新叶投旅笔记
3 C's of life: choices, chances, and changes.
PS: 发帖后听到这个对Metaplanate CEO Interview:
IMPORTANT
https://www.youtube.com/watch?v=VBrJ0ShzRIY
周一突然发现我的X feed出现一个新名 MTPLF， 连续几天， 看着它从4-7-16 ,再周四回调到11 附近 ， 在X上看了一下简介，号称日本的MSTR， 下面让GROK给了一个小结： 
**Metaplanet Inc.**, a Japanese company listed on the OTC markets. Below is the requested information based on the available data:
### CEO of Metaplanet Inc. (MTPLF)
- **CEO**: Simon Gerovich, as noted in a post on X from May 21, 2025.
### Key Business Moat
- **Metaplanet Inc.'s Business Moat**: Metaplanet Inc. is primarily known for its investment strategy, particularly its focus on Bitcoin as a treasury reserve asset, inspired by MicroStrategy's approach under Michael Saylor. Its key business moat lies in its **strategic adoption of Bitcoin as a hedge against inflation and currency devaluation**, positioning itself as a unique investment vehicle in Japan. The company aims to leverage Bitcoin's potential for long-term value appreciation, which differentiates it from traditional Japanese firms. Additionally, Metaplanet's focus on blockchain-related investments and its ability to attract investor attention through this high-risk, high-reward strategy contribute to its competitive edge. However, specific details about its operational moat beyond Bitcoin investment are limited in the provided data.
### Market Value as of May 22, 2025
- **Market Capitalization**: The exact market value for Metaplanet Inc. (MTPLF) as of May 22, 2025, is not explicitly stated in the provided sources. Metaplanet is a smaller entity, and its market cap is not widely reported in the provided references. To estimate its market value, one would typically multiply the current share price by the number of outstanding shares, but this data is absent. For precise market value, you may need to check real-time financial platforms like Yahoo Finance or Bloomberg, as OTC stocks like MTPLF can have less readily available data.[](https://finance.yahoo.com/quote/8306.T/)[]
(https://companiesmarketcap.com/mitsubishi-ufj-financial/marketcap/)
再查机构情况：https://fintel.io/so/us/MTPLF 机构才开始：
Metaplanet's Bitcoin strategy, as outlined by CEO Simon Gerovich, involves issuing shares to buy Bitcoin while maintaining high market Net Asset Value to minimize dilution and boost returns. They avoid convertible bonds to prevent arbitrage trading, favoring long-only investors to align with shareholders. Plans to issue preferred shares in Japan could cut costs by 40% due to lower interest rates. Gerovich is confident Metaplanet’s stock will outperform Bitcoin, driving investor trust. This high-risk approach has surged their stock 15x since April 2024, but Bitcoin’s volatility, regulatory uncertainties, and security risks pose challenges.
After watching
@gerovich interview twice today, I would like to summarize a few key points from an investor’s perspective:
1.Metaplanet’s equity issuance to purchase Bitcoin is strategically calculated. The team has a clear understanding of the core principles behind the mNAV strategy. As a result, they do not issue new shares when the stock price is low. By maintaining a high mNAV, they minimize dilution while significantly enhancing Bitcoin yield.
2.Currently, many banks have proposed convertible bond (CB) offerings to Metaplanet, but the company has declined. The primary reason is to avoid arbitrage trading by CB traders, who typically engage in delta hedging—essentially shorting the stock to offset risk. Instead, Metaplanet prefers to work with long-only CB investors. This approach demonstrates strong alignment between management and shareholders, which I fully support.
3.
@Metaplanet_JP
is planning to issue preferred shares in Japan. This is a smart move, as interest rates in Japan are substantially lower than in the U.S. Conducting such financing locally could lower their cost of capital by at least 40% or more.
4.At the end of the interview, Simon mentioned that the total value of his holdings in Metaplanet shares exceeds that of his personal Bitcoin holdings. He believes the company’s performance will eventually outperform Bitcoin itself. This statement further boosts investor confidence.
In finance, **mNAV** stands for **multiple of Net Asset Value**. It is a metric used to evaluate the valuation of a company, particularly those with significant asset holdings, such as Bitcoin treasury companies like MicroStrategy. mNAV is calculated as the ratio of a company’s **market capitalization** (or enterprise value) to its **Net Asset Value (NAV)**, which is typically the total value of its assets (e.g., Bitcoin holdings multiplied by the current market price) minus its liabilities.
### Key Points:
- **Formula**:
mNAV = Market Capitalization ÷ Net Asset Value
or
mNAV = Enterprise Value ÷ Net Asset Value
(NAV = Total Assets ? Total Liabilities)
- **Interpretation**:
- A **high mNAV** (e.g., 2x or more) indicates the company’s market value is trading at a premium to its NAV, suggesting investor confidence in future growth or additional value beyond the assets (e.g., strategic management or leverage).
- A **low mNAV** (e.g., close to 1x or below) suggests the company is trading closer to or below the value of its assets, potentially indicating undervaluation or lack of growth expectations.
- **Context**:
- mNAV is often used for companies like MicroStrategy, where the NAV is heavily tied to Bitcoin holdings. For example, MicroStrategy’s market cap may trade at 2–3 times the value of its Bitcoin stack, reflecting investor belief in its strategy to grow Bitcoin per share through financial instruments like convertible bonds or cash flow.[](https://finance.yahoo.com/news/microstrategys-nav-premium-shouldnt-feared-152629425.html)[](https://creators.spotify.com/pod/profile/bitcoinnotcrypto/episodes/Why-MSTR-mNAV-actually-makes-sense-e2rhof7)
- Unlike traditional NAV, which is common in mutual funds or ETFs, mNAV is more specific to companies leveraging assets for growth, not just holding them passively.
- **Comparison to Other Metrics**:
mNAV is similar to the **price-to-book (P/B) ratio** but is tailored to asset-heavy firms, especially in the context of Bitcoin or other volatile assets. It reflects how much investors are willing to pay for each dollar of net assets.[](https://x.com/YoungSaylor21/status/1923365945772240988)
### Example:
If MicroStrategy’s market cap is $20 billion and its Bitcoin holdings (NAV) are worth $10 billion after subtracting liabilities, its mNAV is 2x ($20B ÷ $10B). This means the market values the company at twice the value of its Bitcoin assets, possibly due to its growth strategy or market optimism.[](https://finance.yahoo.com/news/microstrategys-nav-premium-shouldnt-feared-152629425.html)
### Notes:
- mNAV is not a standard metric for all companies and is particularly relevant for firms with significant, trackable asset holdings like Bitcoin.
- Critics argue mNAV may not fully capture future earnings potential or operational value, especially for growth-oriented companies.[](https://x.com/Dissolve_DC/status/1923574711843160502)
- Always consider other factors (e.g., debt, cash flow, management strategy) when using mNAV to assess value.[](https://x.com/Kristia34462699/status/1923486901941456961)
For further details on specific companies or applications, you may want to check resources like financial blogs or company reports.[](https://blog.microstrategist.com/mstrs-mysterious-mnav-solving-the-true-value-equation/)[](https://blog.microstrategist.com/mstrs-mnav-the-wild-ride-how-high-and-low-can-we-go/)