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
-
By CEO
https://x.com/BitcoinForCorps/status/1930215313565479013
By Strategy Director Dylan LeClair l
https://x.com/BitcoinForCorps/status/1929946903204041041
By Grok
As of June 4, 2025,
Coinbase owns 9267 BTC for itself.
Metaplanet holds 8,888 Bitcoins (BTC) for itself.
19/5 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：
2025-05-27
2025-05-29 From MAT:
Metaplanet CEO @gerovich
speaking at the Bitcoin conference 2025 It highlights many key points that investors should pay close attention to.
https://x.com/vincent13031925/status/1927501040485601480
2025-05-27
2025-05-28
2025-05-29
2025-05-30- 10 on Fintel. (Bot @$6.97)
RED PLANET HOTELS （chain) and the CEO
https://en.wikipedia.org/wiki/Red_Planet_Hotels
Simon Gerovich is the President and CEO of Metaplanet, Inc., a publicly traded company listed on the Tokyo Stock Exchange that has shifted its focus to Bitcoin as its primary treasury reserve asset. He is also a co-founder and Chairman of Red Planet Hotels, a regional hotel chain focused on Asia’s value hotel sector. The relationship between Red Planet Hotels and Metaplanet is primarily through Gerovich’s leadership roles in both entities, with no direct corporate ownership or operational link explicitly stated.
Gerovich founded Red Planet Hotels before taking on his role at Metaplanet, where he has been President, CEO, and Representative Director since 2013. He has served as Chairman of Red Planet Hotels since 2010 and Chairman of Red Planet Holdings Pte Ltd. since 2011. His involvement in both companies reflects his diverse business interests, spanning hospitality and digital asset investment. However, Red Planet Hotels and Metaplanet operate in distinct industries—hospitality and Bitcoin-focused investment, respectively—and there is no evidence of a direct financial or structural relationship between the two beyond Gerovich’s shared leadership.
A post on X suggested that Red Planet Hotels was once a de facto parent company of Metaplanet, but this claim lacks corroboration from available sources and should be treated as inconclusive. The primary connection remains Gerovich’s roles, with his strategic vision driving Metaplanet’s Bitcoin-centric pivot while maintaining his chairmanship at Red Planet Hotels.[](https://www.crunchbase.com/person/simon-gerovich)[](https://www.marketscreener.com/insider/SIMON-MORRIS-GEROVICH-A0XIMS/)[](https://webx-asia.com/speaker/3367172)
----------
Metaplanet Inc. funds its Bitcoin purchases through a combination of capital market activities and operational income, employing a strategic approach to raise funds while minimizing shareholder dilution. The primary methods include:
1. **Bond Issuances**: Metaplanet has issued multiple rounds of bonds, both yen- and dollar-denominated, to finance Bitcoin acquisitions. For instance, in March 2025, the company issued two ¥2 billion (approximately $13.3 million) bond offerings, with nearly all proceeds allocated to Bitcoin purchases. Additionally, in November 2024, Metaplanet issued ¥1.75 billion ($11.3 million) in one-year bonds with a 0.36% interest rate, fully guaranteed by CEO Simon Gerovich and secured by a mortgage on a hotel property owned by its subsidiary, Wen Tokyo Inc. Another example is a $10 million zero-coupon, dollar-denominated bond issued to EVO FUND in April 2025, designed to avoid high yen-to-dollar exchange fees.[](https://www.ccn.com/news/crypto/metaplanets-strategy-bitcoin-btc-holdings/)[](https://coinpedia.org/news/metaplanet-buys-bitcoin-using-10m-usd-bonds-in-strategic-funding-shift/amp/)[](https://crypto.news/metaplanet-adds-142-btc-to-its-holdings-with-11-3m-purchase/)
