📺 WATCH: Building Japan's Bitcoin Standard w/ Simon Gerovich | Strategy World 2026 @Metaplanet CEO @Gerovich explains why realized cap tells a different story than market cap — and how the company grew bitcoin per share 5,000% even with a flat BTC price. Gerovich also breaks down @Metaplanet’s $3.25B 2025 capital raise and why Japan’s 2028 regulatory shift could be a watershed moment for institutional adoption. 0:00 – Down 50%, Nothing Changes 1:05 – Japan’s Debt Crisis 2:28 – Path of Least Resistance 3:45 – Realized vs Market Cap 5:32 – The Treasury Model 6:33 – Scaling to $3.25B 7:00 – Bitcoin as Reserve & Collateral 8:32 – Harvesting Volatility 9:41 – 85% of Japan’s Public BTC 10:52 – 216K Shareholders, $15T Market 12:18 – Why 2028 Matters 13:30 – A Global Template