Core Viewpoint - Metaplanet is shifting towards issuing preferred shares as a strategy to optimize capital and enhance Bitcoin holdings per share without diluting common shareholders [2][3]. Group 1: Company Strategy - The preferred share strategy is part of a capital optimization phase aimed at boosting Bitcoin holdings per share [2]. - The company has suspended several series of stock acquisition rights, indicating a strategic recalibration [2]. - Preferred shares are viewed as a "more powerful tool" than common stock issuance, allowing capital raising at a fixed dividend rate without increasing share count [3]. Group 2: Financial Implications - Gerovich argues that if the rate of increase in Bitcoin exceeds the cost of capital, it acts as compound interest, ultimately benefiting common shareholders [4]. - A formula presented by Gerovich suggests that if Bitcoin compounds at 30% annually and preferred dividends are set at 6%, the long-term outcome would simulate dilution-free growth equivalent to issuing new stock at an mNAV of 8.6x [5]. - Metaplanet is effectively debt-free and maintains one of the healthiest financial bases in Japan [5].