Slide 1: Asia's Leading Bitcoin Treasury Company
ASIA’S LEADING BITCOIN TREASURY COMPANY Q1 2025 Earnings Presentation
Slide 2: Notice Regarding Forward Looking Statements
NOTICE REGARDING FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements, including but not limited to projections, targets, forecasts, strategic plans, and other statements regarding future events or the future financial or operational performance of Metaplanet Inc. Such sta
Slide 3: Metaplanet Is a Bitcoin Treasury Company
METAPLANET IS A BITCOIN TREASURY COMPANY Leveraging capital markets to increase total Bitcoin holdings and grow BTC per share 3
Slide 4: Metaplanet's Bitcoin Treasury Strategy
METAPLANET’S BITCOIN TREASURY STRATEGY Fixed Income Issuance (secured bonds, convertible bonds, preferred equity, asset backed, etc.) + Equity issuance (private placement, preference shares, convertible bonds, warrants) = + Cash flows from business operations Goal: Maximizing Bitcoin (Bitcoin income
Slide 5: Metaplanet Highlights
METAPLANET HIGHLIGHTS #1 Performer 6,796 Bitcoin ¥86.1 billion Ranked #1 out of 55,000 publicly listed Accumulated since adopting the Raised to Purchase Bitcoin（YTD) companies globally in 2024¹ Bitcoin Standard on 4/8/24 64k Shareholders +100x Growth #11 Ranking Globally +500% Shareholder Growth in
Slide 6: Bitcoin Highlights
BITCOIN HIGHLIGHTS Bitcoin Holdings: 6,796 / Ranked #11 Globally, #1 in Asia ❏ Acquired at a total cost of ¥90.1 billion (average of ¥13,270,989 per bitcoin as of May 12) ❏ Q1 unrealized loss of ¥7.4 billion reversed to ¥13.5 billion unrealized gain by May 12 ❏ Reached 68% of 10K BTC target in just
Slide 7: Japan's Leading Bitcoin Treasury Company
JAPAN’S LEADING BITCOIN TREASURY COMPANY Our performance since adoption of the BTC Treasury Standard BTC Holdings BTC NAV Market Cap 6,796 BTC 103.1x 138.1x Our performance in 2025 YTD (as of May 12) BTC Holdings BTC NAV Market Cap +5,034 BTC 3.9x 2.4x 7
Slide 8: Metaplanet Management Commentary
METAPLANET MANAGEMENT COMMENTARY The global economy is undergoing a structural shift—from one built on physical capital and labor to one increasingly driven by digital assets and networked systems. Meanwhile, the post-war monetary order is buckling under the pressure of sovereign debt, shifting trad
Slide 9: Financial Results
FINANCIAL RESULTS
Slide 10: Q1 2025 Consolidated Financial Summary
Q1 2025 CONSOLIDATED FINANCIAL SUMMARY 10
Slide 11: Segment Results Overview
SEGMENT RESULTS OVERVIEW Metaplanet generated a record operating profit of ¥592 million in Q1 FY2025 on ¥877 million in revenue, driven by ¥770 million from the Bitcoin Income Generation segment through option premium harvesting, and ¥104 million from Hotel Operations. The Company maintains its full-
Slide 12: Q1 2025 Revenues
Q1 2025 REVENUES Metaplanet launched its Bitcoin Income Generation strategy in Q4 2024, which has since become the company’s primary revenue engine and will remain the core driver of earnings going forward. JPY in millions Q1 25 Revenue Bitcoin Income Generation 11.9% Hotel Business 770.3 677.9 88.1
Slide 13: Q1 2025 Adjusted Income Breakdown
Q1 2025 ADJUSTED INCOME BREAKDOWN JPY in millions 12,900 6,047 593 (7,413) (32) Income / (Loss) Recorded Bitcoin Other Fair Value Adjusted from Operations Valuation Gain / Non-Operating Unofficial Mark to Pre-Tax Net Loss Items Market* Income* Note: The ¥12.9 billion fair value adjustment reflects the
Slide 14: Metaplanet's Unrealized Bitcoin Gains
METAPLANET’S UNREALIZED BITCOIN GAINS 14
Slide 15: Bitcoin Treasury Operations
Bitcoin Treasury Operations How Metaplanet is Delivering Superior Returns.
Slide 16: BTC Key Performance Indicators Calculation
BTC KEY PERFORMANCE INDICATORS CALCULATION ❏ BTC Yield is the % change, during a period, of the ratio between Total Bitcoin Holdings and Fully Diluted Shares Outstanding ❏ BTC Gain is the number of Bitcoin held by the Company at the beginning of a period multiplied by the BTC Yield over said period.
