Metaplanet will send up to 28.3 billion yen of a 52 billion yen zero-coupon convertible to share buybacks and 23.6 billion yen to Bitcoin-backed loans. Its borrowing stood at 17.7% of Bitcoin net asset value in September, against a 10% policy ceiling.
Perspective Coverage
6 publishers
- Builder
- Builder 7%
- Operator
- Operator 35%
- Investor
- Investor 58%
Reality
- Evidence68
- Adoption
- Not scored
- Hype gap+10
- Incentives55
- Confidence72
Metaplanet sold 10,000 bitcoin at $78,925 and bought 11,000 back at $86,246, paying about $73 million more to replace the coins it sold. The Japanese company says the trades show rating agencies it will turn bitcoin into cash for creditors.
Perspective Coverage
6 publishers
- Builder
- Builder 5%
- Operator
- Operator 35%
- Investor
- Investor 60%
Reality
- Evidence70
- Adoption
- Not scored
- Hype gap+25
- Incentives70
- Confidence62
Metaplanet will fund most bitcoin buying with equity, chiefly perpetual preferred, and hold credit-line borrowing under about 10% of its BTC value. Its new room for income businesses also means the 1.0x mNAV test it applies before selling common shares no longer isolates a premium on the coins.
Reality
- Evidence62
- Adoption30
- Hype gap+20
- Incentives68
- Confidence60
Metaplanet cuts an executive option pool that had grown to a fifth of its diluted count
Metaplanet's board pulled back grant terms that expanded with every equity raise, cutting the potential share pool by about 41 percent and lifting bitcoin per fully diluted share 8.8 percent without buying a coin.
Reality
- Evidence45
- Adoption45
- Hype gap+22
- Incentives72
- Confidence50
Metaplanet answers a 17% slide by cutting its option units from 696 shares each to 410
A 17% two-day selloff got Metaplanet's board to take 131.27 million potential shares out of its contested option pool in four days, and to add a new CFO, a Hong Kong arm and a December capital vote.
Reality
- Evidence48
- Adoption55
- Hype gap+25
- Incentives76
- Confidence46
Metaplanet breaks the clause that kept management at a fifth of the company
The board froze an option pool that had grown nearly sevenfold to 319 million rights and cut the plan by 41%, a reduction worth about $123m that leaves management with a claim on roughly 13% of the diluted company.
Reality
- Evidence42
- Adoption55
- Hype gap+22
- Incentives70
- Confidence45
The Tokyo-listed treasury firm is committing about $134.6 million in coins and cash for 95.7% of Super League. Shareholders and regulators in two countries still have to sign off.
Perspective Coverage
4 publishers
- Builder
- Builder 8%
- Operator
- Operator 25%
- Investor
- Investor 67%
Reality
- Evidence74
- Adoption26
- Hype gap+27
- Incentives68
- Confidence66
The BitBonds launch brought in about $1.3 million at 4.0 to 4.3 percent. What it actually built was an in-house channel selling bitcoin-treasury credit to Japanese retail and corporate buyers.
Perspective Coverage
3 publishers
- Builder
- Builder 17%
- Operator
- Operator 33%
- Investor
- Investor 50%
Reality
- Evidence61
- Adoption28
- Hype gap+33
- Incentives72
- Confidence58