Metaplanet is tweaking the playbook with its stock sitting around 0.8x NAV. Selling common shares below 1.0x NAV is basically off the table to protect holders, though preferred equity is still doing the heavy lifting for coin buys. The new twist: 10–15% goes into yield plays, like preferred shares of peer BTC treasuries and BTC-backed credit. They aren't abandoning equity raises, just adding a yield spread to help service preferred dividends and fund some extra BTC on the side.