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@ActuallyClimber Avatar @ActuallyClimber Climb That Ladder

Metaplanet is gaining attention for its rapid growth in bitcoin holdings and potential plans to issue perpetual preferred stock, which may be announced at a shareholder meeting on September X. The company's stock price and bitcoin yield are increasing, with some investors predicting significant growth and outperforming of other companies in the space. Metaplanet's progress is being closely watched, with some analysts drawing comparisons to MicroStrategy.

Engagements: XXXXXX #

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Mentions: XXX #

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Followers: XXXXXX #

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Social Influence #

Social category influence cryptocurrencies #3046 finance XXXX% stocks XXXX% automotive brands XXXX% technology brands XXXX% exchanges XXXX% social networks XXXX%

Social topic influence bitcoin #1185, fiat #736, arb #9, $asst #29, stocks #3773, inflation #1681, bitcoin and #223, 100x #648, saylor 0.18%, youtube XXXX%

Top accounts mentioned or mentioned by @btcbullrider @vinz0r @morpheus7447x @80iqmindset @metaplanetjp @gerovich @ryquant @punterjeff @dylanleclair @joshmandell6 @btcoverflow @thebtctherapist @edwardjjiang @vincent13031925 @cryptodaddy21m @lukedavisgrey @roaringragnar @agratefulape @ubeenfranked @mstrstrategy

Top assets mentioned Bitcoin (BTC) Strive, Inc. (ASST) Coinbase Global, Inc. (COIN) Tesla, Inc. (TSLA) 4 (4) Nakamoto Games (NAKA)

Top Social Posts #

Top posts by engagements in the last XX hours

"@comic @RealJimChanos Truth"
X Link @ActuallyClimber 2025-10-14T20:00Z 20.8K followers, 2819 engagements

"@Bizniz203 @cubanseminole1 Nothing has changed. A XXX% premium is now 3%"
X Link @ActuallyClimber 2025-10-14T04:21Z 20.8K followers, XXX engagements

"Some real estate. Some index funds (this will eventually be my largest position probably) Bitcoin stocks and some cash as well as some options (not much). Stocks do great to keep up with real inflation which is the bulk of what I need to do. 5-10% eventually in bitcoin related stuff would be enough for me to ensure that if all else failed Id still do great overall. But Im not saying this is best just that XXX% in a XX year old asset maybe isnt the best idea. Im constantly assuming Im doing something wrong financially and aiming to improve"
X Link @ActuallyClimber 2025-10-13T04:24Z 20.8K followers, XXX engagements

"@bewaterltd At least Bitcoin liquidity is always sufficient and stock liquidity shouldnt be an issue if its a slow selling of Bitcoin and buying of shares really very slow but known"
X Link @ActuallyClimber 2025-10-11T23:35Z 20.8K followers, XXX engagements

"@morpheus7447x @Wee_Kh @CryptoDaddy21M @AdrianoC2222 @IIICapital For Bitcoin related stuff In my situation 5-10% would be sufficient. Im retired as you know so I dont need more home runs"
X Link @ActuallyClimber 2025-10-13T14:37Z 20.8K followers, XXX engagements

"My thoughts exactly. Criticism shouldnt be a surprise to anyone right now. This largely is not bots and shorts. We are all trying to figure this stuff out. Saylor doesnt have all of the answers though people seem quite dogmatic about his abilities. No one knows exactly how the market will react. Surprised @IIICapital doesnt acknowledge how much genuine concern and confusion there is. For instance headlines suggesting ASST was going to buy SMLR for $XX which was an awkward and misleading translation of the truth. Also negativity from actual investors who are down a lot in many different"
X Link @ActuallyClimber 2025-10-10T03:08Z 20.8K followers, 11.7K engagements

"@BitcoinMicropig Ya the fiat complex is totally to blaim for losses in mNAV premiums across the board. (Sarcasm)"
X Link @ActuallyClimber 2025-10-13T21:21Z 20.8K followers, XXX engagements

"@KristophJeffers Its already at X mNAV man. Im not worried about causing a dump here really"
X Link @ActuallyClimber 2025-10-14T02:54Z 20.8K followers, 4565 engagements

"@CashflowingOptn Ill probably exit and be index funds some options some cash and maybe some bitcoin exposure (perhaps 5-10%). Im retired and my one duty is to not screw that up so playing it safe is the goal"
X Link @ActuallyClimber 2025-10-14T01:27Z 20.8K followers, 16.4K engagements

"(2/15) This is not about selling a huge amount of bitcoin in one go rather it's about selling X% or less of holdings per iteration and buying back more than that % of shares each time increasing BTC/Share"
X Link @ActuallyClimber 2025-10-11T22:55Z 20.8K followers, 2178 engagements

"Just read it. Very good read. Though Id say the difference with buybacks here isnt about buybacks coming from cash but from converting Bitcoin back to shares instead of the normal issuance of shares to buy Bitcoin. I agree it could be a death spiral. If too many companies are below X and routinely selling Bitcoin to buy shares Bitcoin itself could drop substantially. However I view this as perhaps a natural protection Bitcoin may have against these corporate treasuries and their one way black holes for Bitcoin. Even the ETFs breathe with inflows and outflows"
X Link @ActuallyClimber 2025-10-12T01:10Z 20.8K followers, XXX engagements

