Slide 1: Fiscal Year 2025 Earnings Presentation
Fiscal Year 2025 Earnings Presentation
Slide 2: Notice Regarding Forward Looking Statements
NOTICE REGARDING FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements, including projections, targets, forecasts, strategic plans, and statements regarding future performance of Metaplanet Inc. Such statements are based on currently available information, assumptions, and
Slide 3: Important Matters Concerning the Nature and Issuance of Preferred Stock
REGARDING IMPORTANT MATTERS CONCERNING THE NATURE AND ISSUANCE OF PREFERRED STOCK At present, the only security of the Company that is tradable in the market is its common stock. The Company’s Class B Preferred Stock has been issued through a third-party allotment; however, it is currently unlisted
Slide 4: Metaplanet: Highlights
METAPLANET: HIGHLIGHTS Q4 2024 Q4 2025 Bitcoin Holdings 1,762 BTC 35,102 BTC （EoY 2024) （EoY 2025) Capital Raised JPY 10.0 Billion JPY 517.2 Billion （Cumulative through end of 2024) （Cumulative through end of 2025) Number of Shareholders 47.2k 216.5k （EoY 2024) （EoY 2025) BTC Income Operations JPY 0
Slide 5: Surpassed FY 2025 30,000 BTC Target
SURPASSED FY 2025 "30,000 BTC" TARGET #1 35,102 BTC 35,102 30,823 Largest BTC Holder in Japan⁽¹⁾ Current Bitcoin Holdings* 0.16%+ 13,350 % of Total BTC Supply⁽²⁾ 4,046 399 1,762 141 ¥527B+ Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Cumulative Capital Raised⁽³⁾ *As of December 31, 2025 (1) Sources: Pu
Slide 6: Bitcoin Holdings Ranking
BITCOIN HOLDINGS RANKING We have become the 4th largest public company holder of Bitcoin globally 1 Strategy MSTR 714,644 BTC 2 MARA Holdings, Inc MARA 53,250 BTC 3 Twenty One Capital XXI 43,514 BTC 4 3350 / MPJPY 35,102 BTC 5 Bitcoin Standard CEPO 30,021 BTC Treasury Company 6 Bullish BLSH 24,300 B
Slide 7: Milestones Toward the 1% Club
MILESTONES TOWARD THE 1% CLUB 210,000 Target: 1% of BTC Supply 100,000 35,102 30,000 100.0% 35.1% 16.7% 12/31/25 FY 25 FY 26 FY 27 Note: The target of 210,000 BTC by 2027 is a forward-looking statement based on current plans, assumptions, and market conditions, and does not guarantee future performa
Slide 8: Expansion of Our Shareholder Base
EXPANSION OF OUR SHAREHOLDER BASE 216.5 Trend in Number of Shareholders (Thousands) 128.1 63.7 37.5 47.3 29.8 10.9 Dec Jun Sep Dec Mar Jun Dec 2023 2024 2024 2024 2025 2025 2025 Note: Our shareholder base includes overseas securities firms such as National Financial Services, Charles Schwab, and Inte
Slide 9: Financial Results
METAPLANET Financial Results
Slide 10: FY 2025 Consolidated Financial Summary
FY 2025 CONSOLIDATED FINANCIAL SUMMARY JPY in millions (Losses) FY 2024 FY 2025 YoY Change Revenue 1,062 8,905 738.3% Operating Profit 350 6,287 1,694.5% Ordinary Profit 5,993 (96,141) - Net Income 4,439 (95,046) - Total Assets 30,325 505,286 1,566.2% Net Assets 16,925 458,592 2,609.6% 10
Slide 11: Segment Revenue Overview
SEGMENT REVENUE OVERVIEW [Change of Segment Name] To provide financial reporting that better reflects the actual business, we changed the segment name effective from the current consolidated fiscal year (Old: “Bitcoin Treasury Business” → New: “Bitcoin-related Operations”). [Performance Highlights] For
Slide 12: FY 2025 Revenue
FY 2025 REVENUE We launched the Bitcoin Income business in Q4 2024. Since then, this strategy has become our primary revenue source and is expected to remain a core driver of profit growth (JPY in millions) 4,254.0 Bitcoin Income Business 2,299.0 Hotel + Media 95.0％ 1,130.6 FY 2025 Revenue Breakdown
Slide 13: Breakdown of FY 2025 Net Profit
BREAKDOWN OF FY 2025 NET PROFIT (JPY in millions) 6,287 (102,188) (242) (96,141) Operating BTC Valuation Other Non-operating FY 2025 Profit/Loss Gain/Loss Income/Loss Pre-tax Profit 13
