Thread by @ActuallyClimber

Here are the final 21 out of 42 reasons I am a Metaplanet investor and absolutely love this company. I'll no longer be on the MPM podcast, but will continue sharing as much as possible. 🧵👇

1-21. Here are the first 21 reasons broken down if you missed them:

22. Highest Inflows into NISA Accounts. These are Japanese 0% capital gains savings accounts they can contribute a certain amount to each year. Even with as small as Metaplanet still is, it was the #1 most bought stock a couple of weeks ago.

23. Investor Count Matters. Not just that I love how much it's growing, but that Simon and team understand why this matters and have a goal of exceeding Toyota (~900k investors?). Numbers here are largely underreported as IBKR and others don't report individual shareholders.

24 (1/2). Extremely High Turnover %. To be so tiny relative to Toyota and many others, it's super impressive for Metaplanet to have the highest volume (in shares and fiat terms). Think: Speed of accretion of BTC/Share yield through low impact share dilution. Easy to absorb.

24 (2/2). Compared to MSTR for reference. Many of the low volume days for Metaplanet are related to the stock hitting up/down limits 😅.

25. Growing Investor Base Around the World. The US volume alone has been climbing like crazy lately. 5M share days are typical, where 50k share volume days were the norm 2-3 months ago.

26. Highest Volatility Stock in Japan. There's no denying that volatility is tied to performance. This stock is ALIVE. Volatility is vitality.

27. Growing X & Discord Community. X is 10x the size it was late April. Discord started late April and is over 2700 members now! So many contributors as well.

28. Trades Around the Clock. Much like Bitcoin, Metaplanet trades almost 24 hours a day, during the week, somewhere on the planet. The name is more fitting now than ever 😂.

29. Dominant in Asia. No challengers. They're the name people associate with Bitcoin and their execution in the area is likely to remain unmatched. Good luck to the copy pasters 🫡.

30. Major Tax & Other Advantages in Japan. It's not just NISA accounts. Outside those, the general tax rate is ~20% for stocks and is up to 55% for Bitcoin. I think you also have to mail something out to get permission to buy Bitcoin.

31. Hedge Against Yen & Bond Crisis. Bitcoin is the hedge against fiat devaluation and the bond market collapsing. Remember, Metaplanet doesn't keep much money in yen. Almost all of it immediately gets converted to Bitcoin.

32. Better than 0% Moving Strike Warrants. This is a first for Japan. Most companies pay a significant fee to dilute their shares. Metaplanet's current plan has them at -1% which means more value is gained from new share issuance.

33. 0% Ordinary Bonds. They have a great relationship with their MSW partner Evo Fund, and with interest rates in Japan being 0.5%, this isn't a problem. Basically pulling the future forward while we wait for them to start issuing more shares June 24th.

34. Potential For Negative Rate Convertible Bonds. Simon mentioned this in Vegas.

35. Fresh US Market Inflows. Initial volume in a new US ticker $MTPLF is a huge sign of inflows. Seen in orange below.

36. US Markets Uplist Potential. Just a matter of time. If/when this occurs, it'll likely convert from MTPLF to MTPL. I think these black squares will turn orange eventually.

37. US Subsidiary Taking Root in Miami. Excited to see where this goes. None of my pricing models consider bonuses like this.

38. Part of a Growing Number of ETFs. A week ago this showed 32 😅. Now 34. Number isn't going down.

39. Heavily Shorted. Mixed reports, but whether it's ~10% on the low estimates or 25% on the high estimates, there's a lot more courage than brains out there. They are future buyers. Think of it as the same selling effect as share dilution but with the obligation to buy back.

40. High Sharpe Ratio. ETFs and traditional investors care about this. It's all part of the recipe for a balanced portfolio with better risk adjusted returns.

41. It's Both "The Option" & "Inverse Option".

It's a call option on Bitcoin, BTC/Share yield, Yen debasement, Japanese bond crisis (among other things).

It's an inverse theta (time decay) option due to BTC/Share yield and the constant BTC put option revenue.

42. Incredible Preferred Stock Potential. It's a direct arbitrage between the expected bitcoin CAGR and the yield the company must pay out. Lower interest rates in Japan make this very juicy, and even a 10% Bitcoin CAGR would make this very profitable. From Strategy's slides: