Since my post yesterday, some have said: “You’re not Amazon. That’s a ridiculous comparison.”
With respect, I don’t think it is.
In the early 2000s, many thought Amazon’s TAM was just books. They were wrong—it was building the rails of the internet economy. We are addressing something even larger: the monetization of a new global monetary asset. In our eyes, this represents a $100 trillion+ opportunity.
Our model is not new. It is the foundation of global banking: net interest margin. Every major bank borrows at one rate and lends at a higher rate, capturing the spread. We apply the same principle to Bitcoin: Bitcoin returns minus the cost of JPY capital. Unlike banks, our model is lean—margin-rich without the same operating burden.
The opportunity begins in Japan. Households and corporates sit on more than $10 trillion of idle yen earning near zero. They can access the return we offer through equity, and in time, potentially through fixed-income style instruments offering stability with high JPY yield.
But this is not just a Japan story. The TAM extends to the global USD capital base—investors who hold dollars, borrow yen, and seek positive carry. We are building the bridge upon Bitcoin to enable that. And over time, we believe Bitcoin will be recognized as the highest-quality collateral in the world—stronger than fiat, stronger than melting cash flows.
This is not small vision. It is one of the largest opportunities in global markets. If you don’t yet see it, that’s understandable—most didn’t see Amazon either.
After the 2000 dot-com boom, Amazon’s stock had fallen significantly even as the business was stronger than ever. Every metric was improving. Jeff Bezos put it simply:
“The stock is not the company, and the company is not the stock.”
That lesson resonates.
At Metaplanet, our fundamentals have never been stronger:
– Q3 Bitcoin Income revenue: ¥2.44B (+115.7% QoQ)
– 4th largest corporate bitcoin balance: 30,823 BTC (~$3.7B)
– Q3 operating profit (+88% vs forecast)
– Balance sheet virtually debt-free (<1% leverage)
– Clear path to preferred shares
And yet, our stock has fallen significantly. It’s painful for our team, shareholders, and for me personally. But as with Amazon, fundamentals and share price often diverge — sometimes for months, sometimes longer. Bitcoin itself has endured numerous 70–80% drawdowns while fundamentals irreversibly strengthened. I feel the same about us today.
Our mandate is clear: execute relentlessly. Build revenue. Accumulate bitcoin. Strengthen this company for the long term. We remain laser-focused on securing the future with bitcoin.