Slide 17: Exponential Growth in Bitcoin Treasury
EXPONENTIAL GROWTH IN BITCOIN TREASURY 6,796 Metaplanet holds 6796 Bitcoin, acquired for ¥90.19 Billion, at a cost of ¥13,270,989 per Bitcoin. 5,000 4,046 2,235 1,762 1,762 1,018 1,142 246 360 399 118 141 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 17
Slide 18: Accelerating Bitcoin Treasury Growth
ACCELERATING BITCOIN TREASURY GROWTH 100,000 Metaplanet’s Bitcoin Holdings Are Increasing Exponentially Displaying Linear Growth in Logarithmic Scale 10,000 21,000 1,000 10,000 6,796 4,046 1,762 100 141 399 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 EOY 2025 EOY 2026 18
Slide 19: Key Performance Indicator: BTC Yield
KEY PERFORMANCE INDICATOR: BTC YIELD BTC Yield is the % change period-to-period of the ratio between Bitcoin Holdings and Fully Diluted Shares Outstanding 19
Slide 20: Compounding BTC Yield Drives Performance
COMPOUNDING BTC YIELD DRIVES PERFORMANCE +38.0% Bitcoin per Thousand +95.6% Fully Diluted Shares 0.009715 +309.8% 0.007039 +41.7% 0.003598 0.000619 0.000878 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 “BTC Yield" is a KPI (key performance indicator) that represents the % change period-to-period of the ratio betwe
Slide 21: Rising NAV per Share Despite BTC Volatility
RISING NAV PER SHARE DESPITE BTC VOLATILITY BTC/JPY Rate BTC NAV per Share (JPY) 21
Slide 22: Accelerating Rate of Bitcoin Accumulation
ACCELERATING RATE OF BITCOIN ACCUMULATION Bitcoin Acquired per Day since 1st Purchase 22
Slide 23: Key Metrics
> IM «KEY METRICS ~
Slide 24: BTC Yield Year-to-Date and 2025 Guidance
METAPLANET BTC YIELD YEAR-TO-DATE: 170.0% 2025 GUIDANCE: FY 2025 TARGET Q/Q BTC YIELD OF 35% Target: 232% BTC Yield is the % change period-to-period of the ratio between Bitcoin Holdings and Fully 309.8% Diluted Shares Outstanding 73.3% FY25 Guidance 170.0% 35% BTC Yield Quarterly Target 95.6% 41.7%
Slide 25: Pioneering Capital Raise for Bitcoin Accumulation
PIONEERING CAPITAL RAISE FOR BITCOIN ACCUMULATION 210 Million Shares via Moving Strike Warrants Japan’s version of the “At-The-Market” Equity Facility Execution Equity Raised Volume % Innovative 87% Complete 182m Shares +7.2% of Financing 210m Share Plan ~¥76B Raised Trading Volume Share Sales 0% Di
Slide 26: ¥76.6 Billion Raised - 87% of 210M Plan
¥76.6 BILLION RAISED - 87% OF 210M PLAN 70b Share price (JPY） 600 210m Plan Proceeds (JPY) 60b 50b 500 40b 30b 400 20b 10b 300 MAR APR MAY 26
Slide 27: Why Metaplanet Trades at a Premium to NAV
WHY METAPLANET TRADES AT A PREMIUM TO NAV 27
Slide 28: mNAV Drivers: Expected BTC Yield & Future BTC Trajectory
mNAV DRIVERS: EXPECTED BTC YIELD & FUTURE BTC TRAJECTORY Market cap = BTC NAV + Present Value of Future BTC￥Gain Future BTC￥Gain = Current BTC Holdings × Expected BTC Yield × Future BTC price Factors that Drive mNAV Higher: ✅High expected BTC yield ❏ Optimize BTC yield through funding strategies tai
Slide 29: Why Does Metaplanet Trade at an mNAV Premium?
