Metaplanet's mNAV defense mechanism performs steadily. During the recent market correction, this mechanism operated effectively, quickly recovering the discount, and the market even reacted in advance, pushing the price back to the 1x mNAV level. This phenomenon indicates that once a discount occurs again, the risk of buying is significantly reduced— the magnitude of the discount often signifies a more attractive entry opportunity.

From a financing perspective, Metaplanet optimizes its capital structure by issuing preferred shares. This move not only meets financing needs but also effectively controls the issue of natural liquidity dilution. The introduction of preferred shares provides the project with a more flexible funding channel while protecting existing holders' rights from excessive dilution. This innovative financing design reflects the project's consideration of long-term sustainability.