Metaplanet turns investor hype into Bitcoin, stacking sats without using actual company funds.

Adam Livingston calls Metaplanet's Bitcoin strategy a hidden loop of unstoppable income.

Metaplanet, the Tokyo-listed firm often seen as Japan’s version of MicroStrategy, might be playing an entirely different game, aiming to turn investor hype into Bitcoin reserves.

This isn’t just about holding BTC, it’s about using market enthusiasm to quietly build up real Bitcoin in the treasury, and it’s doing so with a formula that most people haven’t even noticed, renowned analyst Adam Livingston explains in a recent X post.

So, what’s the actual formula & is it worth it?

What is PFAR? & Why It Matters?

This strategy is hiding in plain sight, and it could be the key to explosive Bitcoin gains without needing new revenue, debt, or even spending from the company’s bank account.

At the heart of this strategy lies a powerful metric—PFAR, or Premium-Funded Accretion Runway. This metric reveals how much Bitcoin Metaplanet could buy today using only the hype.

Currently, Metaplanet’s market cap stands at approximately $3.53 billion, while its Bitcoin holdings amount to roughly $833 million, leaving a 'premium' of about $2.69 billion. This premium could be used by Metaplanet to raise funds and acquire more Bitcoin without impacting its finances.

How is It Profiting Metaplanet?

If Metaplanet utilized its market premium to purchase Bitcoin today at a price of around $106,500, it could acquire approximately 25,258 BTC. This acquisition would contribute around 4257 more satoshis to each of the 593 million shares.

At present, each share holds about 1,040 satoshis, and this move could multiply it by almost 4.1 times without requiring any new revenue or the company taking on debt.

"This is less a strategy and more like a warhead. It's a Satoshi singularity loop," remarked Livingston. As the stock price surges, the premium becomes even larger. The premium, in turn, buys more BTC, and thus the cycle repeats itself.