Metaplanet will issue preferreds in both Japan and the US. In Japan they will have no competitor. In the US they enter the best capital market in the world, already proven by Strategy and Strive. What makes this uniquely compelling is that no other company in the Bitcoin treasury space is positioned to operate simultaneously in both markets. Japan has the third largest fixed income market in the world and $7 trillion in household cash earning next to nothing. The US has the deepest and most liquid capital markets on the planet with institutional appetite for Bitcoin credit growing by the month. Metaplanet sits at the intersection of both. A 12% yield in the US would be enough to carve out a serious slice of the market while the Japanese preferred infrastructure is built out in parallel. The opportunity set is enormous and I am willing to be patient for it to play out. Bullish on Metaplanet.