Metaplanet将投资者炒作变成比特币，无需使用实际的公司资金而堆叠SAT。

亚当·利文斯顿（Adam Livingston）称Metaplanet的比特币战略为不可阻挡的收入的隐藏循环。

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是东京上市的公司，通常被视为日本版本的MicroStrategy，可能正在玩一个完全不同的游戏，旨在将投资者炒作变成比特币储备。

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.

这不仅仅是要持有BTC，还涉及利用市场热情在财政部悄悄地建立真正的比特币，而且它是大多数人甚至都没有注意到的公式，著名的分析师亚当·利文斯顿（Adam Livingston）在最近的X帖子中解释了。

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

那么，实际公式是什么，值得吗？

What is PFAR? & Why It Matters?

什么是PFAR？ ＆为什么重要？

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.

这种策略隐藏起来，这可能是爆炸性比特币收益的关键，而无需新的收入，债务甚至是公司银行帐户的支出。

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.

这种策略的核心是强大的度量标准 - PFAR或高级资助的积聚跑道。该度量标准揭示了今天只使用炒作可以购买多少比特币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的市值约为35.3亿美元，其比特币持有量约为8.33亿美元，“溢价”约为26.9亿美元。 Metaplanet可以使用这种溢价来筹集资金并获得更多的比特币而不会影响其财务状况。

How is It Profiting Metaplanet?

它如何利润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今天利用其市场保费以106,500美元的价格购买比特币，则可能会收购约25,258 BTC。此次收购将为5.93亿股股票中的每张股票提供约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，每股股份约有1,040个Satoshis，此举可能将其乘以几乎4.1倍，而无需任何新的收入或公司承担债务。

"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.

利文斯顿说：“这不是一种策略，而是弹头。这是萨托西奇异循环。”随着股票价格飙升，保费变得更大。溢价又购买了更多的BTC，因此循环重复自我。