Slide 1: Q1 2026 Earnings Presentation
Q1 2026 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. (“the Company”). Such statements are based on currently available information,
Slide 3: Important Matters Regarding the Nature and Issuance of Securities
IMPORTANT MATTERS REGARDING THE NATURE AND ISSUANCE OF SECURITIES As of the date hereof, the only securities of the Company that are tradable in the market are its common shares. The class B preferred shares (“MERCURY”) have been issued through a third-party allotment; however, they are unlisted and
Slide 4: Q1 2026 Highlights
Q1 2026 HIGHLIGHTS Current Bitcoin Holdings(1) Capital Raised 40,177 BTC ¥580.2B Total cumulative amount since the adoption of the Bitcoin Cumulative since the adoption of the Bitcoin Standard Standard Number of Shareholders Consolidated Revenue 250K+ ¥3.08B Approximately 3.93x increase YoY Approxim
Slide 5: Historical Bitcoin Holdings
HISTORICAL BITCOIN HOLDINGS 40,177 Current Bitcoin Holdings 35,102 40,177 BTC 30,823 Quarterly Accumulation 13,350 4,046 399 1,762 141 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 5
Slide 6: Bitcoin Holdings - Publicly Listed Companies
BITCOIN HOLDINGS - PUBLICLY LISTED COMPANIES 1 Strategy 818,869 2 Twenty One Capital 43,514 3 40,177 4 MARA Holdings, Inc 38,689 5 Bitcoin Standard 30,021 Treasury Company 6 Bullish 24,300 7 Coinbase Global, Inc. 16,492 8 Riot Platforms, Inc. 15,680 The Company ranks third worldwide among publicly l
Slide 7: Equity Capital Markets Financing Track Record
EQUITY CAPITAL MARKETS FINANCING TRACK RECORD ¥40.8B ¥580.2B ¥12.3B ¥21.2B ¥205.3B ¥187.8B ¥93.3B ¥10.0B ¥9.5B Rights MS 21 Million Plan 555 Plan International MERCURY Common Stock Common Stock Total Capital Offering Warrants Offering & Warrants & Warrants Raised 7
Slide 8: Expansion of Our Shareholder Base
EXPANSION OF OUR SHAREHOLDER BASE 250,029 Trend in Number of Shareholders +3.93x 63,654 March 31, March 31, 2025 2026 （Note）Our shareholder base includes overseas securities firms such as National Financial Services, Charles Schwab, and Interactive Brokers. On our shareholder register, multiple share
Slide 9: Q1 2026 Consolidated Revenue Trend (YoY)
Q1 2026 CONSOLIDATED REVENUE TREND (YOY) (JPY in millions) 3,080.0 Bitcoin-Related Operations Hotel + Media 2,983.7 96.9% Q1 2026 Revenue Breakdown +3.51x 877.2 772.8 104.3 96.2 Q1 2025 Q1 2026 9
Slide 10: Key BTC Performance Metrics (KPIs)
KEY BTC PERFORMANCE METRICS (KPIs) Change in BTC per Share (%) Amount of BTC increased without dilution BTC Yield BTC Gain Growth in BTC Per Share Beginning BTC Holdings × BTC Yield BTC Gain valued in JPY Assumed Diluted Shares Outstanding BTC ¥ Gain Sum of the following items as of the reference da
Slide 11: KPI: BTC Yield
KPI: BTC YIELD BTC Yield: The rate of change in Bitcoin holdings per Assumed Diluted Shares Outstanding over a specific period 2025/3/31 2025/6/30 2025/9/30 2025/12/31 2026/3/31 Total Bitcoin Holdings 4,046 13,350 30,823 35,102 40,177 Issued Common Shares 459,823,340 654,714,340 1,140,974,340 1,142,2
Slide 12: Trend in Our BTC Holdings per Share