"@MattRostosky Tons of people insanely bullish and sharing screenshots of unrealized gains. Also theres a video on my YouTube channel when delta lies which discussed clues with options pricing"
X Link @ActuallyClimber 2025-10-14T23:40Z 20.8K followers, XXX engagements

"Ive had bad tinnitus for years. Years on an aircraft carrier in the Navy followed by a decade in a Steel Mill. I dont let it get to me but once theres a complete cure Im in"
X Link @ActuallyClimber 2025-10-13T03:43Z 20.8K followers, 13.4K engagements

"Do you think the Semler deal closes Has it already or could it still be stopped I dont see why SMLR investors or board would want asst shares if its now under the SMLR stock price. I dont care about the dream team. I care about execution. When NAKA dropped from $XX to $X with bitcoin near highs how does that look When Im hearing that Matt Cole gets $XX million worth of shares in a few months it sounds like he has incentive to have price lower. When I see misleading headlines about them buying SMLR for $XX thats not helpful. When I see how easily Jeff W blocks those who disagree with him thats"
X Link @ActuallyClimber 2025-10-10T22:22Z 20.8K followers, 15.1K engagements

"Please watch and share this video I made XX years ago if you can. If you disagree lets talk about it"
X Link @ActuallyClimber 2025-10-08T00:25Z 20.8K followers, 32.6K engagements

"Dont think the math works that way for companies like Coinbase or Tesla where bitcoin holdings isnt the bulk of their valuation. Imagine Apple buys X bitcoin and then is at 20000000 mNAV or something. They shouldnt start talking btc/share yield and arbitraging their premium. Also we already have too many Bitcoin treasury companies that dilute shares to buy Bitcoin all fighting for inflows. I thought it would take longer to dry up. I was wrong"
X Link @ActuallyClimber 2025-10-12T23:53Z 20.8K followers, 2635 engagements

"Why did my MetaPlanet models fail See below. Could I be wrong again Of course. MNAV may bounce. Its not something Simon or Dylan or any of us can control. I have the utmost respect for them. All my models were based on mNAV premium arb before eventual compression to X but the compression occurred very quickly. Tons of new companies didnt help as everyone fought for inflows. I did great buying MSTR leaps late 2022 within a day of the low. I did great calling the top in Nov a day before it hit. Ive also made a lot of mistakes (celsius/ BlockFi/voyager) and have done my best to be transparent"
X Link @ActuallyClimber 2025-10-14T01:14Z 20.8K followers, 105.5K engagements

"@bloodyunigate @jason21000000 Ya I love experiments and would like to see how the market responds when the time comes"
X Link @ActuallyClimber 2025-10-12T17:39Z 20.8K followers, XX engagements

"@AGratefulApe If a company has $XXX million of Bitcoin on the books and issues a total of $XX million of preferreds they then buy $33m more of Bitcoin. So now theyve issued $33m of prefs but hold $133m of Bitcoin. So theyre at XX% leverage"
X Link @ActuallyClimber 2025-10-07T18:11Z 20.8K followers, XXX engagements

"@AdrianoC2222 @IIICapital Bitcoin is a bet on a potential future. Anyone assigning XXX% probability to that future needs to rethink that"
X Link @ActuallyClimber 2025-10-13T03:47Z 20.8K followers, 5135 engagements

"Fair but still unsure how this would work. Also would you feel differently if the predictions had been right The charts had all mNAV and other mathematical assumptions shown. I had more charts explaining those assumptions than the actual price prediction charts. So someone with 10k followers has worked hard on charts including some price prediction charts. Guess his account is too big so if he wants to share the charts hed better make a new account with no followers Whether working in the Navy the steel mill or posting online Ive always done my best to share things Im passionate about. I"
X Link @ActuallyClimber 2025-10-09T17:23Z 20.8K followers, 4968 engagements

"(6/15) Different mNAV's arbed slowly which result in a doubling of btc/share require an eventual selling of the following amounts of Bitcoin: mNAV XXXX selling XX% mNAV XXXX selling XXXX% mNAV XXXX selling XX% mNAV XXX selling XX% mNAV XXXX selling XX% mNAV XXXX selling 21%"
X Link @ActuallyClimber 2025-10-11T22:55Z 20.8K followers, 1812 engagements

"Yet I hear people act like XX% or even XX% CAGR is a given"
X Link @ActuallyClimber 2025-10-13T05:36Z 20.8K followers, 41.4K engagements

"Ya MetaPlanet dropped a ton with the newer LBE market in general but ASST investors must have been so confused by the PIPE as it was way below market price. I saw it way later than most people but it was $X when I did and seemed very obvious the stock was going under $X likely down to PIPE price. Now if the deal gets canceled Im not sure what happens to PIPE investors. Also not sure if it can be canceled"
X Link @ActuallyClimber 2025-10-10T21:25Z 20.8K followers, XXX engagements

"@Pledditor It ends up a reciprocal arb which raises btc/share but could end the game"
X Link @ActuallyClimber 2025-10-12T01:34Z 20.8K followers, 1556 engagements

