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Out of IREN. Completely. 758% return in 2 months is enough. Bulls make money, bears make money, pigs get slaughtered. Discipline always trumps greed. When stronger, non-correlated opportunities appear, rotation is the intelligent move, not attachment. Position ahead of the herd and sell into strength while liquidity remains abundant. The cleanest exits happen when liquidity is still building and euphoria has yet to peak. Chasing the final tick is a mug’s game. Preserving capital and moving it toward new pockets of opportunity is how outperformance is built. It’s easy to say, hard to do. The only real edge anyone has is the determination to keep learning, adapting, and showing up. Good luck to everyone riding this beast!

Metaplanet’s recent conduct borders on outright misrepresentation. By selectively granting preferential terms to incoming institutional capital rather than offering parity of access to its long standing retail shareholder base, management has not only alienated its most loyal investors but also signalled that expedient liquidity outweighed equitable capital formation. It is highly probable that retail shareholders, given the same entry price, would have significantly expanded their positions, leaving the company with a stronger equity cushion and without the reputational damage now inflicted. The consequences of this misaligned capital raising strategy are clear: diminished trust, fractured shareholder alignment, and a market discount that reflects governance risk as much as business fundamentals. Management must now demonstrate accountability by producing tangible operating results, delivering capital accretive growth, and restoring confidence in the stewardship of shareholder capital. Reliance on Capital Group’s allocation as a substitute for competence is not a strategy; it is a temporary cosmetic fix that fails to address the erosion of fiduciary credibility. What is urgently required is disciplined execution, transparent communication, and an unambiguous reaffirmation of fiduciary duty. Only then can Metaplanet hope to re establish alignment with its shareholder base, close the trust deficit, and command the valuation premium its trajectory otherwise merits.

People are down 90% on their life savings and Simon’s response is “good morning planet”

Metaplanet stands at a critical juncture, arguably the most consequential since the inception of its Bitcoin treasury strategy in April 2024. At the recent Extraordinary General Meeting, retail shareholders, myself included, were heavily encouraged to support three proposals that were widely perceived as a pivotal turning point for the company. In practice, however, these measures have had the opposite effect, raising serious concerns about value creation, capital allocation, and overall governance. In the absence of proactive, transparent communication from management, retail investors, who remain the grassroots believers in Metaplanet’s mission and still represent the single largest shareholder cohort, must coalesce around a central principle: management must fully align its strategic intentions with the long-term interests of its existing shareholders. At present, retail ownership lacks both a clear voice and meaningful influence. Too often, retail support is taken for granted, treated as a passive cheering section rather than as the bedrock that enabled Metaplanet to reach its current position. Individually, retail investors may seem insignificant, but collectively they hold the ability to command attention, shape strategy, and demand accountability. The message is clear: Bitcoin accumulation should only proceed when executed intelligently and in a manner accretive on a per-share basis. Further equity dilution that undermines shareholder value in Bitcoin terms not only destroys trust but also incentivises short-selling, depresses sentiment, and risks driving out the very investor base that has been most committed to Metaplanet’s success. If you have a financial interest in the future prosperity of this company, it is imperative to make your voice heard. Unity among retail shareholders is the only way to ensure that capital allocation decisions are disciplined, shareholder-aligned, and ultimately supportive of long-term value creation.

I am going to share my position today. What I will not do is get into execution and mechanics but I will provide a summary of the thesis with data and evidence based reasoning behind it. It’s always about the data. Since Metaplanet back in Q1 2025, this is the cleanest and most convex bet I have seen across the entire market and so I naturally size up accordingly (for me). Kelly criterion is key. Always. I am not for a second going to entertain any sort of pissing contest and throw up screenshots of my entry an exit and how green my P&L looks etc. If others do that then great. I will not. The IREN post provided great insights in that respect. My intention is not to cause animosity but instead encourage creative thought and intelligent discourse. However, timestamps are all here and what I would say is that this is an investment (or trade, whatever you want to call it) that I have been paying very close attention to all year. I have already executed part 1/2 of this thesis and booked what would many regard as ‘life changing’ profits with a significant position still intact. Timestamps are all there. My conviction is higher and stronger today than at any other time since I started researching this thesis; before I even put a single $ on the line. I’ll share my thoughts today in the hope that they inspire independent, ‘outside the box’ thinking and at the very least inspire a few people to consider capital allocation strategies that deviate from mainstream consensus and, in doing so, build exposure to return streams that are structurally under allocated with well defined/capped downside and maximum convexity.