TREND IN OUR BTC HOLDINGS PER SHARE +2.8% +11.9% BTC per 1,000 Assumed +33.0% Diluted Shares +129.4% +95.6% +309.8% +41.7% 0.000619 0.000878 0.003598 0.007039 0.016151 0.021489 0.024049 0.024731 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 12
Slide 13: BTC Key Performance Indicators Calculation
BTC KEY PERFORMANCE INDICATORS CALCULATION BTC Yield is the % change, during a period, of the ratio between Total Bitcoin 5,075 40,177 Holdings and Fully Diluted 35,102 BTC Holdings Shares Outstanding × 2.84% BTC Yield = 997 BTC Gain BTC Gain is the number of × ¥10.61m BTC Price Bitcoin held by the
Slide 14: Q1 2026 Financial Results
METAPLANET Q1 2026 Financial Results
Slide 15: Management Commentary
MANAGEMENT COMMENTARY For the first time in half a century, the foundational architecture of money is being rebuilt. Capital is migrating from closed institutions onto open, internet-native networks, where it can form, settle, and be verified without intermediation. At the center stage of this transit
Slide 16: Management Commentary
MANAGEMENT COMMENTARY Within Japan, the Company holds approximately 87% of all BTC held by listed companies as of May 2026, a position it intends to continue building. At the same time, the Company is preparing for the broader institutionalization of the asset class. On April 10, 2026, Japan's Cabin
Slide 17: Q1 2026 Consolidated Financial Summary
Q1 2026 CONSOLIDATED FINANCIAL SUMMARY (1) Consolidated Operating Results （JPY in millions） Q1 2025 Q1 2026 YoY Revenue 877 3,080 +251.1% Operating Profit 592 2,267 +282.5% Ordinary Profit (Loss) (6,852) (114,928) － Net Income (Loss) for the (5,046) (114,493) － Quarter (2) Consolidated Financial Posit
Slide 18: Segment Results Overview
SEGMENT RESULTS OVERVIEW Q1 2025 Q1 2026 (JPY in millions) (JPY in millions) Bitcoin-Related Hotel Corporate Bitcoin-Related Hotel Corporate Consolidated Consolidated Operations(1) Business & Other Operations Business & Other Total Revenue 772.8 104.3 － 877.2 Total Revenue 2,983.7 96.2 － 3,080.0 Tot
Slide 19: Q1 2026 Accounting BTC Valuation Gain/Loss and Impact on BTC NAV
Q1 2026 ACCOUNTING BTC VALUATION GAIN/LOSS AND IMPACT ON BTC NAV (For reference) Based on BTC price as of May 12, 2026 (JPY in billions) Q1 2026 B/S uses closing rate BTC Acquisition Cost BTC Price Impact Since End-March 2026 65.2 Valuation Loss FX Adjustment 78.7 (116.3) 5.3 5/12/2026 Q4 2025 P/L u
Slide 20: Metaplanet Capital Structure
METAPLANET CAPITAL STRUCTURE Financial Soundness Indicator Equity Ratio 86.2% Net Assets BTC NAV Debt ¥435.7B ¥402.9B Others(1) Of which: Credit Of which: Cash & Deposits ¥23.8B Facility(2) ¥61.0B ¥30.9B ¥63.6B Total Assets Debt & Net Assets (As of March 31, 2026) (As of March 31, 2026) (1) Others:
Slide 21: Robust Financial Foundation
ROBUST FINANCIAL FOUNDATION Debt and Preferred Stock covered even in the event of an 80% BTC price decline ¥10.61M BTC Price ¥2.12M BTC Price ¥435.7B 80% BTC Price Decline ¥87.3B ¥87.3B ¥87.3B BTC NAV Debt & Prefs(1) BTC NAV Debt & Prefs (As of March 31, 2026) (As of March 31, 2026) (1) Total amount
Slide 22: FY2026 Full-Year Forecast and Q1 Progress
FY2026 FULL-YEAR FORECAST AND Q1 PROGRESS (JPY in millions) Revenue Operating Profit FY 2025 Actual 8,905 6,287 FY 2026 Forecast 16,000 11,400 Q1 2026 Actual (Progress Rate) 3,080 (19.2%) 2,267 (19.8%) Note: Due to the volatility of Bitcoin prices, it is difficult to accurately predict future values a
