of my portfolio reallocation 📈 (give me feedback) 💶😁
Hello everyone,
Since a lot has happened in the last few days and weeks, I would like to give you an insight into how far my portfolio has changed in terms of growth and returns. First of all, the FTSE All World has been thrown out completely, as have the stable value stocks such as Airbus and Telekom. My "new" portfolio has so far included the following:
Position (weighting in the portfolio in %) Return to date in %
$BTC (+1,85%) (13%)
Return to date +-0
$IREN (-2,45%) (11,2%)
Return so far approx. +30
$RKLB (+0,98%) (9,46%)
Yield yesterday still at +15% today at just under +4% 🤪
$PNG (+1,65%) (9,4%)
Yield so far +15%
$TTR1 (+3,75%) (8,67%)
Yield to date +-0
$IOS (+2,64%) (8,55%)
Return so far approx +5%
$ASTS (+2,3%) (8,54%)
Return to date approx +5%
$ZAL (+5,32%) (7,35%)
Return so far approx +11%
$IPX (-3,77%) (7,27%)
Return so far -5%
Warrants (only for those who are interested)
(sorted by weighting)
Long on Hensoldt MM2TXJ (+16%)
Long on silver MK81Z6 (+84%)
Short on Puma DU1SAE (+6%)
Inline OS on Zalando UG71Z8 (+93%)
Inline OS on Thyssenkrupp UG81HF (+80%)
Inline OS on Telekom (since today) PJ711H (-1%)
Discount Tut on Palantir VK38YE (-34%)
In addition, I now have a savings plan with 200 euros per month on Bitcoin $SOFI (+2,54%) Tech, as well as 100 euros each on $VSAT (-7,22%) and $BNTX (+0,78%) (for the next pandemic, cancer therapy, and because of the thick cash cushion).
I think I've covered the areas of data centers and digitalization, as well as space and outer space. What I'm still missing is a convincing stock in the critical commodities sector (I have Iperionx, but I'm still looking for a candidate that convinces me)...
I'm up about 8% for the week and see this as a very small confirmation of the transformation in the portfolio, even though I know that these stocks are naturally more susceptible to a bear market xD
I'm not sure whether I'll be able to keep up the savings rates because I have to take my driver's license exams soon and I'm still doing my A-levels. And as I only work on a part-time basis, I don't have that much money available yet. My deposit is currently around 9900 euros and my short-term goal is to have enough money by the end of 2026 or early 2027 to buy my dream car, a Golf 7. 🙈
Please let me know what you think and whether you would do the same as me...
And if anyone else has a stock that would fit into my portfolio strategy, I would of course also be delighted...
HG Small investors ✌️🤝
Personally, I wouldn't touch stocks like Zalando with pliers. In the case of $ASTS, I honestly don't have the imagination to justify the valuation, they almost exclusively offer mobile satellites (most of which don't belong to AST itself) and it currently looks like they are steadily losing market share rather than gaining it. I don't have the research background for $VSAT. Edit: Why did you choose both AST and ViaSat? After brief research, both have the same focus, namely mobile communications on the move🤔.
In the area of mining/HPC/colocation, my choice no longer fell on $IREN after quite intensive research, as the valuation is currently too high for me in relation to a possible big deal.
In the area of critical raw materials, the question is what kind of exposure you are looking for suchst🤷🏼♂️. Titanium is currently in the portfolio, okay. Rare earths in general? Lithium in particular? Something completely different? In my view, you're being rather vague at the moment.
And the stocks you have chosen are not "more susceptible" to a bear market, but will then probably be completely slaughtered😅🫣. In my view, the valuations are far too inflated for that.
30.000€ milestone reached!
Happy to have reached the 30K milestone — really proud of how my portfolio has evolved since its inception, 3 years ago.
Looking back:
I’ve been through several phases: fully invested in crypto, then holding over 40 different ETFs, and later focusing on dividend-paying stocks.
Looking now:
My priorities have shifted. I now value long-term growth over short-term gains, accumulation over distribution (for tax efficiency), and steady, healthy growth over speculation.
I don’t see my previous strategies as mistakes. They were necessary steps in discovering who I am as an investor. Without those experiences, I wouldn’t feel as confident and comfortable with my current approach.
Looking ahead:
By the end of this year, I plan to adjust my allocation:
- 42% to 50% in $VUAG (+0,99%)
- 12% to 15% in $MEUD (+0,8%)
- 0.1% to 2.5% in $BTC (+1,85%)
- 45% to 32.5% in individual stocks (max 25 companies)
Why? It’s about reducing risk and optimizing my time. Puting~65% of my money in just two ETFs might not be thrilling, but it gives me peace of mind while it frees up my time for to spend on my hobbies.
📉 Strong Euro, Weak Dollar: What It Means for Crypto & U.S. Stocks Investors
With EUR/USD trading at 1.18, European investors are getting more bang for their buck—literally. A weaker dollar means U.S.-based assets like crypto and American stocks are effectively “on sale” for euro holders. That Tesla share or Ethereum token now costs less in euros than it did months ago, making it an opportune moment to increase exposure without overextending your capital.
For crypto traders, this can be a double win: cheaper entry in USD terms and potential upside if the dollar rebounds. Same goes for U.S. equities—especially tech stocks, which tend to benefit from international inflows during dollar dips.
But it’s not all upside. A weak dollar often signals economic uncertainty in the U.S., which can ripple through global markets. Plus, if the dollar strengthens later, your euro-based gains could shrink when converting back. Currency risk is real—and often overlooked.
Bottom line: a soft dollar opens doors, but only for those who manage FX risk wisely.
50,000 achieved & performance that motivates
Brief update: My portfolio has cracked the 50,000 mark and I'm really pleased with its performance. In terms of the capital invested, I'm up around 16% with the price gains, and a good CHF 600 in dividends have already been received since the start. This results in a total return of around CHF 7.5k after costs.
$VWRL (+0,47%) delivers a solid plus, $VFEM (-0,92%) has achieved double-digit growth and $BTC (+1,85%) was recently the strongest driver with a significant premium. This is exactly how it should continue, even though I am aware that it could wobble again at any time.
The dividend target of CHF 500/year has been achieved and should increase somewhat over the course of the year. I am pleased with the interim result and will continue as before.
Greetings superhero