Syz the Future Ep.12: Metaplanet CEO Simon Gerovich – The Future of Capital is Here
May 19, 2025
Simon Gerovich, President of Metaplanet, shares insights on his company's impressive rise in the stock market through a bold Bitcoin treasury strategy. He delves into what defines a Bitcoin treasury company and reveals why this model appeals to Japanese investors. Simon explains accretive dilution and the unique valuation metrics for Bitcoin companies while highlighting the cooperative spirit among Bitcoin treasuries. His strong bullish outlook on Bitcoin's future and personal commitment to the currency make for a compelling discussion on the evolving landscape of digital assets.
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From Hotels To Bitcoin Treasury
- Simon explains Metaplanet began as a hotel company and was repurposed after COVID disrupted the business.
- They acquired a public listing in Japan to access financing and later rebranded to pursue a Bitcoin treasury strategy.
Single-Purpose Bitcoin Treasury Model
- A Bitcoin treasury company’s explicit goal is to accumulate as much Bitcoin as possible for shareholders.
- Metaplanet followed MicroStrategy's playbook and pivoted cash allocation toward Bitcoin during COVID.
MNAV Explains Accretive Power
- MNAV is market (or enterprise) value divided by Bitcoin holdings and helps compare companies.
- A higher MNAV makes capital raises more accretive because new shares buy more Bitcoin per share.