Slide 23: Bitcoin Treasury Operations
Bitcoin Treasury Operations
Slide 24: Our Bitcoin Treasury Strategy
OUR BITCOIN TREASURY STRATEGY BTC as a Store Maximizing Diversified BTC of Value BTC per Share Operations Positioning Bitcoin as our Prioritizing the growth of Integrating operations and core treasury asset BTC holdings per share BTC acquisitions to enhance capital efficiency 24
Slide 25: How Bitcoin Treasury Operations Work
HOW BITCOIN TREASURY OPERATIONS WORK Maximize Raise Capital Acquire BTC BTC per Share Common stock, preferred Continuous Value creation via stock, debt financing etc strategic accumulation aligning growth with shareholder interests 25
Slide 26: Diversified Capital Raising Structures for Maximizing BTC per Share
DIVERSIFIED CAPITAL RAISING STRUCTURES FOR MAXIMIZING BTC PER SHARE Equity Financing ・Private Placement ・Preferred Stock ・Convertible Bonds ・Warrants Debt Financing ・Corporate bonds ・Preferred Stock ・Bitcoin-backed credit facilities Maximizing Cash Flow from Operations ・Bitcoin Income Generation BTC
Slide 27: Metaplanet's Equity Financing Is BTC Accretive
METAPLANET’S EQUITY FINANCING IS “BTC ACCRETIVE” BTC Accretive: Increasing BTC per Share in excess of share dilution Hotel Business Metaplanet (BTC Strategy) ➔ Equity financing (EPS dilution occurs) ➔ Equity financing (Potential Dilution) ➔ Construct hotels ➔ Acquisition of BTC ➔ Multi-year time lag u
Slide 28: Illustrative Diagram of BTC Accretion
ILLUSTRATIVE DIAGRAM OF BTC ACCRETION If BTC holdings grow proportionally faster than the share count, BTC per Share increases even after dilution BTC VS Holdings Shares BTC Shares Holdings Current Post-Issue Current Post-Issue Assumed Diluted BTC Holdings Shares Outstanding 28
Slide 29: Growth in Bitcoin Holdings Surpasses Increase in Assumed Diluted Shares
GROWTH IN TOTAL BITCOIN HOLDINGS SURPASSES THE INCREASE IN ASSUMED DILUTED SHARES 40,177 Comparison since Bitcoin Standard Adoption 1,624,499 +7.13x +284.94x 227,692 141 Assumed Diluted Total Bitcoin Holdings Shares Outstanding (in thousands) 29
Slide 30: Key KPI: What Is mNAV?
KEY KPI: WHAT IS MNAV? The ratio of Enterprise Value to the market value of the Company’s Bitcoin holdings Calculated as: mNAV = Enterprise Value (EV) ÷ BTC NAV (Market Cap + Debt + Prefs - Cash) (BTC Net Asset Value) mNAV > 1.0x mNAV ＜1.0x The market values the enterprise The market values the ente
Slide 31: Capital Allocation Policy
CAPITAL ALLOCATION POLICY mNAV ≤ 1.0x Maximizing mNAV > 1.0x ・Preferred Stock ・Credit Facilities Shareholder ・Common Stock ・Preferred Stock ・Share Repurchases Value ・Credit Facilities "Non-commitment Rights Offerings" are also positioned as an option when deemed beneficial to mid-to-long-term shareho
Slide 32: Relationship Between Bitcoin Acquisition and Income Generation
RELATIONSHIP BETWEEN BITCOIN ACQUISITION AND INCOME GENERATION ₿ BTC Long-term ¥ ₿ Holdings Capital Raising Immediate BTC Purchase (Fixed Assets) Announced promptly BTC-Related Derivative Transactions (e.g., Option Writing) Lower Average ₿ BTC Long-term Option Premium Income Holdings BTC Acquisition
