According to CEO Simon Gerovich's post, Fidelity's fully-owned subsidiary NFS has become Metaplanet's largest shareholder. As Metaplanet expands its global business, its reputation and shareholder base continue to grow. Metaplanet currently holds 16,000 Bit, with NAV Premium remaining at a high level for an extended period. Simon Gerovich actively appears in various media and events, strongly advocating for the Bit reserve strategy, and has invested in Asian listed companies with Top Win, helping them strategically transform, emerging as the Asian version of Michael Saylor.
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ToggleFidelity's fully-owned subsidiary NFS becomes Metaplanet's largest shareholder
According to Metaplanet CEO Simon Gerovich's post, the company has welcomed a new largest shareholder. As of June 30, National Financial Services LLC (NFS) held 84.4 million shares, accounting for 12.9% of the company's shares, valued at approximately 130 billion yen (about $820 million).
NFS is a fully-owned subsidiary of Fidelity Investments, primarily providing custody, clearing, trade execution, and account management services. It plays a behind-the-scenes role in the financial markets, supporting retail and institutional clients in investment operations through the Fidelity platform.
NFS holds Metaplanet stocks as a "nominee holder". This means the investment is not a corporate decision by NFS itself, but represents shares held by retail or institutional clients trading through the Fidelity platform. NFS appears on the shareholder list because foreign investors have purchased large quantities of shares through the Fidelity platform. As a fully-owned subsidiary of Fidelity Investments, NFS typically provides custody services for retail and institutional investors purchasing stocks through the Fidelity platform.
Metaplanet holds 16,000 Bit, NAV Premium remains at a high level for an extended period
Since launching its Bit investment strategy in April 2024, Metaplanet has adopted various financial instruments to support this goal. Currently, its Bit holdings have reached 16,352, ranking fifth among listed companies and the first Bit reserve strategy company outside the United States.
In Japan, capital gains from direct Bit purchases are taxed up to 55%, so investing in stocks like Metaplanet through personal savings accounts (NISA) is a cheap and convenient option for small-scale and first-time buyers. This provides Metaplanet with a sufficient niche in Japan, attracting investors who want to invest in Bit without opening a crypto exchange or purchasing directly on-chain.
According to the website Strategy Tracker, which calculates Bit reserve strategy companies, its NAV Premium (ratio of stock price to the value of owned Bit) has long been over 4 times, compared to Strategy's 1.962 times, clearly showing signs of overvaluation.
Metaplanet's global business expansion, Simon Gerovich becomes an important advocate
As Metaplanet expands its global business, its reputation and shareholder base continue to grow.
Metaplanet's stock price has experienced significant volatility and was once the most shorted company. Listed in both Japan and the United States, Metaplanet has become a new target for arbitrageurs, offering opportunities for Bit and stock price long-short arbitrage similar to MicroStrategy, with the added advantage of multi-listing arbitrage.
Its unique positioning has attracted many overseas investors. Top Win International Limited, a Bit reserve company based in Asia, signed a share purchase agreement at the end of May to acquire 200,000 shares of Metaplanet Inc. (3350.JP) at 832.48 yen per share. Additionally, CEO Simon Gerovich actively appears in various media and events, strongly advocating for the Bit reserve strategy, investing in Asian listed companies with Top Win, and helping them strategically transform, emerging as the Asian version of Michael Saylor.
Risk Warning
Crypto investment carries high risk, with potentially significant price volatility. You may lose all your principal. Please carefully assess the risks.
Bit reached a new all-time high last week, but MSTR's stock price dropped over 6% on Friday, still far from its November high of $543. Is MSTR losing its Bit leverage advantage?
ToggleIs mNAV at a Low Point for Two Months, Has MSTR Lost Its Advantage?
As the pioneer of the Bit Treasury company, MicroStrategy has always been known for its Bit leverage and agency advantages, potentially surpassing Bit itself through embedded optionality of structural leverage, asset net value premium, or convertible bonds - bringing amplified returns.
However, observing its mNAV (current stock price and its owned Bit value ratio), which has dropped from a high of 3.89 in November last year to 1.9, hovering below 2 for the past two months, one cannot help but question whether MSTR is losing its advantage as a Bit leverage.
MSTR Not Selected for S&P 500 Index
Twitter founder Jack Dorsey's payment platform Block will replace Hess Corp. (stock code HES) as a component of the S&P 500 Index before opening on 7/23, while the long-awaited Strategy was not added this quarter. If it could enter the S&P 500 Index, Bit would begin to "automatically permeate all portfolios", including traditional 401k, retirement funds, and passive investment investors, potentially boosting MSTR's stock price.
Strategy's financial report will be released on 7/31. With Bit prices rising in the second quarter, Strategy previously announced an unrealized Bit gain of $14.05 billion in the second quarter, promising excellent profit records. Since one condition for joining S&P 500 components is "positive profit in the most recent quarter", Strategy is expected to qualify next quarter, but official index inclusion will have to wait until after October.
MSTR Trading Volume Declines, Reduced Volatility Unfavorable for Fundraising
According to 10x Research, MSTR's recent trading volume has significantly dropped, with daily trading amount falling from $15 billion to $5 billion, and 30-day volatility dramatically decreasing from 165% to 58%, slightly higher than Bit's 43%. High volatility is crucial for raising additional cash by selling stocks and convertible bonds, as embedded stock options require significant price fluctuations to increase their value.
MicroStrategy's Bitcoin Buying Momentum Slows, Stock Price Unable to Advance Smoothly
Strategy purchased only 17,075 Bit in June, far lower than January to May's purchase quantities. The author speculates this might be due to the recent low mNAV, which is unfavorable for fundraising and affects MicroStrategy's Bit purchasing speed. Additionally, its stock issuance will partially be used to pay high preferred stock dividends, and with increasing competition, these could be reasons why its stock price cannot advance smoothly.
(Why Isn't MSTR Rising Despite Bit Hitting New Highs?)
| Month | Bit Purchased |
| January | 24,707 |
| February | 27,989 |
| March | 29,089 |
| April | 25,370 |
| May | 26,695 |
| June | 17,075 |
Risk Warning
Crypto investments carry high risks, with potentially extreme price volatility. You may lose all your principal. Please carefully assess the risks.
