11/13/25 - $mtplf - How I hold BTC on tradfiMetaplanet Inc.OTC:MTPLFVROCKSTAR11/13/25 :: VROCKSTAR :: MTPLF How I hold BTC on tradfi - good riddance $OBTC... the fmr way I owned bitcoin on tradfi rails - (OBTC/ Osprey) is such an incompetent team that i've been willing to ignore to get "cheap" bitcoin exposure that now it's not even at a compelling discount - take all the time you need, lads, to convert your $200M fund into an ETF when the SEC is already approving literally the wackiest other stuff - i've swapped this for Metaplanet (MTPLF) for several reasons: 1/ the discount on MTPLF to spot BTC is now about 10% (today) which is another 2-3% discounted vs. OBTC 2/ there are no "management fees" associated with MTPLF, unlike OBTC where they get 50bps for every year that passes and for their absolute incompetence, pitiful 3/ MTPLF has a yield bearing strategy of selling cash secured puts on a v underlevered balance sheet, which means on top of the discount you get yield (ETFs cannot do this) 4/ the low leverage also means they can start launching products like MSTR's stable-"coin" STRC in the JPY mkt which is really interesting 5/ i love the mgmt team. couldn't be a more competent group of bitcoiners (and this in absolute stark contracts to OBTC's dearth of brain cells or willingness to do anything in a reasonable amt of time) 6/ the JPY regulators have made it more difficult for copy cat products to compete which as you know is important in a first-mover, larger-and-therefore-more-liquid-trading-volume DAT world. this is to say... it *further* solidifies not only metaplanet's position but ALSO gives more runway to higher than NAV visibility (again, something ETFs can NOT achieve... they will always trade at 1x mnav). The downside is it's a foreign ticker so the cost to buy slugs of this thing is $50 bucks a trade. not cheap if you're in a small account, so make it worth your while and not a big % of your basis when you consider it. Hope that helps. More forthcoming on my YE strategy and 2026 outlook. Be well. Fade the norms. V