Simon sold a story to retail. One that resonated deeply and drew genuine conviction. Retail embraced him with open arms, and he in turn squandered that trust by rewriting the very narrative he built. He actively lobbied the same retail base, myself included, to support his new vision, and in doing so, we collectively abandoned the original premise and threw out the baby with the bathwater. The story has changed; deliberately and unmistakably. Unless management steps forward and methodically threads the needle, rebuilding coherence and accountability, no investor with a credible grasp of fundamental principles will regain the same level of trust to get back on the bid. And without that retail bid, it’s no bueno. I am speaking as a shareholder. Everybody must do the same.

Either Metaplanet never had / has lost total control over what EVO does or they are actively selling shares without any regard for shareholder value and responsible governance Yesterday’s volume was approx 71.2 million and the 1.3 represents ~1.83% of issuance Before the keyboard warriors come out swinging, whether it’s 1.8% or 10% is irrelevant. The purpose for which this capital raise is being done at this current NAV multiple is simply value destructive. The numbers mathematically prove this. Diluting at this moment in time does nothing for the stock (clearly) and for every BTC that the dilution does buy, the impact on shareholders is far worse than the increase in balance sheet size versus the very simple alternative of pausing the dilution for a short while to let the NAV premium re rate higher and at that point dilute less for the same ¥ amount to buy BTC; even at higher price. In this scenario company ends up with more BTC and shareholders end up with more BTC/share. How TF can people not see this mess and demand an explanation? JFC!

From ¥660 thirty minutes before Tokyo open to ¥606 thirty minutes after then open on what is undoubtedly a multi-pronged momentum fuelled start to the week This is both value destructive and embarrassing for Metaplanet while management are standing by watching and posting Bezos clips! JFC! Do better.

Metaplanet is trading at ¥658 and climbing in Tokyo pre-market, up more than 6% from Friday’s close of ¥622. This presents an opportune moment for management to ease off the accelerator temporarily pausing MSW issuance to allow organic momentum to lift mNAV and pressure short interest into capitulation. This will accelerate the repricing of Metaplanet stock price and open the door for any subsequent dilution to be executed from a position of strength, maximising accretion on a per-share basis and reinforcing shareholder confidence.

We mostly just sit around reading, thinking and waiting – Stanley Druckenmiller

Approximately 23 million shares were released into the market at the open, effectively suppressing price momentum and neutralising what could have been a constructive reaction. Beyond the immediate impact on market dynamics, such execution conveys a lack of strategic intent and control; optics that risk undermining investor confidence at a critical inflection point. The heavy short selling continues to suffocate the stock, yet management remains passive despite having clear, immediate levers to stabilise sentiment and restore credibility. Predictably, a chorus of keyboard warriors will now emerge, beating the familiar drums of preferred equity and long-term perspective. But such narratives cannot override arithmetic. Dilution at depressed mNAV levels is unequivocally value-destructive and adds fuel to short seller’s fire. In the absence of decisive leadership, cheerleaders keep clapping as fundamentals erode. A theatre of complacency masquerading as conviction.

It is extraordinary how silver miners continue to deliver record operational and financial performance yet somehow still miss analyst estimates quarter after quarter. First Majestic reported record third quarter silver output of 3.9 million ounces, up 96% year on year, and revenue of $285.1 million, up 95%, but earnings per share came in at $0.07 versus $0.11 expected. Coeur Mining produced $554.6 million in revenue against $521.6 million expected yet reported $0.23 EPS versus $0.25 forecast. Pan American Silver generated $611 million in revenue but $0.19 EPS versus $0.23 expected. These are not weak results. They are operationally excellent numbers punished by a market still anchored to outdated valuation frameworks. Price is a liar. Facts are not. When silver trades toward $100 and all in sustaining costs remain near $17 to $19 per ounce, the operating leverage embedded in these businesses is extreme. The entire sector’s discounted cash flows are being modelled against a net asset value that is at least 50% undervalued. If you adjust the implied silver price by any rational metric such as the gold silver ratio reverting from 82 toward 50, silver’s price as a share of gold returning to historical norms, or inflation adjusted equivalence to the 1980 peak, the true underlying value of these companies is dramatically higher. This is a matter of fact based on simple mathematics, not opinion and certainly not hyperbole. The numbers speak for themselves. The market has yet to catch up to the arithmetic.

