On Thursday, Romero shared on X that Merkle Manufactory plans to refund all investor capital:

“As for Merkle, we plan to return the full $180 million raised back to investors. Over the last five years, we’ve tried to be good stewards of investor capital.”

Romero highlighted that the protocol had 250,000 monthly active users and more than 100,000 funded wallets as of December. He also noted that Neynar intends to shift the project in a more developer-focused direction:

“Farcaster is not shutting down. The protocol works and will continue to work.”

Former Coinbase executive and early Farcaster supporter Balaji Srinivasan also confirmed the refund plan:

“The technology is real and works. The transfer to Neynar could help Farcaster achieve its long-term goal of deeper decentralization.”

Founded in 2020 by Dan Romero and Varun Srinivasan, Merkle Manufactory is backed by major investors including a16z Crypto and Paradigm. Following a $150 million Series A round in 2024, Farcaster was reportedly valued at $1 billion.

Farcaster’s $180 million refund plan has been confirmed by supporting venture capital funds and strategic partners. This step reinforces Farcaster’s long-term mission to advance decentralized social media.

What is Farcaster?

Farcaster stands out in the decentralized social media ecosystem by giving users control over their data and audience. Built by Coinbase alumni in 2020, the protocol runs on Optimism, managing accounts, usernames, signers, and messages on-chain while social interactions leverage off-chain storage. Applications like Warpcast offer a Twitter-like experience—censorship-resistant, interoperable, and user-first. Its hybrid architecture ensures identity data is on-chain while social activity remains off-chain, so users maintain ownership of their content and followers even when switching apps. As of 2025, Frames enables on-chain and off-chain actions—including NFT minting, gaming, and commerce—directly within the feed.

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Its core mission is to identify promising Web3 and Metaverse startups, invest in them, and share the profits with NFT and token holders. MetFi combines the roles of an investor, incubator, and community-driven DAO in one ecosystem.

MetFi positions itself as the world’s first DeFi utility NFT ecosystem, offering early-stage investment opportunities in Web3, Metaverse, and AI startups. Users purchase utility NFTs with USDT and stake METFI tokens to earn daily compounded rewards. The treasury invests NFT sale proceeds in Bitcoin, Solana, and selected Web3 projects, distributing returns proportionally to the community. All operations run through CertiK-audited smart contracts and governance is fully community-driven.

Team & Founders

MetFi’s development team remains anonymous but operates with a verified, community-first structure. They conducted years of R&D to ensure contract security and transparency.

• No special token allocation for the team

• No presale or pre-mine

• Fully community-funded and owned

Investors & Strategic Partners

MetFi acts as a treasury-driven investor rather than relying on traditional VC funding.

• Treasury Portfolio: Strategic investments in Web3 and gaming projects like BigTime, Angelic, and Solv Protocol.

• Technical Partners: Active in the BNB Chain ecosystem, integrated with PancakeSwap for liquidity management.

Although the founders’ identities are unknown, the project’s smart contracts have been audited by prestigious security firms like CertiK, and it adopts a community-focused, transparent structure.

Project Concept

MetFi democratizes access to blue-chip crypto assets via a decentralized treasury system. Beyond accumulation, it provides early-stage blockchain investment opportunities to the community.

How It Works

• NFT Purchase: Users buy collectible utility NFTs (Vaults) ranging from Level 1–10.

• Staking & Rewards: NFTs include METFI tokens that are staked to generate 12-hour compounded rewards.

• Treasury Ownership: NFT holders gain proportional shares of the MetFi treasury (investments, BTC, ETH, and cash).

Security & Audits

MetFi DAO smart contracts were audited by CertiK in August 2022. The system contains over 7,000 lines of code, confirmed to meet world-class blockchain coding standards.

Governance

The DAO is fully community-governed. Vault and METFI token holders vote on platform decisions. Decentralized governance ensures all operations are transparent and verifiable.

