Now, Metaplanet:
Metaplanet, the Japanese hotelier turned bitcoin purchaser, has said it is in a race with rivals to snap up as much of the cryptocurrency as possible so it can leverage its holdings to buy cash-generating businesses. Simon Gerovich, chief executive, told the Financial Times his company was in “a bitcoin gold rush” that could provide the launch pad to expand into areas such as digital financial services.
OK, I guess this is a legit, future-looking entrepreneurial gamble
Gerovich, who was once a Goldman Sachs banker in Tokyo, has built Metaplanet’s stock market capitalisation to more than ¥1tn ($7bn). Although it produces little revenue, its Tokyo-listed shares have surged more than 345 per cent this year, after it made a “strategic pivot” to become a so-called bitcoin treasury company in 2024.
aaah, so cute. You still think COMPANIES NEED REVENUE these days?! Huh.
The concept of bitcoin treasury companies has been widely criticised, including by veteran short seller Jim Chanos, who recently dismissed the use of terms such as “bitcoin yield” — which measures the change in a company’s bitcoin holdings per share over a given period — as “financial gibberish”.
I like this retor by Simon, though:
“I encourage people to short our stock if they don’t believe in the story,” he said.
non-paywalled: https://archive.ph/NpWMh#selection-2243.211-2243.258