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 

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

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'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 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 

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 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 

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 

Strategy is cooked after mismanaging its balance sheet, per Jeff Dorman speaking with Laura Shin. It raised about $2 billion to cover dividends for 18 months, then a month later spent $1.4 billion of that cushion buying back 2029 convertible debt at 92 cents, debt not due for three years. That cut the cushion to about four months, and Michael Saylor now signals Strategy may sell bitcoin, which Dorman says is why both bitcoin and the stock are imploding. x.com