币界网报道：Metaplanet (MTPLF), a Japanese listed company, has achieved efficient operation in the field of Bitcoin investment with its innovative "floating exercise price warrant" mechanism. This mechanism allows the exercise price to be adjusted dynamically with the stock price, initially set at 1,388 yen, and 96% of the company's funds raised are directly used to purchase Bitcoin. Through the strategy of high-level financing and low-price hoarding, Metaplanet's Bitcoin portfolio has a return rate of 225.4%, with a value of over $1 billion. Its hoarding efficiency is significantly higher than that of MicroStrategy, and it only takes 120 days to cover. However, this model is highly dependent on market volatility and needs to be supported by a continuous high premium environment. Investors need to be wary of cooling market sentiment and regulatory risks. Currently, Metaplanet is trading at a 7x mNAV premium, far exceeding MicroStrategy's 1.8x.