Metaplanet Inc. is a shell company funded by Bailey's VC UTXO Management. He put Mark Yusko and Dylan LeClair as front on the board. They then bought bitcoin as "reserve" and promoted this as headline in Bitcoin Magazine. Every time they buy only a few BTC the headline it and all other media pick it up and mulitply this "news". That way they drove up share price masively and profited from selling. It's a calculated scam to fill their bags with bitcoin AND cash. A few days ago the "sensational" news that Metaplanet acquired the Bitcoin Magazine rights for Japan so they can control the news in Japan as well and pull in even more investors to scam.
Metaplanet is a front with no products or other economic activity. It came out of nothing, I guess they just liked the name. Check their investors information, before 2024 all in Japanese and boring stuff, after they went in suddenly bitcoin purchases.
