EXCLUSIVE: Dylan LeClair Breaks Down Metaplanet's Master Plan

Welcome to the Bitcoin Balance Sheet. Each Friday, we recap key insights from our podcast hosted by our very own Tyler Rowe and Miller Cole.

This week in an exclusive interview with Bitcoin Treasuries, Dylan LeClair laid out Metaplanet Securities’ Type-1 license and why Japan’s yield-starved market is turning the firm into a Bitcoin neo-bank. Meanwhile, Strive’s Matt Cole told Tyler Rowe Bitcoin’s 50% drawdown is bullish proof a supercycle is coming. Let’s break it down.

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Dylan LeClair on Metaplanet Securities and Japan’s Bitcoin Rails

Metaplanet mastermind Dylan LeClair sat down with Miller Cole to explain all the details of its acquisition of a Type-1 securities license via Siiibo, which he says positions the firm as a neo-financial institution on a Bitcoin standard rather than a pure treasury. With Japan’s recent regulatory clarity treating Bitcoin as a financial asset, Metaplanet aims to open fixed-income channels, issue Mars/Mercury preferreds, and eventually support daily or even continuous dividends.

Listen and subscribe for Dylan’s full thoughts on Project Nova and why Japan’s infrastructure lag is actually the opportunity.

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Matt Cole Says Bitcoin Is In A Supercycle

Matt Cole, CEO of Strive (ASST), joined Tyler Rowe this week, where he argued the digital credit trade demand remains intact because traditional income is broken. Strive has tripled its Bitcoin stash to nearly 20,000 while raising capital through SATA, whose investor protections (rate floor tied to VWAP, cumulative ratchet to 20%, management bonus cancellation) and daily dividends have kept the preferred near 97 despite heavy short interest.

Listen and subscribe for Matt’s full thoughts on SATA protections and why this drawdown looks more like a super-cycle pause.

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• Orange Wheel Advisors. Orange Wheel Advisors is a strategic consulting firm that helps companies navigate Bitcoin’s impact on corporate finance and competitive strategy. With expertise spanning treasury management, payments, capital structure, mining, and investor communications, they provide executive education, tailored strategies, and execution support to guide businesses through the global monetary transition. Learn more: Orange Wheel Advisors

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• Zaprite. Zaprite is a non-custodial payment platform that allows individuals and businesses to seamlessly accept both bitcoin (on-chain and lightning) and fiat payments in a unified, customizable checkout experience. Users can easily issue invoices, generate payment links, and connect multiple wallets or custodial accounts, all while handling their own funds directly. Learn more: Zaprite