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.
✌️
