Metaplanet: The Bitcoin Flywheel Is Paused, Not Broken

Metaplanet's equity issuance flywheel is paused as mNAV fell below 1.0, but the company preserves BTC per share by avoiding dilutive issuance and using alternative funding. The acquisition of Siiibo Securities positions Metaplanet to offer BTC-backed credit products in Japan's yield-starved market, potentially lowering funding costs.