HISTORIC stuff from Metaplanet. They bought the toll booth between Japan’s $7.4 trillion mattress-cash retirement dragon and Bitcoin yield products. This is where the “it’s just a treasury company” crowd gets processed into soup. Acquire BTC, acquire rails, package yield. Distribute into the world’s most yield-starved capital base. People are still analyzing Metaplanet like it’s a guy with a Coinbase account, while Simon is quietly building the Bitcoin Mitsubishi UFJ Death Star with orange lights and shareholder accretion. The bear case is now: “Okay yes, they own 40,177 BTC, are building a Bitcoin securities platform, and are aiming directly at trillions in inert Japanese savings… but have you considered I am emotionally uncomfortable?” This company is currently valued at less than their Bitcoin holdings. Total insanity. It won’t last.