Thank you for your kind words, Mountebank. Metaplanet had (and still does if decisive action is taken by management) every hallmark of becoming best in class, but the recent IO episode has been disastrous. In my view, the only structural weakness prior to this was the change in MSW pricing methodology from a single day reference to a three day average. That adjustment created a persistent vulnerability, leaving the stock exposed to exploitation and effectively painting a target on its back. What was the logic behind this decision, whose interests did it serve, and when it became clear that the outcome was damaging, why was nothing done to correct it? These are questions that still demand answers. Retail investors are not naive. Brushing issues under the carpet rather than addressing them transparently is both unprofessional and damaging to trust. The subsequent private placement only compounded matters, executed in a way that can only be described as a total mess. That episode compelled me to speak out, particularly given the absence of coherent criticism elsewhere. The major voices behind the stock have gone silent at possibly the most precarious time which signals that they’ve either sold out or had ulterior motives other than the success of the company and thereby their own investment. Too often, discourse around Metaplanet has recently been dominated by cheerleaders chasing clicks and engagement rather than serious practitioners with real capital at risk. The IO was a clear failure, and management must now be held to account. My position is not adversarial but protective: I have a vested interest in seeing this company succeed. I continue to believe Metaplanet has the potential to outperform its peer group, but only if decisive action is taken to restore sentiment, rebuild credibility, and re-engage meaningfully with its shareholder base. Trust must be regained, and relentless dilution is not the path forward.

Out of IREN. Completely. 758% return in 2 months is enough. Bulls make money, bears make money, pigs get slaughtered. Discipline always trumps greed. When stronger, non-correlated opportunities appear, rotation is the intelligent move, not attachment. Position ahead of the herd and sell into strength while liquidity remains abundant. The cleanest exits happen when liquidity is still building and euphoria has yet to peak. Chasing the final tick is a mug’s game. Preserving capital and moving it toward new pockets of opportunity is how outperformance is built. It’s easy to say, hard to do. The only real edge anyone has is the determination to keep learning, adapting, and showing up. Good luck to everyone riding this beast!

People are down 90% on their life savings and Simon’s response is “good morning planet”

Metaplanet’s recent conduct borders on outright misrepresentation. By selectively granting preferential terms to incoming institutional capital rather than offering parity of access to its long standing retail shareholder base, management has not only alienated its most loyal investors but also signalled that expedient liquidity outweighed equitable capital formation. It is highly probable that retail shareholders, given the same entry price, would have significantly expanded their positions, leaving the company with a stronger equity cushion and without the reputational damage now inflicted. The consequences of this misaligned capital raising strategy are clear: diminished trust, fractured shareholder alignment, and a market discount that reflects governance risk as much as business fundamentals. Management must now demonstrate accountability by producing tangible operating results, delivering capital accretive growth, and restoring confidence in the stewardship of shareholder capital. Reliance on Capital Group’s allocation as a substitute for competence is not a strategy; it is a temporary cosmetic fix that fails to address the erosion of fiduciary credibility. What is urgently required is disciplined execution, transparent communication, and an unambiguous reaffirmation of fiduciary duty. Only then can Metaplanet hope to re establish alignment with its shareholder base, close the trust deficit, and command the valuation premium its trajectory otherwise merits.

Metaplanet stands at a critical juncture, arguably the most consequential since the inception of its Bitcoin treasury strategy in April 2024. At the recent Extraordinary General Meeting, retail shareholders, myself included, were heavily encouraged to support three proposals that were widely perceived as a pivotal turning point for the company. In practice, however, these measures have had the opposite effect, raising serious concerns about value creation, capital allocation, and overall governance. In the absence of proactive, transparent communication from management, retail investors, who remain the grassroots believers in Metaplanet’s mission and still represent the single largest shareholder cohort, must coalesce around a central principle: management must fully align its strategic intentions with the long-term interests of its existing shareholders. At present, retail ownership lacks both a clear voice and meaningful influence. Too often, retail support is taken for granted, treated as a passive cheering section rather than as the bedrock that enabled Metaplanet to reach its current position. Individually, retail investors may seem insignificant, but collectively they hold the ability to command attention, shape strategy, and demand accountability. The message is clear: Bitcoin accumulation should only proceed when executed intelligently and in a manner accretive on a per-share basis. Further equity dilution that undermines shareholder value in Bitcoin terms not only destroys trust but also incentivises short-selling, depresses sentiment, and risks driving out the very investor base that has been most committed to Metaplanet’s success. If you have a financial interest in the future prosperity of this company, it is imperative to make your voice heard. Unity among retail shareholders is the only way to ensure that capital allocation decisions are disciplined, shareholder-aligned, and ultimately supportive of long-term value creation.

