Metaplanet Wants to Fund a Carry Trade Between Its Own Bonds and Other Treasury Preferreds. The idea is simple. Borrow cheap in yen, buy higher-coupon dollar preferreds, and keep Bitcoin as the main asset. According to the company’s income plan, BitBonds sit next to preferred stock and Bitcoin-backed credit as a funding source. Part of that money would go into preferred shares issued by other Bitcoin treasury firms. $BTC stays about 85% to 90% of assets. The yen-dollar mismatch is the extra risk on a U.S. coupon. Key Details: > BitBonds: about 4.2% yield. First series were 4% to 4.3%. > Strive SATA: 13%. > Strategy STRC: 12%. > Use of funds: preferreds of other Bitcoin treasury firms. > Extra risk: yen funding, dollar assets. The coupon gap is wide enough to look attractive. Credit, $BTC price, and the exchange rate can take it away. Metaplanet: 4.2% BitBonds Against 13% SATA and 12% STRC. Would you take that carry, or only hold the coins? #BTC Price Analysis# #Bitcoin Price Prediction: What is Bitcoins next move?# $ETH #Macro Insights#