jakiro
Author: Zhou, ChainCatcher
As the crypto market welcomes a correction window, the actions of Bitcoin treasury companies have clearly diverged.giantStrategyannounced last week9.627billion U.S. dollars, to90,615US dollar price increase10,624Bitcoin.By comparison, the fourth largest Bitcoin treasury companyMetaplanetThe pace came to an abrupt halt, and he9month30Since the beginning of the day, there has been no further holding action for the tenth consecutive week.
Metaplanet, this company is praised by the market as“Asian versionMicroStrategy”of Japanese listed companies, which wereDATRadical representatives in the field.since2024year4Since the reserve plan was launched in March, the company has rapidly accumulated more than3Ten thousand Bitcoins, with a total value of approx.27.5billion dollars.
However, since the fourth quarter, Bitcoin prices have12.6$10,000 pullback near all-time high30%, just when the market generally expected that treasury companies would take advantage of the low price,MetaplanetBut there9month29After completing the last increase in holdings on the same day, the company unexpectedly pressed the pause button and turned its short-term capital focus to stock buybacks.
DATShift from radical accumulation to risk control priority
Data show that in the fourth quarter, the total market value of digital asset treasury stocks increased from1,500billion US dollars shrunk sharply to735billion, most companies’mNAVfell below1times.According to Bloomberg, crypto asset treasuries listed in the United States and Canada (DAT) Company stock prices have fallen sharply this year, with the median43%, some companies fell more than99%.
GalaxyBitcoin treasury companies are entering, warns“Darwinian stage“, equity premiums collapse, leverage turns negative,DATThe stock turned discounted and the core mechanics of its once-thriving business model were crumbling.
In this market context, treasury companies that are also in the second echelonETHZilla recentlyAnnounced that the total amount will be redeemed in advance5.16billion in convertible bonds.This move is seen as a positive signal to simplify the capital structure, enhance financial flexibility, and reduce the risk of high-interest liabilities during market troughs.
Metaplanetactions echo this.Currently, the company’s outstanding debt is3.04billion US dollars, theoretically it has9times of Bitcoin assets as a guarantee for repayment, but the company still chooses to suspend its holdings. This behavior is inconsistent with the current situation.DATThe industry trend of the track’s transformation from radical accumulation to risk control priority is highly consistent.
Stock price pressure and tactical adjustments under conservative accounting
Previously, affected by the Bitcoin holding strategy,MetaplanetThe stock price has been from2024year4month20US dollar soared to2025year6highest point of month1,930USD.Although the stock price has fallen sharply since the second half of the year,70%, but overall this year still recorded over20%increase, the current stock price is stable at420Around US$3 billion, with a total market capitalization of approximately US$3 billion.
Faced with the continued decline in stock prices,MetaplanetCEOSimon Gerovichat10month2Japan publicly responded to stock price fluctuations. He cited Amazon’s case during the Internet bubble, emphasized that fundamentals and stock prices often deviate, and reiterated that the company will continue to accumulate Bitcoin.
Previously, he had been in9Monthly statement, if the net asset value is lower than the market value (mNAVlower than1times), continuing to issue new shares will “mathematically destroy value” and is not conducive to the company’sBTCYield, the company will give priority to evaluating options such as preferred shares and stock repurchases.
Therefore, in10When I encountered a clean break at the beginning of the month,MetaplanetActed quickly, first announcing authorization to repurchase up to1.5100 million shares and acquired5$100 million credit line, later raised by pledging its Bitcoin assets1US$100 million will be used to purchase more Bitcoins, as well as expand revenue business and repurchase shares. Part of the funds will also be used for revenue business. Currently, the companymNAVhas rebounded to1More than times.
From this point of view, the suspension of holdings is a tactical protection of the health of its stock price and balance sheet, that is, giving priority to ensuring the value of existing shareholders rather than blindly expanding the balance sheet.
In addition, the stop of purchases is also to avoid the risks caused by Japan’s conservative accounting standards.Given that its average Bitcoin cost is approx.10.8Ten thousand US dollars, the company has accumulated more than5billion in unrealized losses.In order to prevent excessive impact on the short-term profit statement, it chose to actively avoid exacerbating this book impairment risk.
Taking advantage of low interest rates to build an Asian “moat”?
On the surface, the suspension of holdings is defensive. In fact,MetaplanetThe real strategic intention may lie in the upgrading and innovation of capital structure.