"@stef12345xyz @ThetaMaestro @OnlyOChan @samironthemove I think Im still up. I did buy a ton in the $XXXX range though got some much higher later. I was over $60m at the high. Under $XX now. After taxes and something else I have going on Ill be around $10m probably"
X Link @ActuallyClimber 2025-10-14T01:47Z 20.8K followers, XXX engagements

"@phishery @w_s_bitcoin Interesting. Thanks for sharing"
X Link @ActuallyClimber 2025-10-13T17:25Z 20.8K followers, XXX engagements

"Yes So that is where my brain goes as well. The issue I have with 15-20% CAGR in the future is that the Nasdaq XXX provides around 11-15%. XX% though sounds so amazing and compounds so impressively. I expect bitcoin to outperform over the next decade but to me this is at a much higher risk. Granted many would say the indexes only keep up with inflation so a return above that is necessary to beat the market"
X Link @ActuallyClimber 2025-10-13T15:38Z 20.8K followers, XXX engagements

"(10/15) This also helps solve the concern of the yield not being real as it's a win even if liquidation occurs aside from considering preferred stock complexities or other debt"
X Link @ActuallyClimber 2025-10-11T22:55Z 20.8K followers, 1371 engagements

"@MarvinJaeckel96 Thanks but Ive been in and out of Bitcoin since 2016 and have watched hundreds of hours of content. Not saying I know everything by any means but at least I know enough to make a decision I think"
X Link @ActuallyClimber 2025-10-14T04:31Z 20.8K followers, XXX engagements

"@BritishHodl @CashflowingOptn Thanks but if Im going to be overall exposed to Bitcoin I want Bitcoin returns"
X Link @ActuallyClimber 2025-10-14T03:16Z 20.8K followers, 1879 engagements

"When people hear someone has Bitcoin they become a target. If not at current prices wait until its $X mil or $XX mil and people look up XX year old posts from people talking about holding bitcoin. Will the dude that figures out your name and address care or listen when you explain that you have miltisig Will he care when you say its actually not Bitcoin directly but an etf If you see this as totally silly to worry about thats fine. People are already aware of my rough financial state which makes me a more likely target"
X Link @ActuallyClimber 2025-10-14T14:40Z 20.8K followers, XXX engagements

"@3xpops Thanks. Dont laugh too hard but Ill probably be mostly index funds some options some cash and maybe 5-10% Bitcoin or Bitcoin treasury companies. I may keep some MetaPlanet and H100"
X Link @ActuallyClimber 2025-10-14T01:36Z 20.8K followers, 1991 engagements

"@BTC_broo The point is it is dropping. Thats how the powerlaw model works"
X Link @ActuallyClimber 2025-10-13T15:44Z 20.8K followers, XXX engagements

"(1/15) This is not to say it will go there (though I wouldn't be surprised) this is to say that I think if companies are willing to sell some bitcoin and buy back shares under XXXX mNAV they can provide enough btc/share yield that even in the event of liquidation shareholders would do very well for that period vs Bitcoin"
X Link @ActuallyClimber 2025-10-11T22:55Z 20.8K followers, 2252 engagements

"As far as $ASST goes what did I leave out or say incorrectly People wonder why Im hard on Jeff"
X Link @ActuallyClimber 2025-10-10T22:28Z 20.8K followers, 13.5K engagements

"@orangeyield @SatSideQuest @ZynxBTC And love is a feeling. All this time I thought it was an action. If the action is the vote as you say what threshold allocation tells you that someone is a Bitcoiner"
X Link @ActuallyClimber 2025-10-14T15:09Z 20.8K followers, XXX engagements

"@SlurpsWicks Do you have an idea how the next bear market may come to be Do you have an idea how to fun might stop"
X Link @ActuallyClimber 2025-10-12T19:18Z 20.8K followers, XX engagements

"@BTC_Cassidy @morpheus7447x @toffeemarsh"
X Link @ActuallyClimber 2025-10-13T22:51Z 20.8K followers, XXX engagements

"@clinkie44 Its all about area under the curve and impossible to know how it would have played out differently but perhaps 😂"
X Link @ActuallyClimber 2025-10-12T23:24Z 20.8K followers, XXX engagements

"@BTCBreadMan @IIICapital Exactly. So much of it is genuine from investors. Dismissing it is management cope and embarrassing"
X Link @ActuallyClimber 2025-10-10T03:09Z 20.8K followers, XXX engagements

"@BtcOrNothing21M @bleighky @CashflowingOptn Ive constantly and frequently announced I hold no Bitcoin and never plan to. On spaces podcasts and tons of posts"
X Link @ActuallyClimber 2025-10-14T14:51Z 20.8K followers, XXX engagements

"@EdPatisso @AdamBLiv Yeah. Its just a bigger rock to move when the companies get larger"
X Link @ActuallyClimber 2025-10-14T02:22Z 20.8K followers, XXX engagements

"MNAV was well below X when I bought Mstr options late 2022. I sold them way too early in 2024 but then bought more mid 2024. Did almost a 40x on the first ones I bought and did well on the next ones I bought too. My thesis wasnt about btc yield back then. It was just returning to at least X mNAV and for Bitcoin to go from 16k to at least 40k or so"
X Link @ActuallyClimber 2025-10-14T02:15Z 20.8K followers, XXX engagements

