Metaplanet issuing their prefs to buy only 200 BTC/day would be absolutely psychotic. I ran the CEBE math on this scenario (no common stock issuance or crazy mNAV expansion, and only 1,400 Bitcoin per week) Starting point: 40,177 BTC 0.97x EV mNAV $297M debt $149M preferred 2,463 raw sats per diluted share ~2,157 CEBE sats/share after senior claims Now imagine Metaplanet buys 200 BTC/day for 3 years using preferred equity only. No common issuance. That adds 219,200 BTC. Total stack becomes 259,377 BTC Yes, a quarter-million Bitcoin treasury built by feeding yield addicts into the preferred equity wood chipper. At 0.97x CEBE NAV, projected Metaplanet share price: Year 1: BTC to $100k: $1.97 BTC to $150k: $2.73 BTC to $200k: $3.49 BTC to $300k: $5.00 BTC to $500k: $8.04 Year 2: BTC to $100k: $2.62 BTC to $150k: $4.86 BTC to $200k: $7.11 BTC to $300k: $11.60 BTC to $500k: $20.59 Year 3: BTC at $100k: $3.58, +73% BTC at $150k: $8.03, +288% BTC at $200k: $12.49, +503% BTC at $300k: $21.39, +934% BTC at $500k: $39.21, +1,794% The bear case is literally “what if Bitcoin only goes to $100k and Metaplanet only goes up 73%.” Horrifying stuff. At $300k BTC, common equity CEBE rises to ~7,351 sats/share even after the preferred claims. At $500k BTC, it hits ~8,084 sats/share. Preferred investors get their yield. Metaplanet gets Bitcoin. Bitcoin goes up. The dollar senior claim shrinks in BTC terms. Common equity eats the residual like a starving rat behind a Tokyo 7-Eleven. Remember, this is with ZERO common shares issued or mNAV expansion. BULLISH ON THE JAPANESE HOTEL COMPANY: :::

New xMoney Card Issuing docs are live! For partners building white-label card programs, issuing is not just creating a card. The full flow matters and we mapped the integration path here:

Although Noxa has stopped issuing new tokens, I don't think it's a major problem if the Robinhood community continues to value the OG narrative. New narratives can always launch on other platforms, but OG narratives can still be traded through Noxa. After all, previously deployed tokens can still migrate successfully, with liquidity moving to Unicorn. So in my view, this doesn't fundamentally change much for existing tokens. Ultimately, the market will decide how to price this. Right now, a lot of retail traders and KOLs are panic selling. As for me, I'm buying a bit more of these so-called "trash coins" and holding them for another week to see how the market reacts. Maybe I'm right. Maybe I'm wrong. If I'm wrong, I'll pay for my own bag.

Someone suggested issuing a new token, snapshotting $PANS, and airdropping the new token to PANS holders. But I rejected the proposal. If you create a crypto asset and allow public trading, you should take full responsibility for it to the end. Instead of abandoning it and rushing to create a new coin. PANS is almost 1 year since launch. Even as SUI dropped 85%, we never gave up on it, our determination remains unchanged.🫡