Slide 33: Example of Income Generation: Put Option Writing Mechanism
EXAMPLE OF INCOME GENERATION: PUT OPTION WRITING MECHANISM Post Cash Collateral BTC Option Underwriting Option Expiration BTC Price Falls BTC Price Rises Acquire BTC at Strike Price Put Option Expires Worthless 33
Slide 34: Income Generation & Effective Net Acquisition Cost
INCOME GENERATION & EFFECTIVE NET ACQUISITION COST ? Weighted Average Acquisition Cost [Actual Example] Q1 2026 ▸ Reported weighted average acquisition cost reflects BTC BTC Acquired: 5,075 BTC purchase price only ▸ Income Generation revenue is recorded separately and not Weighted Average reflected in
Slide 35: Building Japan's Institutional Bitcoin Platform
ANNOUNCED ANNOUNCED Building Japan's Institutional Other Additional Bitcoin Platform Businesses IN DEVELOPMENT 35
Slide 36: Bitcoin-Related Securities & Fund Offerings
Bitcoin-Related Securities & Fund Offerings Bitcoin Income Bitcoin Securities Managed Products & Wrappers Strategies = = = Structured yield products JPY-denominated Bitcoin Discretionary and systematic built on our proven exposure vehicles for Bitcoin portfolio strategies options expertise instituti
Slide 37: Investing in Companies and Technologies That Grow Bitcoin Adoption
Investing in companies and technologies that grow Bitcoin adoption in Japan and globally ◆ Digital Asset Infrastructure ◆ Bitcoin Collateral Management = ◆ Stablecoins & Payments ◆ Bitcoin Software & Hardware Japan-focused. Bitcoin-first. Financial returns + strategic optionality for Metaplanet's pla
Slide 38: Racing to Year Zero
RACING TO YEAR ZERO In 2028 Bitcoin becomes a regulated financial asset in Japan PRODUCT / FEATURE LAYER (To be expanded as the regulatory environment matures) Roadmap Roadmap Roadmap Roadmap BUSINESS LAYER LAUNCH LAUNCH FOUNDATION LAYER Custody & Core Infrastructure BUILDING 38
Slide 39: Appendix
Appendix 39
Slide 40: STRC: World's Largest Tradable Pref in 9 Months
STRC: WORLD’S LARGEST TRADABLE PREF IN 9 MONTHS May 12: $8.5 billion IPO: $2.8 billion Aug 25 Oct 25 Dec 25 Feb 26 Apr 26 40
Slide 41: Why EV-Based mNAV Is the Primary Metric
WHY EV-BASED MNAV IS THE PRIMARY METRIC Definition of EV-Based mNAV = (Market Cap + Debt + Preferred Stock - Cash) / BTC NAV i Assesses whether equity issuance is accretive to common-shareholder BTC exposure per share, accounting for senior claims from Debt & Prefs Market Cap-Based ✅EV-Based Market C
Slide 42: BTC Flywheel Effect
BTC FLYWHEEL EFFECT Expansion Cycle of BTC Exposure Attributable to Common Shareholders 01 Use of Capital Leverage Financing through Debt and Prefs 05 02 Capital Recycling BTC Acquisition By repeating this Utilizing mNAV to raise common equity capital, reduce senior Additional BTC purchases using ra
Slide 43: Conceptual Diagram: BTC per Share Growth Driven by the BTC Flywheel Effect
CONCEPTUAL DIAGRAM: BTC PER SHARE GROWTH DRIVEN BY THE BTC FLYWHEEL EFFECT Illustrative Compound Growth of BTC per 1,000 2.59x 2.59x Assumed Diluted Shares (In Sats) 2.36x BTC per Share Growth 2.14x Multiple 1.95x 1.77x 1.61x 1.46x 1.10x 1.21x 1.33x 10 Years 1.00x Simulation Period +10% 2,405K 2,645
Slide 44: Secure the Future with Bitcoin
SECURE THE FUTURE WITH BITCOIN metaplanet.jp @Metaplanet