"@ChrisR69663646 Ive been wrong on price and pretty inactive in the communities. I replaced it with my YouTube channel which has all the MetaPlanet episodes as well as some other videos Ive made"
X Link @ActuallyClimber 2025-10-09T00:15Z 20.8K followers, 2752 engagements

"Its amazing what people will claim is valid just because others start to say it is. A very low percentage of the population thinks for themselves and this is largely inevitable as there are always more followers than leaders. Males can never be women. Females can never be men. Obviously"
X Link @ActuallyClimber 2025-10-04T13:35Z 20.8K followers, 8153 engagements

"@Vikingobitcoin9 @MDBitcoin So index funds may do better Yet you have Bitcoin in your bio. Sorry just curious. The S&P is 10x from the low XX years ago. The Nasdaq has done much better"
X Link @ActuallyClimber 2025-10-12T14:49Z 20.8K followers, XXX engagements

"Many of us were slow to be as aware of the issues but are at least trying to speak up now. Though being blocked constantly by members of the treasury company inner circles is a great sign. STRC specifically is MSTRs most risky product as far as having to continually raise the payout in a bear market to try to keep par or just give up on it and show the market why they should be skeptical. Selling common or other prefs to pay for pref dividends is insane"
X Link @ActuallyClimber 2025-10-13T22:00Z 20.8K followers, 2578 engagements

"$1.07 after hours Ouch. $ASST"
X Link @ActuallyClimber 2025-10-10T21:05Z 20.8K followers, 14.1K engagements

"@entirelyuseles EMH is loosely correct but errors in magnitude is edge"
X Link @ActuallyClimber 2025-10-13T17:32Z 20.8K followers, XX engagements

"Some say I should have announced when I started to doubt the thesis. Im just not sure when that was as there should always be some level of doubt of ones own thesis. That is part of what keeps us from going overboard and investing more than we can risk (or stomach) losing. Also the moral dilemma of announcing pessimism and potentially contributing further to downward pressure. Luckily Im sharing my doubt when stock premium is at zero so deflating premium isnt something Im worried about. The company also has MSW paused so any downward pressure due to my transparency wont affect their ability"
X Link @ActuallyClimber 2025-10-14T14:13Z 20.8K followers, 23.4K engagements

"@samironthemove No I have enough bitcoin exposure with MetaPlanet and H100"
X Link @ActuallyClimber 2025-10-07T03:31Z 20.8K followers, 2489 engagements

"I really dont know 😅. Im not saying the top for Bitcoin is in this cycle but pretending it was lets say Bitcoin dropped to 50k and Metaplanet dropped to XXX mNAV and didnt really get any yield between now and then. Metaplanet would be $XXXX. Im by no means saying that would happen. I just know I like to buy when everyone is completely panicked and Bitcoin is still strong for now"
X Link @ActuallyClimber 2025-10-14T02:52Z 20.8K followers, XXX engagements

"@satoshi132009 @RN72686 Im still an investor in Metaplanet and H100"
X Link @ActuallyClimber 2025-10-10T05:23Z 20.8K followers, XXX engagements

"@ontonothingnew I think it has a good chance of outperforming Bitcoin. If Bitcoin can do a 100x in XX years MetaPlanet might do a 400x or more. Its just impossible to say and I feel my opinion about price should carry much less weight right now"
X Link @ActuallyClimber 2025-10-14T01:29Z 20.8K followers, 1091 engagements

"12/12 So what is the bull case I believe its a long term one and in a way has to be if low mNAV is the new norm which Im betting it is with so many companies flooding the market and all of these companies having mNAV compress slowly and for months while bitcoin hits new highs. Of course I may be wrong and hope so. As preferreds I think are such a huge part of the future of these companies I'm most interested in the lower rate countries like Japan and Sweden. I believe the structure of preferreds is VERY important. I dont have the answers but I hope that bringing up some of these concerns will"
X Link @ActuallyClimber 2025-10-06T20:13Z 20.8K followers, 8687 engagements

"(8/15) One problem is that once preferreds are issued it may be difficult if the company has reached leverage saturation with prefs to legally be able to sell some of their BTC which prefs are entitled to before shareholders in the event of a liquidation. I think I've heard Saylor say they could always issue prefs to buy back common shares X mNAV but in the situation they'd consider this they may be unable to issue prefs"
X Link @ActuallyClimber 2025-10-11T22:55Z 20.8K followers, 1545 engagements

"@swanandpedo @Pledditor @WaterboyWalton If the market panics which is what happens during bear markets Id expect it to depeg. People wanting fiat payouts while exposing themselves to bitcoin seems silly for me personally"
X Link @ActuallyClimber 2025-10-13T23:36Z 20.8K followers, XXX engagements

"My thesis was that MetaPlanets mNAV would compress to X or near X but what changed is that happened way quicker than I expected. When the facts change I have to try to learn from them own up to my errors but more importantly try to understand them. The next 2-4x of their btc/share will most likely be a lot more of an uphill climb now. The broad view of any of these companies is having a better return than Bitcoin itself. From these prices I think its very likely they outperform Bitcoin and as many people expect Bitcoin to 100x in XX years any return on top of that is insane. All of that being"
X Link @ActuallyClimber 2025-10-08T23:59Z 20.8K followers, 55.7K engagements

