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 

Strive's bitcoin treasury is scaling at a striking pace. It bought 6,182 BTC in a week to reach 43,000, up 17%; holdings are up 54% less than a month into the quarter and 5.6 times since the start of the year. Effective common shares outstanding also rose from 124.1 million to 127.3 million during the week. 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 

CleanSpark is bad for shareholders because it loses money mining Bitcoin, at an all-in cost above $120K per coin. Even excluding about $670M of markdowns on its Bitcoin holdings, it lost almost $400M over the past year, and depreciation eats the rest of its so-called profits. Its shareholder equity is below what it has raised from investors, though its miners are still carried above their worth. This rebuts @Market_Maestros, who argues miners trade on EV/EBITDA and the losses are unrealized. … Show more

Super League Enterprise, becoming Metaplanet's Superplanet, could be the most convex vehicle for bitcoin upside thanks to heavy leverage and a tiny float. Metaplanet contributes 2,100 BTC plus cash for about 95.7% ownership under a five-year lockup, leaving scarce tradable shares. After the sell-off it trades near 1.0x pro-forma mNAV. Metaplanet can inject up to $210M of preferred capital without new common shares and plans US digital-credit preferreds, if everything goes to plan. x.com  x.com  … Show more

Metaplanet's cut to its 10th Series stock options raises bitcoin per diluted share about 8.8% without buying more bitcoin and better aligns management with shareholders. Shares per right fall from 696 to 410, cutting remaining potential dilution 55.5% to 105.4 million shares, and unvested rights are pushed out to 2029-2031. Effective diluted shares fall from 1.632 billion to 1.500 billion against 43,000 BTC. The pay had been too much; this change is enough to stay in a unique 5-10 year thesis. … Show more

Bitcoin treasury companies can raise billions and destroy shareholder value while their executives still get paid. Mallers received over $2.6M in cash equivalent, per SEC filings, for a -92% shareholder return in one year before resigning, not counting options he still holds. x.com 

Bitcoin's negative momentum is pulling forward selling to raise cash for SpaceX, a secondary cause of the downturn that gets too little weight; Strategy was the catalyst. @dgt10011 argues bitcoin is being tapped to fund the market's upcoming hot trades such as SpaceX and Anthropic. 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 

Strategy runs a Ponzi-like loop: new capital buys bitcoin, which lifts the stock and attracts more capital, while the business makes almost no organic cash flow and collapses without constant raising. It trades at a big premium to NAV, effectively selling $1 of bitcoin for $1.50, lost $12.5B in Q1 2026, and has now sold bitcoin for the first time since 2022 despite Michael Saylor's vow never to sell. Owning bitcoin itself makes more sense than owning Strategy. x.com  x.com