Losing $600 million and still buying more BTC? Metaplanet's "Contrarian Bet"

After recording a loss of approximately $619 million, Metaplanet still chose to issue $50 million in zero-coupon bonds to continue buying Bitcoin, and its BTC holdings have now reached about 40,177 coins.
But the feedback from the capital markets tells a different story — the stock price has declined.
The logic behind this is not contradictory:
The company is betting on Bitcoin's long-term value in a more aggressive way, but the market is more focused on short-term financial pressure and risk exposure.
Structurally, this is a typical "high conviction strategy" — using leverage and time to exchange for potential future returns, but at the cost of amplifying short-term volatility and uncertainty.
In the crypto world, direction and pace are equally important.
You can be optimistic about the long term, but if you can't withstand short-term fluctuations, it's still hard to reach the end.
The market won't reward conviction immediately, but time will filter out the truly correct choices.