🧮 “You don’t know if that mNAV is justified until you see how quickly and aggressive a company is at accumulating Bitcoin.” @adam3us blessed us with a bridge to value mNAV to BTC yield. The months to cover mNAV is a metric that will take some time to get used to. @RichardByworth sits down with @gerovich of @Metaplanet_JP to discuss all things BTC treasury companies. This clip highlights Simon’s interpretation of Adam’s new metric. It’s worth tuning into @SyzTheFuture. Key segments from full discussion: 📈 Bitcoin Strategy Pivot: Metaplanet survived a crisis by shifting its business model to Bitcoin accumulation, echoing Michael Saylor’s strategy. The move triggered a 3,400% stock surge. [06:59] 💰 Japanese Tax Hack: Japanese investors can legally avoid the 55% crypto tax by buying Metaplanet stock in retirement accounts, creating a tax-free Bitcoin proxy. [09:34] 🔄 Accretive Dilution Strategy: By selling stock at high MNAV multiples, Metaplanet increases Bitcoin per share—turning dilution into shareholder value. Investors actually ask for it. [13:20] 🏦 Investor Behavior Shift: Big institutions aren’t tracking NAV—they’re tracking Bitcoin-per-share growth. Faster growth justifies higher premiums and faster capital inflows. [35:40] 🏠 All-In Bitcoin Bet: CEO sold his Tokyo apartment and advises full capital allocation to Bitcoin, believing it will outperform all other assets in the long run. [39:15]