I have initiated a position in $SLE. My thesis is pretty simple. 1. SLE is becoming Superplanet (SUPA). 2. Metaplanet is contributing 2,100 BTC + cash and will own ~95.7% of the company post-close. 3. After this sell-off, the starting valuation is appealing to me. On a pro-forma basis, I am buying at ~1.0 CEBE mNAV. 4. The float should be extremely tiny with scarce shares. Metaplanet's shares are subject to a five-year lockup. This creates the possibility of an extremely constrained publicly tradably supply against any meaningful demand. 5. I believe Bitcoin is going higher over time. 6. The structure is a second capital-formation engine for Metaplanet... which means I think the digital credit dividends are going to get paid. 7. Metaplanet has over 40,000+ Bitcoin. I think they'll
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