Cost of capital is destiny and Metaplanet has a huge advantage with the digital credit model in Japan. $1B raised. 25% BTC CAGR. Coupons paid from the stack. MARS 6% → 76% of the stack retained at Y10 STRC 11.5% → 54% SATA 13% → 48% Metaplanet isn't just another treasury co. It's funding the hardest asset on earth with the cheapest capital on earth. Yen-priced preferreds at Japan's rates is a structural edge the US can't replicate until the Fed cuts to zero. Every year that spread holds, MARS holders compound sats. Japan is the arbitrage. Metaplanet is the vehicle.
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