9-22-2025
MetaPlanet stacked more Bitcoin but still looks hollow. Strive bought Semler, pairing profit with treasury. Leverage traders got wrecked. FTX payouts are cash, not coin. Bolivia turns to USDT as dollars vanish.
MetaPlanet made another massive Bitcoin buy, more than 5,000 coins, and the headlines celebrated it as progress toward their target of 100,000 coins. The problem is the same as always: nobody can tell me if this company makes a dime outside of printing debt instruments to buy Bitcoin with. I keep thinking, "what’s their operating revenue? What are they selling besides shares to fund more coin buys?" Until I see evidence of an actual business model, I’m calling this a zombie company. A failed hotel operation that put on a new mask and decided to play Saylor’s game which is not sustainable. If all you do is print shares to buy Bitcoin, you’re not a company. You’re simply a ticker symbol.
Then came the Strive–Semler Scientific deal. Now this is what I want to see. Strive is paying a fat 210% premium for Semler because Semler has something real: a profitable diagnostics business. They sell an FDA-cleared device, they generate cash flow, and they also stack Bitcoin. That’s a dual strategy I can get behind. Strive bought the coin stack and a working business that can fund more accumulation without leaning on endless dilution. That’s what makes a treasury strategy credible, and it’s the template the rest of these jokers should follow.
Markets themselves gave us a swift kick in the butt. Bitcoin fell into the $112k range, and over $1.7 billion longs got liquidated in a single 24-hour stretch. People keep playing leverage games, and they keep getting destroyed. Then the rumor mill kicked in about some “massive political announcement” that would reshape Bitcoin politics. Every big account on X amplified it in unison, and that smells coordinated to me. Unless the U.S. government says it bought Bitcoin and is holding it in the Strategic Bitcoin Reserve, everything else is smoke and mirrors. Until then, stop listening to carnival barkers yelling in all caps.
FTX made another round of headlines too—$1.6 billion in repayments scheduled for September 30. That’s big money, but let’s not pretend this means forced selling is about to wreck the market. They already sold most of that crypto years ago, and now they’re just paying creditors in cash. Yet every time a payout is announced, the articles avoid saying it straight. Instead, they stoke fear like the trustee is about to dump another mountain of coins. It’s lazy reporting, and it preys on nerves already rattled by last night's liquidations.
Finally, Bolivia. With foreign cash reserves collapsing, car dealerships are literally putting up signs that say “We accept USDT.” That’s how people buy cars now, with stablecoins, because there aren’t enough dollars in the country. I guess this is Tetherization. The U.S. prints debt, Tether absorbs it, and suddenly emerging markets are hooked on digital dollars instead of paper ones. At the same time, Vancouver’s mayor set up a Bitcoin charity fund, MicroStrategy diluted shareholders again to buy 850 more coins, and the U.S. and UK cooked up a new regulatory task force. Signals everywhere, but most are ephemeral bird song in a forest; loud in the moment but forgotten with time.
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