#Metaplanet增持比特币 Metaplanet increases its Bitcoin holdings through bond issuance. How should we view this operation? In simple terms, this is 'MicroStrategy in a suit,' which is backed by strategy but also carries considerable risks.

Advantages:

1. Hedge against currency depreciation/weak yen: In Japan, where inflation is low but the yen has long been weak, BTC is viewed as a safe-haven asset.

2. Enhance company visibility and valuation premium: Referring to the U.S. stock market's MicroStrategy, after holding a large amount of Bitcoin, the stock price is linked to BTC, resulting in a surge in market attention.

3. Low-interest borrowing + high expected returns: If the BTC bull market continues, the cost of debt is far lower than the potential appreciation of assets, exemplifying 'leveraged amplified returns.'

Risks:

1. BTC volatility remains a core risk: A sudden crash in BTC prices could worsen the company's asset-liability ratio, affecting its ability to finance.

2. Debt structure pressure: While zero-interest bonds alleviate short-term interest burdens, repayment pressure still exists upon maturity, especially if BTC does not rise as expected.

3. Blurring of the company's main business: If overly 'Bitcoinized,' it could easily turn into a speculative shell company, leading to market revaluation (including regulatory scrutiny).

In summary: This is a 'smart but aggressive' bet; winning means being a top player in the new round of crypto bull market dividends, while losing could turn it into the next typical 'rocket explosion' in the crypto space.