On November 25, blogger Shanaka laid out the financial soap opera: Metaplanet bought Bitcoin at an average price of over $108,000, which sounds extravagant until you realize the current price is around $87,500. That’s about one in a series of bad decisions, or at least a really expensive game of “hold my beer.” The unrealized loss? A staggering $651 million. This coincides with the company’s stock plummeting 81% since June-because nothing says “confidence” like a downward spiral. But wait, there’s more: their revenue is skyrocketing-up 1,700%, or so they say, to ¥4.3 billion, with net income at ¥13.5 billion. That’s the magic of accounting, my friend. It’s like printing money and then losing it in a Bitcoin minefield. They’re banking on “reflexivity,” which is just a fancy way of saying that when Bitcoin goes up, they can issue equity and buy more BTC. When it goes down, they pretend it’s all part of the master plan. Spoiler alert: the master plan has a few cracks-and a lot of chaos.