WHY DOES METAPLANET TRADE AT AN mNAV PREMIUM? Metaplanet’s Market Cap = BTC NAV + the Present Value of Future BTC￥Gain The mechanism behind the premium valuation of mNAV Market Cap FYx ce u re BTC Pri BTC￥Gain Fut BTC Yield × ted Expec old ings × FY2 s e nt BTC H Market Pre BTC￥Gain BTC BTC Cap FY1
Slide 30: Why Metaplanet Trades at a Premium to NAV
WHY METAPLANET TRADES AT A PREMIUM TO NAV ❏ Generated 170% BTC Yield YTD in 2025 (170% increase in BTC per fully diluted share) — and accelerating ❏ Japan’s leading Bitcoin Treasury Company and one of the most liquid equities on the TSE ❏ Included in multiple global and domestic ETFs, driving passiv
Slide 31: Historical Metaplanet mNAV
HISTORICAL METAPLANET mNAV 9.5 mNAV 8 6 4 3.00 2 1.0 mNAV 1.0 mNAV 1.0 mNAV 1 Oct Nov Dec 2025 Feb Mar Apr May 31
Slide 32: Metaplanet mNAV Days to Cover
METAPLANET mNAV DAYS TO COVER 195 JPY 3350 Daily Close NAV per Share Current NAV > Historical Price 300 250 Days mNAV Historical Days to Cover 200 150 May Jul Sep Nov Jan Mar May 32
Slide 33: Market Cap & BTC NAV Hit All Time Highs
MARKET CAP & BTC NAV HIT ALL TIME HIGHS 303b Metaplanet Market Cap (JPY) Metaplanet BTC Treasury (JPY) 250b 200b 150b 103.73b 50b May Jul Sep Nov 2025 Mar May 33
Slide 34: mNAV Scenario: BTC Yield Required to Reach 10K BTC
mNAV SCENARIO: BTC YIELD REQUIRED TO REACH 10K BTC Target Accretion Window 60 % Additional BTC Yield 40 % 20 % 0% 1.0 2.0 3.0 4.0 5.0 mNAV Ratio Note: Scenario analysis on the incremental BTC Yield achieved by Metaplanet to reach 10,000 BTC. 34
Slide 35: mNAV Follows a Power-Law
mNAV FOLLOWS A POWER-LAW ln(Market Cap)= 0.89×ln(Bitcoin NAV JPY) + 4.11 y=x ln (3350 Market Cap JPY ) NAV 1x m NAV 1x m mNAV 1x NAV 1x m NAV 1x m NAV 1x m ln (Bitcoin NAV JPY) 35
Slide 36: Performance Metrics
<__—~ PERFORMANCE ‘METRICS | IM
Slide 37: Metaplanet vs. Topix Core30 YTD Performance
METAPLANET VS. TOPIX CORE30 YTD PERFORMANCE 58.0% Topix Core30:▼4.0% 37 % Source: Bloomberg
Slide 38: Japanese Listcos Based on Volatility
JAPANESE LISTCOS BASED ON VOLATILITY 600 400 Since 4/8/24, When Metaplanet Adopted a Bitcoin Standard 200 0%v 20% 40% 60% 80% 100% 120% 140% 160% 180% *Historical Volatility Since 4/8/24, for Companies 38 >$100m Market Cap Source: Bloomberg
Slide 39: Metaplanet Realized Volatility
METAPLANET REALIZED VOLATILITY 250% 200% 150% 1-Year Realized Volatility 6-Month Realized Volatility 100% 3-Month Realized Volatility 2024 May Sep 2025 May 39 Source: Bloomberg
Slide 40: Japanese Listcos by Performance
JAPANESE LISTCOS BY PERFORMANCE Since 4/8/24, When Metaplanet Adopted a Bitcoin Standard -80% -40% 0% 50% 100% 150% 200% 250% 3,500% 40 Source: Bloomberg
Slide 41: Japanese Listco Sharpe Ratios
JAPANESE LISTCO SHARPE RATIOS 250 200 150 Since 4/8/24, When Metaplanet Adopted a Bitcoin Standard 100 50 -1 -.5 0 .5 1 2 3 4 5 6 7 8 14 41 Source: Bloomberg
Slide 42: Stock Price vs. Volatility for Japanese Listcos
STOCK PRICE VS. VOLATILITY FOR JAPANESE LISTCOS 150% 183% Realized Volatility +3,577% Performance Volatility 100% Since 4/8/24, When Metaplanet Adopted a Bitcoin Standard 50% 0% 500% 1,000% 3,500% *Among TSE Listed Companies with a market cap of ¥40b or more Performance Source: Bloomberg 42
Slide 43: Growing U.S. Investor Interest via $MTPLF
GROWING U.S. INVESTOR INTEREST VIA $MTPLF OTCQX ($MTPLF) Daily Volume 20% as % of TSE:3350 Volume 10% March April May 43 Source: Bloomberg
Slide 44: Increasing Interest from U.S. Investors
INCREASING INTEREST FROM U.S. INVESTORS 600 MTPLF Trading Volume (OTCQX) (JPY Billions) 3350 Trading Volume (TSE) (JPY Billions) 400 200 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May* *Volume figures in May are assumed using current volume trends projected through the end of the month 44 So
Slide 45: Growth in Metaplanet Shareholders
GROWTH IN METAPLANET SHAREHOLDERS 63,654 47,292 41,553 37,537 29,796 10,854 DEC 2023 JUN 2024 SEP 2024 OCT 2024 DEC 2024 MAR 2025 Note: Some of our shareholders are foreign securities firms like Interactive Brokers, where multiple shareholders are combined under a single name on our shareholder list.
Slide 46: Appendix
APPENDIX 46
Slide 47: Metaplanet Compared to Spot Bitcoin
METAPLANET COMPARED TO SPOT BITCOIN 47
Slide 48: Contact Us
CONTACT US @MetaPlanet_JP metaplanet.jp contact@metaplanet.jp +81-3-6772-3696 Tokyo Stock Exchange: (3350) (JP) // OTCQX: MTPLF (USA) 48