"@BTCroundups @ryQuant Not sure Im cut out for anymore podcasts but I appreciate Ryan creating them"
X Link @ActuallyClimber 2025-10-13T23:04Z 20.8K followers, XXX engagements

"@EdPatisso @AdamBLiv The thesis (all my models) were based on being able to arb a strong mNAV. That definitely changed. Maybe we bounce but despite huge volume days I see no signs of a bounce. Long term the goal of beating bitcoin probably works great"
X Link @ActuallyClimber 2025-10-14T02:04Z 20.8K followers, XXX engagements

"@PatriotWife72 @CashflowingOptn Im up a little but fortunately Ive made some gains elsewhere this year"
X Link @ActuallyClimber 2025-10-14T03:40Z 20.8K followers, 1211 engagements

"(4/15) mNAV of course will not stay flat especially as every time the company arbs the low mNAV the XXX or whatever mNAV price will rise a little assuming Bitcion price doesn't budge due to the small increase in BTC/Share"
X Link @ActuallyClimber 2025-10-11T22:55Z 20.8K followers, 1979 engagements

"@EternalBTC Sounds great to me. If I was looking to add risk (if I was all cash or something) Id likely be buying for a long term hold around here though Id have to deliberate vs buying bitcoin"
X Link @ActuallyClimber 2025-10-14T01:49Z 20.8K followers, XXX engagements

"@BadmenReckon @ryQuant No one got paid to shill the stock"
X Link @ActuallyClimber 2025-10-09T15:24Z 20.8K followers, XXX engagements

"The market changed. mNAV arb was a huge part of my thesis. In fact it was the whole thesis looking at any of my models. I had compression in every model but not so fast like how it happened. Im also more skeptical about prefs for reasons Ive mentioned even just how unclear it is how the btc/common share yield should be counted. From here it may still do great and outperform Bitcoin. It really should but I have too many concerns personally. Im not trying to encourage anyone else to do anything. My situation is pretty abnormal and I just need to not screw things up"
X Link @ActuallyClimber 2025-10-14T00:16Z 20.8K followers, 72.8K engagements

"@orangeyield @SatSideQuest @ZynxBTC Not arguing just curious what qualifies as a Bitcoiner to you If its knowledge and awareness I believe I have that. If its allocation percentage threshold what is it"
X Link @ActuallyClimber 2025-10-14T14:35Z 20.8K followers, XXX engagements

"@ShortestSeller @CashflowingOptn Im fully aware how many people may laugh to hear Im going the index fund route 😅"
X Link @ActuallyClimber 2025-10-14T01:37Z 20.8K followers, 1511 engagements

"Yeah. Again the whole thesis was based on mNAV not completely collapsing this year. Also that was X days after I bought Metaplanet at XXX mNAV which was very low back then and at the time I bought an equal amount of Semler lol. I keep the receipts of my failures. What else can I learn from"
X Link @ActuallyClimber 2025-10-14T04:41Z 20.8K followers, XXX engagements

"@m4arpa Misspoke we havent had 5-6 year periods yet where we havent seen new highs just where we went below the highs of the past X years (late 2017 was higher than late 2022 even without accounting for inflation)"
X Link @ActuallyClimber 2025-10-12T23:39Z 20.8K followers, XXX engagements

"@ZynxBTC Ill try to answer any questions you have"
X Link @ActuallyClimber 2025-10-14T15:07Z 20.8K followers, 1747 engagements

"@jason21000000 Thats possible. Im unsure how taxes will work in this scenario in different countries. Its also possible bitcoin will be at a loss in the upcoming bear market when all of this may go down"
X Link @ActuallyClimber 2025-10-12T02:29Z 20.8K followers, XXX engagements

"@orangeyield Yes I think its something theyll need to be careful about as if the market keeps pricing them at XXXX or XXXX mNAV theyd bleed too much bitcoin to try to support X shrinking the company a lot. Its more work and its less effective"
X Link @ActuallyClimber 2025-10-11T23:57Z 20.8K followers, XXX engagements

"I cant believe how many people believe black people cant be racist. Its not just randoms on the street. People in my life have said the same thing. When society twists simple truths (we are all capable of the same sins/errors as we are all part of the human race) we justify further division and hatred"
X Link @ActuallyClimber 2025-10-10T16:26Z 20.8K followers, 11.5K engagements

"(5/15) It's important the company doesn't try to support X mNAV imo. It's just not very accretive until the deviation from X is sufficient. If the mNAV is XXXX the company would have to eventually sell XX% of its bitcoin holdings in order to merely double btc/share which basically means they are done as a company"
X Link @ActuallyClimber 2025-10-11T22:55Z 20.8K followers, 4916 engagements

"I havent touched crypto leverage sites since 2021 and even then was with very small amounts (I was too busy trusting BlockFi and Celsius with a lot of the rest 😅). This is a great explanation of auto deleveraging I wasnt very aware of"
X Link @ActuallyClimber 2025-10-12T14:02Z 20.8K followers, 11.2K engagements

