The market is undervaluing Metaplanet by pricing it as a passive Bitcoin proxy rather than recognizing its emerging capital markets business potential

"Palmer said the market continues to price Metaplanet mainly as a listed proxy for Bitcoin, even as the company prepares infrastructure for a broader capital-markets business. Our takeaway is that the market is still pricing Metaplanet as a passive Bitcoin proxy while the company is preparing to execute on a plan to bootstrap an entire capital market."