Either Metaplanet never had / has lost total control over what EVO does or they are actively selling shares without any regard for shareholder value and responsible governance Yesterday’s volume was approx 71.2 million and the 1.3 represents ~1.83% of issuance Before the keyboard warriors come out swinging, whether it’s 1.8% or 10% is irrelevant. The purpose for which this capital raise is being done at this current NAV multiple is simply value destructive. The numbers mathematically prove this. Diluting at this moment in time does nothing for the stock (clearly) and for every BTC that the dilution does buy, the impact on shareholders is far worse than the increase in balance sheet size versus the very simple alternative of pausing the dilution for a short while to let the NAV premium re rate higher and at that point dilute less for the same ¥ amount to buy BTC; even at higher price. In this scenario company ends up with more BTC and shareholders end up with more BTC/share. How TF can people not see this mess and demand an explanation? JFC!

Thank you for your kind words, Mountebank. Metaplanet had (and still does if decisive action is taken by management) every hallmark of becoming best in class, but the recent IO episode has been disastrous. In my view, the only structural weakness prior to this was the change in MSW pricing methodology from a single day reference to a three day average. That adjustment created a persistent vulnerability, leaving the stock exposed to exploitation and effectively painting a target on its back. What was the logic behind this decision, whose interests did it serve, and when it became clear that the outcome was damaging, why was nothing done to correct it? These are questions that still demand answers. Retail investors are not naive. Brushing issues under the carpet rather than addressing them transparently is both unprofessional and damaging to trust. The subsequent private placement only compounded matters, executed in a way that can only be described as a total mess. That episode compelled me to speak out, particularly given the absence of coherent criticism elsewhere. The major voices behind the stock have gone silent at possibly the most precarious time which signals that they’ve either sold out or had ulterior motives other than the success of the company and thereby their own investment. Too often, discourse around Metaplanet has recently been dominated by cheerleaders chasing clicks and engagement rather than serious practitioners with real capital at risk. The IO was a clear failure, and management must now be held to account. My position is not adversarial but protective: I have a vested interest in seeing this company succeed. I continue to believe Metaplanet has the potential to outperform its peer group, but only if decisive action is taken to restore sentiment, rebuild credibility, and re-engage meaningfully with its shareholder base. Trust must be regained, and relentless dilution is not the path forward.

Approximately 23 million shares were released into the market at the open, effectively suppressing price momentum and neutralising what could have been a constructive reaction. Beyond the immediate impact on market dynamics, such execution conveys a lack of strategic intent and control; optics that risk undermining investor confidence at a critical inflection point. The heavy short selling continues to suffocate the stock, yet management remains passive despite having clear, immediate levers to stabilise sentiment and restore credibility. Predictably, a chorus of keyboard warriors will now emerge, beating the familiar drums of preferred equity and long-term perspective. But such narratives cannot override arithmetic. Dilution at depressed mNAV levels is unequivocally value-destructive and adds fuel to short seller’s fire. In the absence of decisive leadership, cheerleaders keep clapping as fundamentals erode. A theatre of complacency masquerading as conviction.

I am going to share my position today. What I will not do is get into execution and mechanics but I will provide a summary of the thesis with data and evidence based reasoning behind it. It’s always about the data. Since Metaplanet back in Q1 2025, this is the cleanest and most convex bet I have seen across the entire market and so I naturally size up accordingly (for me). Kelly criterion is key. Always. I am not for a second going to entertain any sort of pissing contest and throw up screenshots of my entry an exit and how green my P&L looks etc. If others do that then great. I will not. The IREN post provided great insights in that respect. My intention is not to cause animosity but instead encourage creative thought and intelligent discourse. However, timestamps are all here and what I would say is that this is an investment (or trade, whatever you want to call it) that I have been paying very close attention to all year. I have already executed part 1/2 of this thesis and booked what would many regard as ‘life changing’ profits with a significant position still intact. Timestamps are all there. My conviction is higher and stronger today than at any other time since I started researching this thesis; before I even put a single $ on the line. I’ll share my thoughts today in the hope that they inspire independent, ‘outside the box’ thinking and at the very least inspire a few people to consider capital allocation strategies that deviate from mainstream consensus and, in doing so, build exposure to return streams that are structurally under allocated with well defined/capped downside and maximum convexity.