2. **Stock Acquisition Rights and Equity Financing**: Metaplanet has utilized stock acquisition rights and moving-strike warrant programs to raise significant capital. In August 2024, the company announced plans to raise ¥10 billion ($68 million), with ¥8.5 billion ($58 million) designated for Bitcoin investment through stock rights offerings. In January 2025, Metaplanet issued 21 million moving-strike warrants at a 0% discount, raising approximately $745–870 million, the largest-ever fundraising for Bitcoin purchases in Asian stock markets. By May 2025, the company completed its “210 Million” warrant program, raising ~$645 million in three months. These equity-linked instruments allow Metaplanet to issue shares into market strength, minimizing dilution while funding Bitcoin acquisitions.[](https://bitcoinmagazine.com/bitcoin-for-corporations/metaplanet-delivers-record-breaking-q1-with-massive-bitcoin-treasury-growth)[]
3. **Operational Income**: Metaplanet generates recurring profit from its core operations, including hotel management and Bitcoin consulting services. In Q1 2025, the company reported ¥877 million in revenue (up 8% quarter-over-quarter) and a record ¥593 million in operating profit (up 11%). This income reduces reliance on external financing, allowing more capital to be directed toward Bitcoin purchases rather than funding operations.[](https://www.nasdaq.com/articles/metaplanet-acquires-1004-bitcoin-raising-total-holdings-7800-btc)[](https://bitcoinmagazine.com/bitcoin-for-corporations/metaplanet-delivers-record-breaking-q1-with-massive-bitcoin-treasury-growth)
4. **Strategic Capital Market Activities**: Metaplanet employs a “Bitcoin-native” capital strategy, including Japan’s largest moving-strike warrant program, which enables equity issuance without fixed discounts. The company also uses BTC volatility strategies to monetize its holdings, generating revenue while maintaining downside protection. These strategies contributed to a 3.9x increase in Bitcoin holdings in Q1 2025, reaching 6,976 BTC. Additionally, Metaplanet established a U.S. subsidiary, Metaplanet Treasury Corp., in Florida in April 2025, with an initial capital of $250 million to tap U.S. institutional investors and enhance liquidity for further Bitcoin purchases.[](https://decrypt.co/317244/metaplanet-us-subsidiary-250m-bitcoin-strategy)[](https://bitcoinmagazine.com/bitcoin-for-corporations/metaplanet-delivers-record-breaking-q1-with-massive-bitcoin-treasury-growth)[](https://www.cryptopolitan.com/metaplanet-us-subsidiary-for-btc-funding/)
These funding mechanisms, combined with a focus on capital efficiency and a Bitcoin-centric treasury strategy, have enabled Metaplanet to amass 7,800 BTC by May 19, 2025, with a total cost basis of $414.2 million and an average acquisition price of $90,194 per BTC. The company’s approach mirrors MicroStrategy’s playbook but is tailored to the Asia-Pacific capital markets, leveraging real estate-backed financing and innovative equity instruments to fuel its aggressive Bitcoin accumulation.[](https://bitcointreasuries.net/entities/metaplanet)[](https://www.nasdaq.com/articles/metaplanet-acquires-1004-bitcoin-raising-total-holdings-7800-btc)[](https://tradebrains.in/brand/metaplanet-adds-bitcoin-worth-414m-bitcoin-plans-21000-btc-by-2026/)
There is no direct evidence linking Red Planet Hotels’ financial resources to Metaplanet’s Bitcoin purchases. While Simon Gerovich’s leadership connects the two entities, Metaplanet’s funding appears to stem from its own capital-raising efforts and operational income, independent of Red Planet Hotels’ operations.
Metaplanet的股权发行以购买比特币是经过战略计算的。团队对mNAV策略的核心原则有清晰的理解。因此，他们不会在股价低时发行新股。通过保持高mNAV，他们在显著提高比特币收益的同时，最小化了股权稀释。
目前，许多银行向Metaplanet提出了可转换债券（CB）发行建议，但公司拒绝了。主要原因是避免CB交易者进行套利交易，这些交易者通常通过德尔塔对冲来抵消风险，实质上是做空股票。相反，Metaplanet更倾向于与只做多的CB投资者合作。这种方式展现了管理层与股东的高度一致性，我对此完全支持。
@Metaplanet_JP 计划在日本发行优先股。这是一个明智的举措，因为日本的利率远低于美国。在当地进行此类融资可以将资本成本降低至少40%或更多。
在采访最后，Simon提到他在Metaplanet股份中的总价值已超过其个人比特币持仓。他相信公司的表现最终将超越比特币本身。这一声明进一步增强了投资者的信心。
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/)