The Bitcoin Treasuries Podcast with Tim Kotzman Dylan LeClair: Metaplanet is Japan's Bitcoin Treasury Company
Feb 21, 2025
Dylan LeClair, Director of Bitcoin Strategy at Metaplanet, leads a fascinating discussion about the company's pioneering Bitcoin treasury model in Japan. He shares insights from his life in Japan, contrasting its unique trading culture with U.S. markets. Dylan explains the innovative concept of moving strike warrants for Bitcoin purchases and their implications for capital raising. He also speculates on the future of Bitcoin in Japan, hinting at emerging financial products and the potential for other companies to adopt a Bitcoin treasury strategy.
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From Hotel Zombie To Bitcoin Company
- Dylan describes joining Metaplanet in May 2024 and pivoting a zombie hotel company into a Bitcoin treasury operator.
- The team publicly declared a Bitcoin-only strategy and started buying Bitcoin immediately.
Japan Had Untapped Bitcoin Demand
- The rights issue showed strong local demand for direct Bitcoin exposure where no ETFs or proxies existed.
- Metaplanet raised $70M and the stock went limit up, signaling unmet investor appetite.
Use Local Instruments To Mimic ATMs
- Reverse-engineer missing US-style ATMs using local instruments rather than waiting for market infrastructure.
- Metaplanet issued moving-strike warrants to effectively raise equity and buy Bitcoin daily.