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 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 

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 

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 

Strategy might be undervalued because it holds far more Bitcoin than the first time its stock traded at the same price. At $140.51 today, it holds 848,517 BTC, versus 193,000 BTC the first time shares reached $140.51. 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 

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 gains a major legitimacy signal from ICE's involvement in a Hyperliquid futures venture, giving prospective buyers cover to invest. Per @standuquesne, trade.xyz is partnering with ICE to bring 24/7 perpetual futures on Hyperliquid to the US. Despite nonstop bad headlines keeping price near $80k, crypto fundamentals are improving; bitcoin may need only time, even if it chops or dips to $76k first. x.com  x.com 

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 

Strive's Bitcoin holdings now roughly match its market cap, leaving room for the treasury's value to rise with Bitcoin and further purchases. Its 43,000 BTC are worth about $3.455 billion; at $100,000 per coin, they would be worth $4.3 billion before this week's expected purchases. Holdings are on track for 50,000 by next week or early November and could reach 100,000 by spring 2027. x.com