Metaplanet: Early Access, Deep Dive, and a Decision

When I published my initial Metaplanet report last week, it was clear to me that the story had the early ingredients of something special. A Japanese listed company transforming itself into a bitcoin treasury. A low float stock with a clean capital structure. And the potential for significant upside if the market narrative shifted globally.

That first report wasn’t meant to be definitive. It was meant to be fast. Sometimes, in this game, speed matters more than polish. I wanted to make sure my readers — both free and paid — had the chance to evaluate Metaplanet early, without delay. Before it becomes a widely shared story. Before the crowd piles in.

Since then, I’ve spent most of the weekend and the early part of this week diving deep into every aspect I could find — filings, translated Japanese documents, insider relationships, and strategic alliances. What raised my attention were certain figures presented as central to the company’s strategy.

Eric Trump is one of them. He’s been publicly associated with Metaplanet in a way that signals endorsement or involvement. That doesn’t immediately disqualify anything, but it makes me pause. I always ask myself the same question: what is the operational role, what has this individual built or scaled in the past, and how does that align with shareholder value creation? With Eric Trump, I couldn’t find a clear operational track record in capital markets or company building. That doesn’t make him irrelevant, but it limits my confidence in him being a value-driving figure in a publicly traded strategy. I simply don’t have enough clarity.

Another figure that came up is Dylan LeClair, presented as Head of Bitcoin Strategy. He appears in many public-facing bitcoin and crypto platforms and is very active on social media, podcasts, and digital communities. But for someone being positioned as a core strategic figure, I found it surprisingly difficult to assess his full professional history. His voice is loud, but the trail is thin. In high-stakes investing, I need to know more than just media presence. I need evidence of execution. I need a track record of decisions that worked, capital allocation that paid off, and teams that grew under pressure.

This is not a personal judgment — it’s a professional requirement. I only invest heavily when I have full confidence in the leadership team. That doesn’t mean celebrity or charisma. It means proven ability to build, execute, and navigate complexity. When I don’t find that, I lean cautious, not cynical, but cautious.

My core investing philosophy remains unchanged. I bet big when the odds are in my favor. But I only bet big when I know what I’m doing. When I understand the full picture. When I have a clear sense of who is running the company and how capital is being allocated.

Metaplanet was never one of those bets. It was an exploratory move. A small position relative to my core holdings in Hims and Oscar. It was a test. A curiosity-driven purchase. A chance to learn and watch the narrative evolve from the inside. And sometimes, these small bets teach me more than the big ones.

So what did I end up doing?

This is where the real decision comes in.

I took time to evaluate every angle, reviewed the leadership, assessed the risk-reward — and made a clear move.

If you want to know what I did and why, the full breakdown is just one click away.