Metaplanet將投資者炒作變成比特幣，無需使用實際的公司資金而堆疊SAT。

亞當·利文斯頓（Adam Livingston）稱Metaplanet的比特幣戰略為不可阻擋的收入的隱藏循環。

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.

Metaplanet是東京上市的公司，通常被視為日本版本的MicroStrategy，可能正在玩一個完全不同的遊戲，旨在將投資者炒作變成比特幣儲備。

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.

這不僅僅是要持有BTC，還涉及利用市場熱情在財政部悄悄地建立真正的比特幣，而且它是大多數人甚至都沒有註意到的公式，著名的分析師亞當·利文斯頓（Adam Livingston）在最近的X帖子中解釋了。

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

那麼，實際公式是什麼，值得嗎？

What is PFAR? & Why It Matters?

什麼是PFAR？ ＆為什麼重要？

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.

這種策略隱藏起來，這可能是爆炸性比特幣收益的關鍵，而無需新的收入，債務甚至是公司銀行帳戶的支出。

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.

這種策略的核心是強大的度量標準 - PFAR或高級資助的積聚跑道。該度量標準揭示了今天只使用炒作可以購買多少比特幣Metaplanet。

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.

目前，Metaplanet的市值約為35.3億美元，其比特幣持有量約為8.33億美元，“溢價”約為26.9億美元。 Metaplanet可以使用這種溢價來籌集資金並獲得更多的比特幣而不會影響其財務狀況。

How is It Profiting Metaplanet?

它如何利潤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.

如果Metaplanet今天利用其市場保費以106,500美元的價格購買比特幣，則可能會收購約25,258 BTC。此次收購將為5.93億股股票中的每張股票提供約4257次。

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.

目前，每股股份約有1,040個Satoshis，此舉可能將其乘以幾乎4.1倍，而無需任何新的收入或公司承擔債務。

"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.

利文斯頓說：“這不是一種策略，而是彈頭。這是薩托西奇異循環。”隨著股票價格飆升，保費變得更大。溢價又購買了更多的BTC，因此循環重複自我。