Metaplanet updates : 1. The mNAV defense worked well during the drawdown, with the discount snapping back quickly as the market front-ran the return to 1x mNAV. That’s means if it hit discount again, it’s much lower risk to buy. 2. Issuing preferred shares shrinks the natural buyer base for commons, but the shift to capital surplus creates a counter-force by potentially introducing a balance-sheet buyer. It’s worth watching how this dynamic plays out in practice. 3. The key now is watching whether the stock can stay above 600JPY long enough to confirm that $1.4bn discounted raise has been fully absorbed by the market

Interesting. Selling BTC to buy back shares is straight dumb , pure death spiral. Using BTC as collateral to run buybacks is an interesting move, it limits the downside. Wondering how it plays out. x.com/Metaplanet/sta…

Bitcoin nuke harder than last time, but mNAV defends so well , no discount at all . Bit sad , that’s pretty much only “risk-free” high return trade now know. as most team are 100% clueless on what they doing .