Bitcoin is down nearly 50% from its all-time high and Metaplanet's CEO Simon Gerovich isn't flinching. In this presentation, he explains why realized cap tells a completely different story than market cap, and how Metaplanet has grown bitcoin per share by 5,000% while bitcoin's price stayed flat. He breaks down Japan's macro crisis, the company's $3. 25 billion capital raise in 2025, and why Japan's 2028 regulatory shift will be a watershed moment for institutional bitcoin adoption