Metaplanet stock is currently $1.32 per share at a 0.78x CEBE mNAV discount. $1.28 of net Bitcoin for every $1 invested, at an implied BTC price at $49,934 per BTC. Attached to that discounted Bitcoin is approximately 1.25× balance-sheet amplification. Attached to that amplification is a business that produced ¥6.287 billion of operating profit last year and ¥2.267 billion in the latest fully reported quarter. Attached to that business is a capital-markets strategy designed to increase BTC exposure over time. Attached to that strategy is a newly acquired securities-distribution platform capable of manufacturing and distributing Bitcoin-centered financial products. And the market’s current valuation of everything beyond the net Bitcoin is approximately... ...negative $485 million. O
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