Senior Research Analyst
Articles
For decades, the S&P 500 served as the unquestioned barometer of U.S. wealth. Pension funds, 401(k) allocators, sovereign wealth desks, and retail households alike treated it as a conservative, diversified claim on long-term prosperity. “Buy the index, hold for 30 years, and you’ll be fine”
Context & Strategic Significance Metaplanet has rapidly emerged as Japan’s leading Bitcoin treasury company, vaulting from zero holdings in 2024 to over 30823 BTC by Oct 2025. This aggressive accumulation reaching 10,000 BTC by mid-2025 and surpassing even Coinbase’s corporate stash makes Metaplanet the country’s largest
-> LINK TO PART 1 Stakeholder Benefits The Metaplanet Prefs are ingeniously structured to deliver benefits to all key stakeholders the issuing company, the preferred investors, and the common equity shareholders aligning their interests around Bitcoin’s growth. Benefits for Metaplanet (Issuer) * Diversified Funding & Lower Cost of Capital:
Introduction The Shift in Corporate Finance When inflation melts corporate cash faster than boards can replenish it, treasurers have two choices: chase yield or change the unit of account. In 2020, MicroStrategy made the second choice transforming $500 million of idle dollars into Bitcoin. That single act re-defined corporate finance
Executive Summary: The Pioneering of Bitcoin-Backed Corporate Finance The company's strategic pivot from conventional convertible debt to a tiered family of perpetual preferred stocks represents a fundamental innovation in corporate finance. By intelligently leveraging its substantial Bitcoin treasury as a form of pristine collateral, the company has not
The State of Bitcoin Markets
The State of Bitcoin Markets
Before the market opened Monday, Strive, Inc. (NASDAQ: ASST) announced it will acquire Semler Scientific, Inc. (NASDAQ: SMLR) in an all-stock transaction that, at Friday’s prices, appeared to deliver a 210 % premium to SMLR holders. But with ASST stock already down to $2.89 (from $4.30 Friday) and
NAKA was pitched as the “first Bitcoin-native holding company,” born out of KindlyMD’s reverse merger with Nakamoto Holdings. Within months of its debut, the stock soared on hype around its Bitcoin treasury strategy. But today, it trades nearly 90% below its peak. This isn’t just a story about
Tokyo Metaplanet Inc., the Tokyo-listed company reinventing itself as Japan’s Bitcoin proxy, has completed one of the largest crypto-treasury financings in Asia. In mid-September, the firm raised ¥205.4 billion ($1.4 billion) via an overseas offering of 385 million shares—capital it will use primarily to buy Bitcoin.
Research Reports
-> Read Part 1 -> Read Part 2 Governance, Risk Management & Controls H100’s novel strategy brings unique risks. The company has moved swiftly, but management appears mindful of building robust governance around its treasury. Key elements: Board & Oversight: The Board of Directors (Chairman Jonatan Raknes,
Research Reports
-> Read Part 1 Valuation & mNAV Analytics At its core, valuing H100 Group comes down to valuing its Bitcoin holdings – and then assessing the premium/discount the market assigns relative to those holdings (the market-to-NAV multiple, mNAV). Traditional metrics like P/E are not meaningful yet (H100 has