TD₿: Dylan LeClair on Metaplanet's Bitcoin Bet: How Corporate Treasuries are Transforming Global Finance - (a Coin Stories interview) with Natalie Burnell
TL;DR: Discover why Metaplanet shifted to a Bitcoin-first strategy, how Japan’s tax laws support it, details on its 555 Million Plan, Michael Saylor’s capital markets play, and why $SMLR is winning!
Hey Bitcoiners,
Metaplanet has rapidly transformed from a struggling hotel business into a pioneering Bitcoin treasury company, becoming Japan’s most traded equity and one of the top global performers of 2024. Dylan LeClair, Director of Bitcoin Strategy, described the journey as one of relentless conviction, strategic capital markets innovation, and early execution on small Bitcoin purchases that compounded into significant momentum.
Metaplanet leveraged Japan’s favorable tax environment for listed equities, including 0% capital gains via NISA accounts, to attract retail investors unable to access Bitcoin directly. The company’s issuance of moving strike warrants and large-scale equity raises—such as the $555 million plan—enabled aggressive BTC accumulation without traditional ATM facilities, while maintaining minimal leverage and strong over-collateralization.
LeClair emphasized that Metaplanet’s singular focus on Bitcoin has resonated deeply with investors and given it a structural advantage in an emerging corporate Bitcoin adoption trend. He views Bitcoin-backed credit markets, pioneered by Michael Saylor’s Strategy through instruments like $STRF, $STRK, and $STRD, as a transformational innovation that could upend traditional fixed-income markets built on future cash flows rather than asset-backed certainty.
Looking ahead, he believes that Bitcoin treasury companies will become the most valuable firms globally—not by diversification, but through relentless BTC accumulation. For LeClair, the mission is more than financial: it’s about validating a thesis, building a new monetary paradigm, and helping others awaken to the systemic flaws of fiat capital markets.
Tick tock next block,
The Swan Education Team
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Quote of the Day
“The future is already here — it’s just not very evenly distributed.”
- William Gibson
Job of the Day
Senior Backend Developer
Amboss Technologies
Anywhere / Remote only / Full Time
Engineering / Lightning
We are looking for a full-time senior backend engineer to join the Amboss Technologies team. Help us build, scale and optimize our infrastructure, and build out new services and experiences for the Bitcoin and Lightning ecosystem. We're a growing team. If you want to help shape the future of the Lightning and Bitcoin space, this role is for you!
These will be some of your responsibilities:
Take ownership over new applications and their technical direction.
Build and maintain critical infrastructure for the Amboss platform and additional services.
Collaborate with engineers following best practices, code reviews, testing and quality assurance.
Help Amboss scale to stay ahead of the exponential growth of the Lightning Network.
Requirements
4+ years of experience developing backend applications.
Deep understanding of GraphQL APIs, NodeJS, and NestJS
Experience using Javascript + Typescript
Experience working with SQL (Postgres) and NoSQL (Memgraph, Typesense) databases.
Experience with an event-driven architecture using RabbitMQ, SQS, and Kafka
Experience with in-memory data stores such as Redis
Experience containerizing applications with Docker following best practices.
Experience using AWS products to deploy applications in a secure, reliable and maintainable way. (Elastic Beanstalk, EC2, ECS, EKS)
Experience in agile software development, Git, testing, and maintaining production code.
No degree needed, just enormous passion for software development!
Bonus Points
Huge plus if you have created, maintained, and/or supported open source software.
Experience in monitoring applications and infrastructure using Datadog and Cloudwatch.
Experience in search engine functionality.
Understanding of the Lightning Network and Bitcoin.
Knowledge in discrete optimization techniques, deep learning, and simulation.
Knowledge in processing big amounts of data with tools such as Mapreduce, Airflow, and Spark.
Knowledge and understanding of graph theory.
About You
Ability to work autonomously, across multiple time zones and in a fully remote environment.
Strong knowledge of software design patterns, data structures, and computer science fundamentals.
Results-driven bias for action. We are a startup with an ambitious roadmap and building at lightning speed! No time for procrastination.
