Retail Carry @RetailCarry

@WatcherGuru I didn't realize Watcher.Guru was a satire account

I would never hold or recommend any securities from Metaplanet ever again. The industry can do their best to launder the reputation of Simon and Co but this "published note" should be the nail in the coffin. They do not give a fuck. Instead of the constant gaslighting and manipulation, why not put the compensation issue to a shareholder vote? Calling the 10th series "founder turnaround equity" is a joke. The company was already public, already listed, already a failing hotel business. It pivoted to Web3 and NFTs before it pivoted to Bitcoin. Gerovich chaired it from 2015. Eighteen days before this letter, the company's own filing called these "paid stock options" held by "certain officers and employees." Two of the five holders are employees... so by definition not founders. The letter has an entire section titled "How they were priced, and the risk taken." It never states the price. The warrants cost ¥18 per unit. ¥8.28m for the whole pool, around $51,000. About $30,500 for Gerovich's 276,000 units, against a position still worth close to $200m. On disclosure, the August 18 filing said the clause made it difficult for investors to ascertain the fully diluted share count and the extent of future dilution. This letter now says shareholders approved it with full knowledge. Both cannot be true. And what about the risk shareholders took? They were sold dilution in exchange for Bitcoin per share, while the anti-dilution clause held management's stake at 20% no matter how much stock was issued. Every raise diluted shareholders but management's pool was protected. The irony is that they were the only ones completely protected from any dilution risk at all. The note says "Metaplanet is fortunate to have a founder-led team whose interests are deeply aligned with all shareholders." Evidently not. Any talk about Japan's low cost of capital is irrelevant once you account for the permanent drag on the common stock. Excessive compensation and a sleaze tax for management means the company will struggle to sustain a mNAV premium higher than its competitors ever again. Anyway, forget what I think. There is one simple test. Let's see how shareholders really feel. Put it to a vote.

Simon Gerovich @gerovich

2 weeks ago

Our Independent Directors have published a note to shareholders on the Series 10 warrants, with a Fact Sheet covering their history, their terms, and the changes the Board has made. As the note explains, Metaplanet's founder-led history is important context that much of the

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@MasonFoard This overcomplicates something simple.

@Barchart NASDAQ down 1.3%? Is this a recession for ants?

@BitcoinIncome21 @btc_overflow Exactly what I think. How you arrive at a solution is far more important than the solution.

@lonniev @dgt10011 Nuclear weapons were nationalized and it's not a great state of affairs there but it would be worse if it were FOSS.

@dgt10011 The Manhattan project was government. The AI race likely should be too if we are to keep it accountable to humanity. FOSS is better than the current state also, but I lean towards nationalizing it. This is going to be a powerful sword to wield.

@JustaLillyBit This is what they need. Raise the cost of running nodes to ensure they control more of the network. $MSTR has economic power with their stack. Now they want to remove node runners via attrition.

@CaminaDrummer4 @IIICapital They want us paying $1k to run a node soon enough. They need to price out the governance layer of Bitcoin.

@GrassFedBitcoin They are wasting their time. This either works or it doesn't regardless of money thrown at it.

@saylor Mike Schmidt lmao!

AND HE CHOSE MIKE SCHMIDT OF ALL PEOPLE!

Michael Saylor @saylor

3 months ago

Bitcoin’s security is a shared responsibility. Today we are launching the Bitcoin Security Consortium, backed by $15 million in commitments to support the developers and researchers strengthening Bitcoin for the decades ahead. strategy.com/press/leading-…

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@JoshMandell6 The way I see it they have to get the dividend reserve to 36 months for creditworthiness now. I think the damage done here will take years to get back on track with investors. I expect management to continue chipping away at the common shareholder until that is achieved

@BTCBULLRIDER This is a major boon for the prefs that aren't $STRC... They're going to get priced accordingly. $STRF is going to be priced to how much strategy values the retirement of the obligation. Buy shares and never sell them now.

Strategy announces a Digital Credit Capital Framework designed to strengthen Digital Credit, enhance liquidity, preserve long-term Bitcoin exposure, and support long-term value creation. $MSTR $STRC strategy.com/press/strategy…

@BTCBULLRIDER They need to hike the rate within reason according to the VWAP rules. They shouldn't do more than +1%, but I agree that they need to let this play itself out.

@JoshMandell6 Maybe I missed it, but how are you feeling about the issuance to buy bitcoin even thought its dilutive to common shareholders?

@JoshMandell6 How was the recent common stock issuance accretive if the BPS (in sats) had fallen from 220,015 down to 219,359. I get the argument for CEBE mNAV, but occam's razor still applies and marketcap based mNAV is still supreme.

@JoshMandell6