"(3/15) To figure out what percentage of a company's Bitcoin it would take to slowly sell and arb a specific X mNAV to double (or any multiple) the btc/share: 1-(multiple of bitcoin/share change)-(mNAV/(1-mNAV)) So to find out how much bitcoin the company would have to eventually sell at a XXX mNAV while buying back shares in order to double the btc/share: 1-2-(mNAV/(1-mNAV)) = 50%"
X Link @ActuallyClimber 2025-10-11T22:55Z 20.8K followers, 2058 engagements

"Agreed. PIPES wayyyy below market price is the simplest red flag. 🚩 For NAKA Bailey is a walking red flag For ASST the moment they hired Jeff I knew hope was lost"
X Link @ActuallyClimber 2025-10-13T21:40Z 20.8K followers, 24.8K engagements

"Agreed. I cant help but do my best to see what signs I missed and I believe there were plenty. Largely inflows dried up and investors got impatient and chased alpha elsewhere. Some say mNAVs can or will bounce back because they have before. I hope so but Im very doubtful the 1mnav arb will ever really come back in a meaningful way"
X Link @ActuallyClimber 2025-10-13T22:06Z 20.8K followers, XXX engagements

"@OnlyOChan @samironthemove Not sure. Trying to figure it out day by day"
X Link @ActuallyClimber 2025-10-13T23:04Z 20.8K followers, 2077 engagements

"To be fair we all have blind spots. Mine was not seeing mNAV compression so quickly and across the board and now I cant believe I gave such a thing such a low probability. I believed it would compress but assumed it would take 3-5 times longer. But yes especially when doubters or critical thinkers are silenced thats not good. Some people wont like the arguments in the space but different views should be shared so its not just an echo chamber"
X Link @ActuallyClimber 2025-10-13T21:50Z 20.8K followers, XXX engagements

"@FullTimeBitcoin While we have disagreements here I respect you for sharing your views. No worries man. Wishing you the best"
X Link @ActuallyClimber 2025-10-14T14:47Z 20.8K followers, 1410 engagements

"Tuned in. Ryan and I disagree on some things for sure but hes always been willing to chat and not afraid to share his views. I respect that. Good to see you doing well 🫡 . A few quotes/takeaways: 22:30 This weird peer pressure for people to be XXX% Bitcoin is one of the dummest things Ive ever heard in my life. 27:25 Amateurs talk ideology and professionals talk allocation percentage. 36:10 People love to dunk on fiat but we should address how incredibly good the financial system is for Americans. 36:40 With Bitcoin theres X dollar wrench attack risks. 40:20 I dont care about not being in"
X Link @ActuallyClimber 2025-10-13T21:20Z 20.8K followers, 24.5K engagements

"Pretty sure Saylor has said they dont want to buy any companies. But I agree. The tricky part is if investors know theyd get close to X mNAV of value in a liquidation event why would investors settle for XXX Perhaps theyd like some premium above the market price but accept less than X mNAV"
X Link @ActuallyClimber 2025-10-12T17:18Z 20.8K followers, XXX engagements

"Ya even XXX mNAV is horrible and not worth defending. Thats why I say companies should not try to defend X mNAV. Needs to be significantly lower to make it worth it. Of course there are no guarantees the market will agree but if it continues to perpetuate the huge mNAV discount this action will at least keep increasing the eventual liquidation value of the shareholders. Prefs may take 5-10 years to double the btc/share. This method if mNAV is at a severe discount may allow the company to provide much quicker yield than prefs could even if it ends in a buyout or liquidation. On principle I"
X Link @ActuallyClimber 2025-10-12T23:37Z 20.8K followers, XXX engagements

"@BtcOrNothing21M @CashflowingOptn Im simply not over confident about Bitcoin. I also dont need more home runs. What % are you oh wise one"
X Link @ActuallyClimber 2025-10-14T02:34Z 20.8K followers, 1693 engagements

"@CryptoDaddy21M @AdrianoC2222 @IIICapital Youre right. I think thats also a good argument for some amount of diversification as fiat bitcoin housing etc can do great or fail based on things that are out of our hands"
X Link @ActuallyClimber 2025-10-13T04:17Z 20.8K followers, XXX engagements

"@oinkbaamoo @JesseKobernick I have. I have a ton of shares though"
X Link @ActuallyClimber 2025-10-06T14:51Z 20.8K followers, XXX engagements

"@Sicario512 @BitcoinMicropig Is the fiat complex in the room with us now 😂"
X Link @ActuallyClimber 2025-10-13T21:37Z 20.8K followers, XX engagements

"@WeaponXBT @ThetaMaestro @OnlyOChan @samironthemove Once these companies issue all the prefs they can they wont be able to do much else until bitcoin itself rises which will lower their pref Bitcoin rating or leverage ratio. Im not ruling out 2-3 year periods of almost no yield"
X Link @ActuallyClimber 2025-10-14T01:18Z 20.8K followers, XXX engagements

"The Chief Risk Officer at $ASST has blocked me again 😂. Not complaining. Just funny at this point. Block unblock block. Speaks of stability. Wise choice @ColeMacro"
X Link @ActuallyClimber 2025-10-07T21:52Z 20.8K followers, 24.3K engagements

