Super League Enterprise's much smaller market cap gives it a better chance of greater price appreciation than Metaplanet, even with expected dilution. It is more speculative, though, so splitting exposure 50/50 might be safer. x.com 

Metaplanet should get a nice reboot from its board's decision to cancel 41% of the shares tied to its Series 10 stock acquisition rights, resetting the conversion ratio to its pre-September 2025 level. Per CEO Simon Gerovich's shareholder letter, the move lifts Bitcoin per fully diluted share by about 8.8% and is meant to show management is aligned with shareholders. The stock should be back over $2 very shortly, as @HermesLux also says, with Super League Enterprise as rocket fuel. x.com  x.com 

Super League Enterprise looks overvalued after jumping 146% to above $6 on Metaplanet's plan to invest 2,100 bitcoin to launch a US bitcoin treasury platform. Its net asset value comes to about $2.98 a share, depending on the warrants, consistent with Metaplanet paying about $3 a share, so buyers should beware. x.com 

Metaplanet's new convertible bond gives up far more in conversion value than its zero coupon saves. Strategy sold the same instrument at roughly 5x NAV in 2024; Metaplanet is selling barely above 1x. The conversion price is not yet set, and the CEO is lending 55 million personal shares to the bookrunners on undisclosed terms. Those additions compound concerns about its five warrant series, convertible preferred and management option pool. x.com  x.com 

Metaplanet's Q3 bitcoin sale and buyback revealed a lack of transparency and values misaligned with shareholders', after the Series 10 stock-rights episode. On Aug 12 CEO Simon Gerovich wrote that no bitcoin had been sold; nine days later 10,000 BTC began moving from its published addresses to Coinbase Prime, and the sale was disclosed only on Oct 5. Its shares will likely recover when bitcoin surges, but other companies are better positioned morally, structurally and reputationally. x.com  x.com 

Metaplanet's zero-interest financing lets it buy back stock and lift bitcoin per share without selling its coins. It just raised $329m in five-year euro-yen convertibles, with $149m for bitcoin-backed loan repayment and up to $179m for repurchases starting tomorrow. It holds 44,000 BTC; this is a bitcoin treasury play half of crypto Twitter is overlooking. x.com 

Metaplanet is an incredible setup after going from the most loved bitcoin treasury company to the most hated in about a year. It still holds 43,000 BTC yet trades at just 0.84x mNAV, with perpetual preferreds coming online soon. x.com 

Metaplanet's best catalyst now is a sustained bitcoin rally, which would expand its mNAV relative to the share price and force the stock higher to hold its 1.01+ premium. The share repurchase plan keeps the stock from bleeding during consolidation. Continued dilution makes a breakout hard, and listing MARS preferred shares could be a game changer but looks hard to get approved in Japan given the government's limited support for bitcoin. x.com  x.com  x.com 

Metaplanet's management and shareholders are now much better aligned after the company cut the controversial Series 10 award by 131M shares, or 41%, including about 79M from CEO Simon Gerovich, a $123M forfeit. Remaining exercises move to 2029-31, the plan to recycle legacy options is scrapped, and extra compensation from share issuance after September 2025 is stripped out. Bitcoin per effective diluted share rises 8.8% mechanically as a result. x.com  x.com 

Strive replicates Strategy's playbook, raising sticky perpetual capital through its SATA preferred and putting the proceeds into bitcoin, so bitcoin per share compounds while it can issue at a premium. SATA's daily cash dividends from June 16 should attract income investors and dampen volatility. Q1's $265.9M GAAP loss came from unrealized bitcoin losses; Strive has no corporate debt and Semler's medical business is cash-flow positive. At ~$1.2B it is a high-beta bitcoin proxy. x.com