Jul. 23 at 5:02 PM
$MTPLF’s upside is not just Bitcoin.
Metaplanet now holds 43,000 BTC, but it also generated ¥4.7B of revenue from its Bitcoin options business during the first half and ¥11.4B over the last 12 months.
That matters while the stock trades around 0.82x mNAV. Selling common here would dilute Bitcoin holdings per share (HPS), so internal income gives Metaplanet another way to fund BTC purchases without waiting for the stock to rerate.
The bull case has three engines:
1. BTC recovers.
2. Options income funds more BTC per share.
3. Continued HPS growth helps close the stock’s discount.
Metaplanet does not need all three to work at once. If they do, the upside compounds.
The revenue figure includes valuation changes as well as premiums and realized results, so cash conversion remains the number to watch.