"@HashOverCash21 @3xpops Thanks. VOO and VGT are my picks at this point for low expense and decent upside with AI"
X Link @ActuallyClimber 2025-10-14T01:52Z 20.8K followers, XXX engagements

"@OnlyOChan @samironthemove Likely exiting. I also dont need home runs I just need to not screw things up"
X Link @ActuallyClimber 2025-10-13T22:51Z 20.8K followers, 16.8K engagements

"@clinkie44 @ColeMacro Seriously odd to block. Muting is effective if someone gets tagged too much or something. Last time he said he overreacted lol. I dont accidentally block people. I also dont post stuff I need to delete and then block people who comment about it"
X Link @ActuallyClimber 2025-10-07T22:02Z 20.8K followers, 1623 engagements

"lol nice name. The $90/share confusion was really dumb. Never should have been a headline. As if ASST paying 3mNAV for SMLR was a good thing. Obviously it meant that wasnt even the truth which then meant price essentially had to drop XX% or more quickly in order to not have it be ASST overpaying. Just a ton of absolute confusion and misdirection"
X Link @ActuallyClimber 2025-10-13T21:53Z 20.8K followers, XXX engagements

"Dealing in XX baggers (only buying stocks you believe will 10x) is a way to think about investments logarithmically. So many people chase the next XX% or even XXX% which is not usually life changing. Bitcoin is a 10x (and more) from here. I believe MetaPlanet $MPTLF is a 10x (and more) from here in btc/share. Combined thats 100x A double 10x is insanely rare. You have to look at pretty early investors in tech companies or Bitcoin OGs to find it. Game plan for 100x When Bitcoin is around $1M and MetaPlanet has over 100000 Bitcoin I believe the stock will be 100x from here. Add X zeroes. Thats"
X Link @ActuallyClimber 2025-05-06T14:06Z 20.8K followers, 14.8K engagements

"@Michael36X I love it too. Wish theyd make a higher quality movie now. I liked the personal growth being trapped in prison while learning how to conquer"
X Link @ActuallyClimber 2025-10-11T02:43Z 20.8K followers, XXX engagements

"@JWhiskyM1K Ive been a part of bitcoin largely since 2016 adjusting my allocation and now only investing or trading through proxies since 2020. Assume my ignorance about it if you wish"
X Link @ActuallyClimber 2025-10-14T15:05Z 20.8K followers, XXX engagements

"Yes I have more to lose than to gain. I cant be more retired than I already am but I could screw things up and have to work again. I also dont think most of us expected 2025 to be largely sideways for bitcoin in what traditionally would be its strongest year of the X year cycle. I dont view bitcoin as a guarantee despite studying it since 2016. Im bullish on it in general but also seeing people expecting a 30-60% CAGR for the next 10-20 years seems a bit silly. I lean towards power law which has CAGR constantly dropping albeit slowly"
X Link @ActuallyClimber 2025-10-14T16:15Z 20.8K followers, 2029 engagements

"Worth a read. My feelings are mixed but I largely agree with Jesse that mNAV arb through share dilution may be a dying game. My views have changed on this over time though Ive viewed this as inevitable in the long term. People often say things that make zero sense like mNAV should trade like a PE ratio. No 😂. MNAV is basically price to book ratio so price to book should trade like price to earnings Its complicated since Bitcoin is the book. Since an investment/holding is the book and it usually trades at a premium or discount to holdings it resembles a close end fund. Though it has earnings."
X Link @ActuallyClimber 2025-10-08T14:50Z 20.8K followers, 22.5K engagements

"@Bizniz203 Most things are already down to X mNAV so who knows. Traditionally this would be near the cycle high time for bitcoin"
X Link @ActuallyClimber 2025-10-14T01:39Z 20.8K followers, XXX engagements

"@BTC_ProphetQA Are you bullish"
X Link @ActuallyClimber 2025-10-10T22:01Z 20.8K followers, 1014 engagements

"@orangeyield @IIICapital My gut says Apple investors would see the shift in focus and not reward it especially due to the new share issuance that came with it"
X Link @ActuallyClimber 2025-10-13T00:33Z 20.8K followers, XXX engagements

"Ya people say that (and I know youre probably joking lol) but I think its a weak justification for people being degen and XXX% exposed to bitcoin. Bet sizing is so important and the idea that a single asset can 100x in XX years and be fully adopted by humanity crushing all fiat currencies once and for all its a very compelling story. Im not that optimistic though I think Bitcoin has a good shot at making some of these things a reality. The fact that it is so potent so binary means there just isnt much need to be XXX% in. I get it people hate the current system so much but to some extent thats"
X Link @ActuallyClimber 2025-10-13T04:03Z 20.8K followers, XXX engagements

"@CryptoDaddy21M @AdrianoC2222 @IIICapital 😂😂. Ive never been XXX% about Bitcoin. Its super compelling but anyone seeing it as an absolute guarantee even just doubting humans could possibly screw it up isnt thoughtful enough imo"
X Link @ActuallyClimber 2025-10-13T03:53Z 20.8K followers, XXX engagements

"@BTC_ProphetQA Fair. It may do great. Good luck sir"
X Link @ActuallyClimber 2025-10-10T23:08Z 20.8K followers, XXX engagements

