Bitcoin Magazine Podcast Metaplanet and the BOJ's Debt Trap: The BTC Treasury Perfect Storm? w/ Dylan LeClair & Phil Geiger
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Jan 27, 2026 
Phil Geiger, MetaPlanet strategist focused on Bitcoin adoption in Japan. Dylan LeClair, executive who turned the company into a bitcoin-first treasury with massive capital raises. They discuss MetaPlanet’s pivot from hotels to a 35,000 BTC reserve. Short, punchy takes on rights issues, moving-strike warrants, preferred stock tools, and how Japan’s savings landscape shapes corporate bitcoin strategies.
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Hotel Chain Turned Bitcoin Treasury
- MetaPlanet pivoted from a 30-property Pan-Asian hotel chain to a bitcoin-first public company after COVID forced restructuring.
- They started with 100 BTC and grew to ~35,000 BTC while attracting 200,000+ mostly retail Japanese shareholders.
Raise Capital With Flexible Equity Tools
- Use multiple equity tools like rights issues, moving-strike warrants, and follow-on offerings to flexibly raise capital for bitcoin accumulation.
- Structure financings to be optional for shareholders and pause issuance when market conditions or valuation aren't favorable.
Preferred Equity As Low-Leverage Amplifier
- MetaPlanet aims for minimal traditional leverage and prefers preferred equity to gain debt-like financing without heavy leverage.
- Bitcoin's volatility becomes the equity shock-absorber while the firm keeps low net debt relative to its BTC stack.