Creative and curious. You don’t shy away from new technology and methods. You are constantly looking for ways to improve current processes.
Strong communication. We are a growing remote team and you will be in constant collaboration with others. You should be able to receive and give constructive feedback, suggestions, and ideas.
You prioritize writing clean and concise code.
You have an eye for detail.
Role Perks
Option to get paid in Bitcoin
Competitive Salary
Equity
Unlimited PTO
Contact Us!
If you like the role, reach out to us! Feel free to send your CV and a quick note about your accomplishments/experience to the jobs+seniorbackenddev@amboss.tech
Not your particular skill set? Check out all the Bitcoin Jobs at bitcoinerjobs.com.
In the Headlines
CleanSpark Mines 685 BTC in June, Becomes First Miner to Hit 50 EH/s With Fully Self-Operated Infrastructure
CleanSpark, Inc. reported it mined 685 Bitcoin in June 2025, selling 578 BTC for over $61 million at an average price of $105,860—surpassing the month’s VWAP by $446. CFO Gary Vecchiarelli credited the company’s actively managed spot sales and derivative strategies for this performance, highlighting early success in their institutional-grade treasury management approach.
CleanSpark now holds 12,608 BTC, all self-mined, ranking seventh among public companies globally. The company operates 241,227 mining units and recently secured an additional 179 megawatts of power capacity, bringing its total contracted power to 987 MW, with 808 MW currently in use.
CEO Zach Bradford announced CleanSpark reached its mid-year target of 50 EH/s in hashrate—making it the first miner to do so using fully self-operated infrastructure. This marks a 9.6% month-over-month increase and an improvement in energy efficiency to 16.15 J/Th.
Bradford emphasized the strategic decision to invest in energy-efficient, geographically diverse data centers instead of purchasing bitcoin on the open market, allowing CleanSpark to produce BTC below market cost. With infrastructure, talent, and power capacity in place, the company is positioned for continued expansion as corporate Bitcoin adoption accelerates.
Nakiki SE to Pioneer Pure Bitcoin Treasury Strategy as First Public Company in Germany
Nakiki SE has announced plans to fully adopt a Bitcoin-only treasury strategy, positioning itself to become the first publicly listed company in Germany to pursue a pure Bitcoin reserve model. The company will propose a name change and revised business purpose at its annual general meeting in late 2025.
To fund its Bitcoin acquisitions, Nakiki SE is in discussions with investors and financial institutions to raise capital through share issuances. The company aims to mirror the Bitcoin-centric treasury approach popularized by Michael Saylor’s Strategy.
This move follows a growing trend among German firms turning to Bitcoin as a strategic reserve asset. Evertz Pharma GmbH, a private company in the natural cosmetics space, was the first in Germany to implement a Bitcoin reserve earlier this year. Nakiki SE seeks to differentiate itself by becoming the first public company in Germany to adopt Bitcoin as its sole treasury asset and central business focus.
Swan Shortie of the Day
Event of the Day
Bitcoin Asia is the leading Bitcoin-only conference in the region, uniting Bitcoin enthusiasts, developers, and investors for a deep dive into the future of Bitcoin. As a hub for discussions on Bitcoin’s economic, social, and technological impact, the event features renowned speakers, cutting-edge workshops, and insightful panels focused on Lightning Network development, decentralized finance, and Bitcoin adoption in Asia.
This event serves as a key networking and educational platform, fostering collaboration between global and regional Bitcoin communities. Attendees can expect exclusive insights, hands-on sessions, and opportunities to connect with some of the most influential voices in the Bitcoin space. Bitcoin Asia is not just a conference-it’s a celebration of Bitcoin culture and innovation.
In-depth discussions on Bitcoin development, adoption, and its impact on Asia’s financial ecosystem.
Opportunities to connect with Bitcoin advocates, developers, and investors from across the region.
A Bitcoin-only environment focused on education, networking, and advancing Bitcoin’s presence in Asia.
Get your tickets here.
Meme of the Day
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