Slide 14: Accounting BTC Valuation Gain/Loss vs. Economic Impact on Net Assets
ACCOUNTING BTC VALUATION GAIN/LOSS VS. ECONOMIC IMPACT ON NET ASSETS (JPY in billions) B/S uses closing rate (JPY depreciation effects included) Valuation Loss (102.2) FX Adjustment 19.3 P/L uses period average rate 2025 BTC Acquisition Cost (Yen depreciation effect excluded) 564.4 Economic Impact o
Slide 15: Metaplanet Capital Structure
METAPLANET CAPITAL STRUCTURE Financial Soundness Indicator Equity Ratio 90.7% Net Assets BTC NAV Liabilities JPY 481.5B JPY 458.5B Others(1) JPY 23.8B JPY 46.7B Total Assets Liabilities & Net Assets (As of Dec 31, 2025) (As of Dec 31, 2025) (1) Others: Amount calculated by deducting BTC NAV from Tot
Slide 16: Robust Financial Foundation
ROBUST FINANCIAL FOUNDATION Liabilities and Preferred Stock fully covered even in the event of an 86% BTC price decline JPY 13.72M BTC Price JPY 1.93M BTC Price JPY 481.5B 86% BTC Price Decline JPY 67.9B JPY 67.9B JPY 67.9B BTC NAV Liabilities & BTC NAV Liabilities & (As of Dec 31, 2025) Preferred S
Slide 17: Fiscal Year 2026 Outlook
FISCAL YEAR 2026 OUTLOOK (JPY in millions) Revenue Operating Profit FY 2025 Actual 8,905 6,287 FY 2026 Forecast 16,000 11,400 YoY Change 79.7% 81.3% Note: Due to the volatility of Bitcoin prices, it is difficult to accurately forecast future valuations as of December 31, 2025. Consequently, we have el
Slide 18: Bitcoin Treasury Operations
Bitcoin Treasury Operations
Slide 19: About Bitcoin Treasury Operations
ABOUT BITCOIN TREASURY OPERATIONS Debt Financing ・Corporate bonds ・Bitcoin-backed credit facilities Equity Financing ・Private Placement ・Preferred Stock ・Convertible Bonds ・Warrants Cash Flow from Operations Maximizing ・Bitcoin Income Business ・Bitcoin Japan Bitcoin per Share ・Project NOVA (Under de
Slide 20: KPI: BTC Yield
KPI: BTC YIELD BTC Yield: The rate of change in Bitcoin holdings per fully diluted share outstanding over a specific period 6/30/2024 12/31/2024 12/31/2025 (Baseline) Total Bitcoin Holdings 141.07 1,761.98 35,102 Issued Common Shares 181,692,180 362,683,340 1,142,274,340 Fully Diluted Shares Outstand
Slide 21: KPI: BTC Yield
KPI: BTC YIELD +11.9% +33.0% Compounding Bitcoin Per Share Bitcoin per Thousand +129.4% Fully Diluted Shares +95.6% +309.8% +41.7% 0.000619 0.000878 0.003598 0.007039 0.016151 0.021489 0.024049 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 “BTC Yield" is a KPI (key performance indicator) that represents
Slide 22: BTC Key Performance Indicators Calculation
BTC KEY PERFORMANCE INDICATORS CALCULATION BTC Yield is the % change, during a period, of the ratio between Total Bitcoin 33,340 35,102 Holdings and Fully Diluted 1,762 BTC Holdings Shares Outstanding × 568.26% BTC Yield = 10,013 BTC Gain BTC Gain is the number of × ¥13.83m BTC Price Bitcoin held by
Slide 23: BTC Holdings Growth Has Significantly Outpaced Dilution
BTC HOLDINGS GROWTH HAS SIGNIFICANTLY OUTPACED DILUTION SINCE BITCOIN TREASURY STRATEGY INCEPTION Total Bitcoin Holdingsの成長は、 35,102 Fully Diluted Shares Outstandingの増加を超過 1,459,627 +541% +24,795% 227,692 141 Fully Diluted Shares Outstanding (Unit: thousands) Total Bitcoin Holdings 23
Slide 24: Equity Capital Markets Financing Track Record
EQUITY CAPITAL MARKETS FINANCING TRACK RECORD Acquired Bitcoin through capital raises exceeding JPY 500 billion since the adoption of the Bitcoin Treasury Strategy JPY 21.2B JPY 527.2B JPY 205.4B JPY 187.8B JPY 93.3B JPY 10.0B JPY 9.5B Rights Offering MS Warrants 21 Million Plan 555 Plan Internation
Slide 25: Capital Allocation Framework
CAPITAL ALLOCATION FRAMEWORK Committed to maximizing BTC per share regardless of mNAV levels mNAV Maximize mNAV ≤ 1.0x BTC per share > 1.0x BTC Yield Buyback / Prefs Maximize BTC per share using Equity Issuance / Prefs Effective in low-mNAV conditions the optimal instrument Effective in high-mNAV co