Roadmap

2025 Goals:

• Build corporate-level BTC treasury strategy

• Launch DCA bot for treasury and community management

• Listing on new exchanges and cross-chain bridges

• Implement Dynamic ISA Rewards system

2026 Goals:

• Host community events (OS III)

• Expand BTC and Tier-1 asset accumulation

• Broaden financial product offerings

• Continue METFI token burning events

Token Use Cases

METFI tokens can be used for:

• Earning staking rewards

• Governance voting in MetFi DAO

• Accessing treasury assets

• Providing liquidity and trading

• Early-stage project allocations and exclusive opportunities

Token Information

• Blockchain: BNB Smart Chain (BEP20)

• Max Supply: 500M METFI

• Total Supply: 450.29M METFI

• Circulating Supply: 273.38M METFI

• Deflationary model with ongoing token burns

Token Distribution

• 10% auto-staked from NFT purchases

• 95% of Vault purchase price distributed as community rewards

• Remaining funds directed to treasury

• Daily token burns support a deflationary model

Ecosystem

MetFi includes DAO governance, NFTs, staking rewards, and community engagement products:

• metaBid: Auction or bidding platform

• metaQuiz: Reward-based interactive platform

• Exclusive Benefits: NFT holders’ privileges

Features

• Community-driven, decentralized governance

• Direct access to blue-chip crypto assets

• Early-stage blockchain investment opportunities

• Dynamic staking rewards and deflationary tokenomics

• MetBot Alpha: AI-powered high-frequency trading with user-controlled funds

• CertiK-audited smart contracts

• Transparent, open-source platform

• Multi-functional NFT-based Vaults

Official Links

• Website
• Twitter
• Discord
• Telegram

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Metaplanet Inc. is a Tokyo-based publicly traded company (TSE:3350). Historically known for hotel development and Web3/metaverse projects, the company shifted its focus to a Bitcoin treasury strategy in 2024. It now officially positions itself as a “Bitcoin Treasury Company,” gaining attention in both Asian and global crypto markets. 

In short, Metaplanet is now a technology and digital asset investment company. Its main goal is to convert its treasury reserves into Bitcoin as a long-term store of value and provide shareholders with returns through this new growth model. 

What Does Metaplanet Do? 

Metaplanet operates in digital asset investments and technology-based solutions. Its core activities include: 

• Bitcoin and digital asset investments: Directing treasury reserves into Bitcoin to create long-term value. 
• Metaverse and Web3 projects: Investing in blockchain-based applications and metaverse initiatives. 
• Financial services: Engaging in strategic fintech and digital banking ventures. 
• Consulting and technology development: Supporting partners with blockchain and crypto-based solutions. 
• These activities allow Metaplanet to play an active role in both investment and technology sectors. 

Bitcoin Strategy 

Company main strategy is to add Bitcoin to its balance sheet, creating a long-term corporate reserve. The company aims to secure its reserves with digital assets while providing shareholders with an alternative growth and value creation model. Following a MicroStrategy-like approach, Metaplanet targets long-term BTC-focused growth. This strategy allows investors to gain direct exposure to Bitcoin while enhancing the company’s market visibility. 

Recent Acquisitions and Total BTC Holdings 

• Last Purchase Date: September 22, 2025 
• BTC Acquired: 5,419 
• Total BTC: 25,555 
• Approximate Value: $632 million 

These acquisitions have positioned Metaplanet as the fifth-largest corporate Bitcoin treasury in the world. 

Board of Directors and Advisors 

Company board of directors includes Simon Gerovich, Representative Director & President; Yoshimi Abe, Director & COO; Drew Edwards and Batara Eto, Independent Directors. The advisory team includes strategic board advisors Eric Trump and David Bailey. 

Comparison with MicroStrategy 

• MicroStrategy: Converted software revenue to BTC over many years. 
• Metaplanet: Aggressive acquisitions in a short time, strengthening its strategy through capital increases. 

This difference makes Metaplanet a higher-risk but potentially faster-growing corporate BTC player. 

Conclusion 

Metaplanet Inc. has transformed from traditional hotel and technology projects into a Bitcoin-focused corporate treasury company, quickly becoming one of the leading publicly traded crypto firms. With 25,555 BTC in its reserves, Metaplanet remains on investors’ radar, and future capital increases, BTC acquisitions, and regulatory developments will keep it in focus. 

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