🪐 Metaplanet's income is telling two different stories at the same time. The operational side seems healthier, but the market's reevaluation volatility of BTC has turned that progress into a significant loss. In my view, this isn't just a one-off accounting headache; it's a core weakness of any company that relies on volatile reserve assets to build its equity narrative. 🧲 The bullish case is quite straightforward: if BTC stabilizes or rebounds, the operational improvements won't be overshadowed, and the model will look much clearer. The bearish case is equally simple: each sharp drop pulls the narrative back into volatility on the balance sheet, no matter how good the revenue looks. 👁️‍🗨️ My assessment is that this stock is still trading primarily as a proxy for BTC and secondarily as a business until that tension is resolved.

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