"@BabyHedgehog9 Convertible bonds dilute shareholders and encourage delta hedging which can hurt price. Thats why Mstr even moved away from them"
X Link @ActuallyClimber 2025-10-13T17:26Z 20.8K followers, XXX engagements

"A company that holds X Bitcoin trades at a Bitcoin mNAV of infinity. Stop siting Tesla or even Coinbase mNAVs. The idea of encouraging traditional companies to not just buy bitcoin but to dump common shares on the market is silly. Even just the Bitcoin treasury companies we have now are struggling enough to absorb new shares and offerings"
X Link @ActuallyClimber 2025-10-13T15:33Z 20.8K followers, 12.3K engagements

"@w_s_bitcoin I think Strategies preferred stock Torque models show 30-60% CAGR being their expectation for the next XX years which I believe to be overly optimistic"
X Link @ActuallyClimber 2025-10-13T15:23Z 20.8K followers, XXX engagements

"@m4arpa Thats not how it works on a per share basis. If the company is struggling anyway this raises all shareholders value per share in liquidation as well as raising the buyout price"
X Link @ActuallyClimber 2025-10-12T22:51Z 20.8K followers, XX engagements

"I posted recently about XXXX mNAV being a reasonable floor for BTCTC's if they're willing to sell btc and buy shares here and there. I've included my thoughts as well as the basic equations below. 🧵👇"
X Link @ActuallyClimber 2025-10-11T22:55Z 20.8K followers, 18.7K engagements

"(11/15) This is also easier for a smaller company to do as the impact of a company with 1000 bitcoin selling X% (10 bitcoin) in a week to arb XXX mNAV isn't something hard to do from a market liquidity perspective"
X Link @ActuallyClimber 2025-10-11T22:55Z 20.8K followers, 1352 engagements

"(7/15) If arbing XXX mNAV slowly requires the eventual selling of XX% of bitcoin holdings in order to double BTC/Share it would require selling 3/4ths of holdings to 4x btc/share or 7/8ths of holdings to 8x btc/share. Low mNAV is extremely powerful for patient investors"
X Link @ActuallyClimber 2025-10-11T22:55Z 20.8K followers, 1668 engagements

"(15/15) I'm curious what others think about this as a way to justify the floor while providing a bear's path for yield. If there is zero plan for a company to arb low mNAV I don't think the market will respect X mNAV. Some would say that any yield justifies X mNAV but I doubt the market agrees as it's all risk adjusted vs Bitcoin itself"
X Link @ActuallyClimber 2025-10-11T22:55Z 20.8K followers, 4517 engagements

"@VIXspike To me 1mNAV is a win at this point. Provide yield with prefs. Still some issues I have with prefs though"
X Link @ActuallyClimber 2025-10-11T23:58Z 20.8K followers, XXX engagements

"If they traded at XXX mNAV they wouldnt sell bitcoin and buy shares to prop up share price. Theyd do it to increase btc/share. Imagine the CEO owns lots of shares. Its in his and shareholders best interest to make each share as valuable as possible before liquidation. Selling btc to buy shares if there is a severe mNAV discount is great in that scenario. If a buyout happens itll be under X mNAV. If liquidation happens it would give shareholders very close to X mNAV. If they sell Bitcoin and then buyback shares it now raises the X mNAV price each time they do it. Prefs are cool and the"
X Link @ActuallyClimber 2025-10-12T22:46Z 20.8K followers, XXX engagements

"@ThetaMaestro @OnlyOChan @samironthemove I was bullish on prefs but have grown more questioning about it. From my recent (unshared) models prefs alone could generate a 2-4x of btc/share over 10-20 years. Not bad at all but with its own risks and questions"
X Link @ActuallyClimber 2025-10-14T00:43Z 20.8K followers, 2169 engagements

"@ShortestSeller @bleighky @BtcOrNothing21M @CashflowingOptn Kidnappings for seed phrases seem to be a thing whereas I dont hear about people being kidnapped because they live in a nice home or have a 401k"
X Link @ActuallyClimber 2025-10-14T14:52Z 20.8K followers, XXX engagements

"(14/15) Remember from a yield perspective low mNAV is the same as it's high mNAV reciprocal. Arbitraging XXX mNAV is the same as arbing X mNAV (1/0.5) except that low mNAV adds share buying pressure vs high mNAV adding selling pressure. Of course like GBTC it's possible the market never goes below XXX mNAV as the risk vs reward even for an otherwise dead company may be sufficient. However the arb is still juicy and worth pursuing unless prefs or debt prevent this"
X Link @ActuallyClimber 2025-10-11T22:55Z 20.8K followers, 4435 engagements

"@BTCBreadMan @christi61026749 2x for an altcoin being seen as minimal is nuts. I wouldnt 2x leverage an index fund and be able to sleep at night"
X Link @ActuallyClimber 2025-10-13T05:13Z 20.8K followers, XXX engagements

"@ehfkdpahd24 Huh It would raise Bitcoin per share and the per share real value would be what matters as it would rise even more when Bitcoin went up later"
X Link @ActuallyClimber 2025-10-12T04:02Z 20.8K followers, XXX engagements