BTC & BTCTC Investor | Former US Naval Officer, Deloitte Consultant, and Federal Government Budget Analyst | MS in Finance from Georgetown University
Washington DC
Joined March 2022
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Ace Ender retweeted
Metaplanet’s income generation business loses money. They just shift the losses to the balance sheet to appear profitable.
Perpetuals are the goal. Selling Bitbonds is an awful idea, as it’s a mismatch of durations, and the reason no other treasury company wants to sell debt against their Bitcoin stack.
If the Japanese market were that attractive, they wouldn’t be trying to break into the US market with SLE as a third American BTC treasury without credibility or sufficient scale for liquidity.
Metaplanet’s business plan is constantly evolving and becoming more complex because they failed at prefs in Japan, and are now desperately trying to raise capital by any possible means.
Ace Ender retweeted
It seems likely that #Apple can build a $100+ billion revenue stream around #iCloud,# iTunes, #iBooks & #iPayments. businessinsider.com/apple-ec…
Ace Ender retweeted
I know it does not feel like it, but here the performance of TSLA and SPCX over
- 6 months (since IPO for SPCX) and
- 1 month.
Ace Ender retweeted
Thanks again for your time @ColeMacro. We could have continued for hours 😅
Here's a recording of the space for anyone that missed it. $ASST $SATA $SATS
xitter.cf/i/spaces/1aKbdEgWQbQJX
Ace Ender retweeted
A new source of BTC demand is emerging.
BTC-focused perpetual preferred stocks have accumulated more than 135,000 BTC in just over a year, despite representing only a fraction of the global fixed income market.
What could happen if adoption expands?
🔗 Read our latest research: go.fidelity.com/ernlPz
Ace Ender retweeted
We have already generated a gross Bitcoin Yield of 1.98% quarter-to-date, and I believe there is more to come. Anyone following Bitcoin treasury analytics will know that 2026 has not been an easy environment in which to generate Bitcoin Yield.
Despite this, we delivered 15.29% in Q2, primarily through a combination of discounted warrant buybacks and the strategic use of leverage via our Coinbase credit facility, which we have since started paying down.
Our current amplification ratio stands at 13.6%, and I believe we are well positioned to build on the 1.98% Bitcoin Yield already achieved this quarter.
It is worth highlighting the capital structure at Smarter Web. We have two securities listed on the Main Market of the London Stock Exchange, each designed for investors with different objectives.
SWC: our Ordinary Shares. Called common stock in the US and in my mind nothing about SWC deserves the term ordinary! These offer exposure to the potential growth of Smarter Web, including both our operating businesses and our Bitcoin treasury.
MORE: our Preferred Shares. Designed around income, with a cumulative, variable-rate preferential dividend payable weekly.
Different structures. Different investor objectives. Different rights and risks. Neither offers guaranteed outcomes.
But perhaps the most important part of our story is what sits underneath our balance sheet.
Our balance sheet is built on what I believe to be the best form of capital the world has ever seen: Digital Capital. We currently hold 2,830 Bitcoin. And our ambition is to keep growing that position.
We are building for the long term.
LSE: #SWC #MORE | OTCQB: $TSWCF | FRA: $3M8
Ace Ender retweeted
サイモンの目的はもう果たした。文句言われながら続ける理由がない。あとはいかに法に触れずに経済的利益を確保するかだけ。
BTCを始めるちょっと前にNFT屋さんで一発当てようとしてたし、金儲けできれば何してもいいっていう本性を見抜けなかったね。上手にマーケティングでラッピングしたよ。
Ace Ender retweeted
In Money Heist a hostage falls for the man holding her in the vault, joins the crew, and takes the codename Stockholm.
The replies defending a company that sold 23% of its btc treasury, told shareholders on 11 Sep that holdings were "unchanged," and disclosed the sale and buyback higher (locking in an effective loss for shareholders) after the end of the quarter with reasoning that barely holds up, feels very similar. The facts are not in dispute; they're in the filings. What's being defended is the feeling of having been in the vault together.
I know that feeling, having been on the inside as well. I was a shareholder, and I noticed my own reasoning bending toward what I wanted to believe, rather than looking at the facts objectively. It's a classic case of confirmation bias.
Nobody in the vault was stupid, and the other villains in the show were likable too. But that was the point of the show. Shareholders however, are not owed a villain. They are owed dates, prices, and a straight answer about what 10,000 coins were doing in those wallets for close to a month, when the company said they had sold, sat in cash, and bought back at a higher price that could have only happened weeks later. Ask for those, and you are not against the company; you are the only one in the room acting like an owner.
They see a fud campaign. I see Stockholm syndrome.
Ace Ender retweeted
A short post on #Metaplanet
I won't go into details of what I think of the disclosures today. Some were good, some were not; although not unexpected.
But I find one point highly peculiar.
In Q3, Metaplanet sold 10,000 BTC at an average ¥12.47M and later bought 11,000 back at ¥13.63M, 9.3% higher. Against simply holding, the round trip cost about ¥11.6bn (~$73m) before fees.
The stated reasons are a US tax loss, worth 'a possible' ~$97m deferred tax asset that isn't yet recognized, and showing rating agencies the company will sell BTC to meet obligations. Both were available for the price of a bid-ask spread and US wash-sale rules don't reach bitcoin, so a same-day sale and rebuy books the same tax loss and proves the same willingness to sell.
Instead the company carried the price risk for an undisclosed stretch and paid roughly 75% of the tax asset's potential value to get back in.
That leaves two readings. Either a discretionary BTC trade went the wrong way and was described afterwards as a credit exercise, or the timing explains something the filing doesn't say.
I'm not buying it. And unfortunately there is little trust after what we've seen.
If they have nothing to hide, Metaplanet should publish the date, size and price of every sale and every repurchase, and how long the proceeds sat in cash.
This smells like an attempted trade gone wrong.
$MPJPY $MTPLF $DN3
Ace Ender retweeted
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.
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 recent commentary has missed.
metaplanet.jp/en/announcemen…
Notably, VanEck has since removed the section of its recent report on the Series 10 warrants, stating that it did not meet its research standards.
With the warrant changes complete, our focus is on the next chapter: evolving Metaplanet into a global financial services innovator powered by Bitcoin. Thank you for your support. Our commitment to communication, transparency, and integrity continues.
Ace Ender retweeted
Another important milestone for Smarter Web.
Following FCA approval of the Prospectus, we are launching the IPO of our new "MORE" Preferred Shares, targeting gross proceeds of £15m to £25m through Institutional and Retail Offers.
LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8