Slide 26: Expanding Access to Overseas Investors
EXPANDING ACCESS TO OVERSEAS INVESTORS Establishment of Sponsored Level I ADR (American Depositary Receipt) Program Item Details Type of Program Sponsored Level I ADR Program Trading Market US OTC Market Trading Start Date December 19, 2025 (EST) Exchange Ratio 1 ADR = 1 Share CUSIP Number 59141L 10
Slide 27: Metaplanet
METAPLANET |
Slide 28: What Is MARS? Overview of Class A Prefs
WHAT IS MARS? OVERVIEW OF CLASS A PREFS ● MARS stands for Metaplanet Adjustable Rate Security, a JPY-denominated Perpetual Preferred Stock ● Offers monthly dividends with a mechanism to adjust the dividend amount monthly based on the post-listing market price (Annual dividend yield adjusts within a
Slide 29: What Is MERCURY? Overview of Class B Prefs
WHAT IS MERCURY? OVERVIEW OF CLASS B PREFS ● MERCURY stands for Metaplanet Convertible for Return & Yield, a JPY-denominated Perpetual Preferred Stock ● Offers a fixed annual dividend of JPY 49 paid quarterly (4.9% based on a Base Price of JPY 1,000), combined with a conversion feature linked to shar
Slide 30: Advantages of Metaplanet Prefs
ADVANTAGES OF METAPLANET PREFS Strengthening And Diversification No Maturity Date, Minimizing Of Capital Raising Methods Refinancing Risk ● Funds raised through the issuance of ● Functions as long-term, stable capital while preferred shares will be principally allocated capturing maximum BTC Yield to
Slide 31: Issuance of Class B Prefs via Third-Party Allotment
ISSUANCE OF CLASS B PREFS VIA THIRD-PARTY ALLOTMENT OVERVIEW OF CLASS B PREFS ISSUANCE Number of Shares / Voting Rights 23,610,000 shares / Voting Rights: None Issue Price JPY 900 per share Total Funds Raised JPY 21,249 Million Payment Date December 29, 2025 Quarterly Dividend JPY 12.25 per share (A
Slide 32: Investment Highlights: Class B Prefs Yield
INVESTMENT HIGHLIGHTS: CLASS B PREFS Providing Fixed Yield Above Japanese Deposits & 10-year JGBs 4.9% ~0.184% ~2.22% Average Japanese 10-Year Metaplanet Deposit Rate JGB Yield Class B Prefs (Base Price : JPY 1,000) Yield (Source) Prepared by the Company based on data from the Bank of Japan and Bloo
Slide 33: Seniority: Expected Volatility of Class B Prefs
EXPECTED VOLATILITY OF CLASS B PREFS (CONCEPTUAL DIAGRAM) High MARS Metaplanet Adjustable Rate Security (Variable, Monthly Dividend, Non-Convertible, Cumulative) Class A: Low Volatility, Stable Price SENIORITY MERCURY Metaplanet Convertible for Return + Yield (Fixed Dividend, Cumulative, Convertible
Slide 34: Expected Dividend Yield of Class B Prefs
EXPECTED DIVIDEND YIELD OF CLASS B PREFS (CONCEPTUAL DIAGRAM) High YIELD MARS MERCURY Metaplanet Adjustable Rate Security Metaplanet Convertible for Return + Yield (%) (Variable, Monthly Dividend, Non-Convertible, Cumulative) (Fixed Dividend, Cumulative, Convertible) Class A: Low Volatility, Stable
Slide 35: Capital Policy: Common + Preferred Synergies
CAPITAL POLICY: COMMON + PREFERRED SYNERGIES Common + Preferred Hybrid Capital Strategy Combining Non-dilutive Class A Prefs & Convertible Class B Prefs with common stock Establishing a Value-Amplifying Capital Structure Maximizing BTC per share, driven by three capital instruments 35
Slide 36: The Numbers Prove the Advantage of Common + Prefs
THE NUMBERS PROVE THE ADVANTAGE OF COMMON + PREFS Reference Example: Market Environment: mNAV 1.25x Funding Scale: +40% to BTC NAV Common Stock Only Common + Class A Common + Class B Common Stock (+16%) Common Stock (+16%) Full funding via Common Stock (+32%) + Equal Class A Issuance + Equal Class B
Slide 37: Secure The Future With Bitcoin
Secure The Future With Bitcoin metaplanet.jp @metaplanet_jp