Simon sold a story to retail. One that resonated deeply and drew genuine conviction. Retail embraced him with open arms, and he in turn squandered that trust by rewriting the very narrative he built. He actively lobbied the same retail base, myself included, to support his new vision, and in doing so, we collectively abandoned the original premise and threw out the baby with the bathwater. The story has changed; deliberately and unmistakably. Unless management steps forward and methodically threads the needle, rebuilding coherence and accountability, no investor with a credible grasp of fundamental principles will regain the same level of trust to get back on the bid. And without that retail bid, it’s no bueno. I am speaking as a shareholder. Everybody must do the same.

It is extraordinary how silver miners continue to deliver record operational and financial performance yet somehow still miss analyst estimates quarter after quarter. First Majestic reported record third quarter silver output of 3.9 million ounces, up 96% year on year, and revenue of $285.1 million, up 95%, but earnings per share came in at $0.07 versus $0.11 expected. Coeur Mining produced $554.6 million in revenue against $521.6 million expected yet reported $0.23 EPS versus $0.25 forecast. Pan American Silver generated $611 million in revenue but $0.19 EPS versus $0.23 expected. These are not weak results. They are operationally excellent numbers punished by a market still anchored to outdated valuation frameworks. Price is a liar. Facts are not. When silver trades toward $100 and all in sustaining costs remain near $17 to $19 per ounce, the operating leverage embedded in these businesses is extreme. The entire sector’s discounted cash flows are being modelled against a net asset value that is at least 50% undervalued. If you adjust the implied silver price by any rational metric such as the gold silver ratio reverting from 82 toward 50, silver’s price as a share of gold returning to historical norms, or inflation adjusted equivalence to the 1980 peak, the true underlying value of these companies is dramatically higher. This is a matter of fact based on simple mathematics, not opinion and certainly not hyperbole. The numbers speak for themselves. The market has yet to catch up to the arithmetic.

Metaplanet is trading at ¥658 and climbing in Tokyo pre-market, up more than 6% from Friday’s close of ¥622. This presents an opportune moment for management to ease off the accelerator temporarily pausing MSW issuance to allow organic momentum to lift mNAV and pressure short interest into capitulation. This will accelerate the repricing of Metaplanet stock price and open the door for any subsequent dilution to be executed from a position of strength, maximising accretion on a per-share basis and reinforcing shareholder confidence.

The Japan's main political party (LDP) just picked Sanae Takaichi as their new boss; she is the first woman to do it in 70 years, and she'll likely become the next Prime Minister. Before the vote, markets thought: - Stocks would rise - Yen would weaken (cheaper vs. dollar) - Bond yields might go up As of right now, NKY futures on CME open & trade > +4% USD/JPY almost at 150 while BTC was quietly hitting new ATHs over the weekend Interesting to see how JGB yields trade at the open and throughout the week As global capital re-prices Japan’s political and monetary trajectory, the Tokyo open will be a defining moment for cross-asset flows. Metaplanet, now positioned at the intersection of Bitcoin, liquidity, and national policy shift, stands as more than a speculative proxy; it is an early bellwether for Japan’s new era of capital formation. How it trades from here may well foreshadow the path of what ultimately becomes the best-performing public equity of (not only 2024 but likely) the next decade.

A sustained 20% premium on American Eagle silver coins marks the first visible symptom of a deeper structural shortage. The supply squeeze that is now evident in retail coins will inevitably extend to larger investment-grade bars. When that occurs, it will confirm that the physical market has decoupled from the paper complex and that price discovery is shifting back to tangible metal. This is the inflection point (true escape velocity) and this time, it genuinely IS different.

Metaplanet is about to emerge as the clear net beneficiary of all the MSTR drama and is set to outperform from here on every metric, and by a wide margin