In this episode of the Coin Stories podcast, Natalie Brunell interviews Dylan LeClair, Director of Bitcoin Strategy at Metaplanet, about the company's journey to becoming a leading Bitcoin treasury company. LeClair discusses Metaplanet's Bitcoin-first strategy, its unique advantages in the Japanese market due to tax implications and limited investment options, and its plans to acquire 1% of the Bitcoin supply by the end of 2027. The conversation also covers Metaplanet's approach to managing risk, its expansion into the US market with a Miami subsidiary, and LeClair's perspective on the broader landscape of corporate Bitcoin treasuries. Additionally, LeClair analyzes MicroStrategy's innovative financial products, emphasizing the potential of Bitcoin-backed credit and the mispricing of capital in traditional finance.