The company’s third-quarter financial report showed that its sales reached24.01billion yen, a month-on-month increase94%;Operating profit13.39billion yen, growth64%;Net profit127billion yen; net assets5329billion yen, growth165%.Among them, options business contributed1628Revenue of US$10,000, year-on-year growth115%, this revenue can cover daily operations and interest costs.
On this basis,MetaplanetAlso trying to imitateStrategy, planning issuance is similar toSTRCof preferred shares to obtain capital in a more efficient way.
The company plans to launch “Mercury“and”Mars“Two new digital credit tools, including”Mercury“will provide4.9%The yen yield is approximately ten times the deposit yield of Japanese banks, of which73%Funds earmarked for Bitcoin accumulation will include1.07billion in direct purchases and1200$10,000 options trade.In this way, the company can bypass equity dilution and turn to low-cost debt leverage, making it more attractive to local investors.
Furthermore, since Japan does not allow marketing mechanisms (similar toBitMinecurrentATMmodel) to prevent listed companies from directly trading in the secondary market“real time dumping“equities, protecting investors from dilution.MetaplanetAdopt mobile exercise warrant mechanism (MSW), cleverly bypassing this limitation while retaining the core advantage of flexible financing.
MSWEssentially, it is a special kind of stock acquisition warrant. Its biggest feature is that the exercise price is not fixed, but dynamically adjusted regularly.Usually every few trading days (MetaplanetEarly series for each3trading days), the exercise price will be reset to the average of the closing prices of the previous few days, such as the simple moving average price of the previous three days.In this way, when the warrant holder chooses to exercise the warrant, the company raises funds by issuing new common stock at a price close to the current market price.
In the later stage, the company may integrate this mechanism into perpetual preferred stock products.MercuryMedium: Preferred stock holders can pass something likeMSWConversion terms, converting into common shares according to dynamic prices, thus making the entire financing process smoother and more controllable.
At the same time,MicroStrategyexecutive chairmanMichael SaylorThe company’s future has been confirmed12Similar products will not be launched in Japan within months. This time window isMetaplanetprovided valuable12Monthly market first mover advantage.
The company has11month20successfully released on1.5billion US dollarsBquasi-perpetual preferred stocks, and its financing strategy has begun to be implemented.This series of actions showsMetaplanetWe are taking advantage of Japan’s low interest rate environment to build a unique financing “moat” to achieve structural and sustainable expansion.
local advantages andMSCIreview
In fact,MetaplanetThe core value lies in the unique Japanese ecological environmentAlpha:
On the one hand, the continued depreciation of the yen strengthens Bitcoin’s role as an inflation hedge asset.MetaplanetBitcoin reserves provide Japanese local investors with an effective way to combat the decline in the purchasing power of the yen.
On the other hand,Japanese personal savings accountNISAThe tax-free advantage of the account isMetaplanetattracted6.3Thousands of Japanese local shareholders, compared55% capital gains tax on direct holdings of crypto assets,By buying Metaplanet shares through NISA, investors can gain indirect BTC exposure at a lower cost.
Because of this,MetaplanetRecognized by international organizations,Capital GroupIncrease shareholding to11.45%, becomeMetaplanetis the largest shareholder, and the current top five shareholders includeMMXX Capital, Pioneer Navigation (Vanguard),Evolution Capital, Invesco Capital;Syz CapitalPartnerRichard Byworththen publicly followMicroStrategyand BitcoinETFdivest, investMetaplanet, he believes that the latter has lower financing costs and higher return elasticity.
One industry observer noted that likeMetaplanetSuch companies must prioritize ensuring financial resilience during trough periods to maintain long-term accumulation goals.
However, despite the long-term benefits to structural health,MetaplanetPotential short-term selling pressure remains.For example, this impactStrategyofMSCIIndex deletion review also affectsMetaplanet, which this year2month is includedMSCIIf the Japanese index is removed due to a high proportion of Bitcoin assets, it may trigger a wave of passive fund selling.
Conclusion
Taken together,MetaplanetThe suspension of Bitcoin accumulation is not a failure of the strategy or a surrender to the market. It can be seen as a strategic accumulation of energy based on risk and efficiency considerations, and it also marks theDATThe track is maturing, from radical accumulation to risk control priority.
Bitwisechief investment officerMatt Houganonce stated thatmNAVAssessmentDATThe company is not correct because this valuation method does not take into account the life cycle of a public company.DATMost reasons for discounts are certain, while reasons for premiums are often uncertain.Looking to the future, the price differences among treasury companies will become more obvious.MetaplanetPerhaps it is restructuring its valuation system.
