Analyst Model Sees 97% Upside for Strategy if Bitcoin Reclaims $120,000

Metaplanet announced on the 2nd that it has submitted correction reports to the Kanto Local Finance Bureau for three fiscal years' worth of annual securities reports and one semi-annual report filed in the past. The filings in question are the annual securities reports for the fiscal years ending December 2023 through December 2025, and the semi-annual report for the January-to-June 2024 period. The corrections concern statements regarding the relationship between CEO Simon Gerovich and shareholder MMXX Ventures Limited. The original documents stated that Gerovich "indirectly holds a majority of the voting rights," but after re-verifying the facts, the company determined that he does not hold a majority of MMXX's voting rights, and revised the relevant statements, changing the classification of the related party from "a company in which an officer and his or her close relatives own a majority of the voting rights" to "major shareholder." As of the end of December 2023, MMXX held 23.3% of Metaplanet's voting rights and also qualified as an "other affiliated company" of the firm. In the semi-annual report, corrections were also made to the portion stating that the counterparty for a 1 billion yen loan, approved by a board resolution on August 8, 2024, to fund Bitcoin purchases was MMXX; the report now states that MMXX was a major shareholder holding 13.026% of voting rights as of the end of that interim period and constituted a related party. The corrections are limited to statements concerning the relationship between Gerovich and MMXX, and the amounts of the 1 billion yen loan and its repayment, as well as the exercise of stock options, remain unchanged.