Slides
Page 1
Q3 2025 Earnings Presentation
Page 2
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 expectations that we believe to be reasonable at the time of publication. Forward-looking statements involve inherent risks and uncertainties that may cause actual results, performance, or achievements to differ materially from those expressed or implied. These risks include fluctuations in market conditions, foreign exchange rates, interest rates, regulatory developments, changes in economic or political conditions, and other factors beyond the Company's control. Metaplanet Inc. makes no representation or warranty as to the accuracy, completeness, or ongoing validity of the information contained herein and undertakes no obligation to update or revise any forward-looking statements except as required by applicable laws and regulations. Nothing in this presentation constitutes an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction. All references to perpetual preferred shares are hypothetical. The Company has filed shelf registration statements but no securities have been issued or offered for sale. All perpetual preferred share terms, structures, dividend rates, and financial projections presented are illustrative examples only and do not represent actual or committed terms. If approved by shareholders and subsequently issued, actual terms may differ materially from those described herein. Bitcoin prices are highly volatile and unpredictable. Past performance does not guarantee future results. The Company's bitcoin treasury strategy may result in significant losses. Performance comparisons, volatility measures, and ranking data are based on historical information and may not be indicative of future performance. This presentation includes non-GAAP financial measures, including "BTC Yield," "BTC NAV," "mNAV," and related metrics that are not recognized under generally accepted accounting principles and should not be considered as alternatives to GAAP measures. BTC Yield represents the percentage change in the ratio of Bitcoin holdings to fully diluted shares outstanding and is not an operating performance measure or indicator of liquidity. Sensitivity analyses and scenario modeling are based on assumptions that may not materialize and are for illustrative purposes only. Certain information has been obtained from third-party sources believed to be reliable, but the Company makes no representation as to accuracy or completeness. Market size estimates, competitive positioning data, and industry statistics are subject to change. Investors are advised to exercise caution and conduct their own due diligence before making any investment decisions based on information included in this presentation. 2 NOTICE REGARDING FORWARD LOOKING STATEMENTS
Page 3
Most Equity Capital Raised in Japan since adopting the Bitcoin Standard on 4/8/24 +412% Shareholder Growth in one year 212k Shareholders ¥555 Billion Pref Accumulated since adopting the Bitcoin Standard on 4/8/24 Outstanding Shelf Registration for Two Classes of Perpetual Preferred Shares 30,823 Bitcoin #1 Capital Raised METAPLANET HIGHLIGHTS 3
Page 4
30,823 13,350 4,0461,762399141 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Exceeded FY25 Target of 30,000 BTC Metaplanet holds 30,823 Bitcoin, acquired for ¥489.870 Billion, at a cost of ¥15,893,013 per Bitcoin. METAPLANET’S BITCOIN TREASURY 4
Page 5
30,823 30,000 100,000 210,000 9/30/25 FY 25 FY 26 FY 27 102.7% 30.8% 14.7% 210,000 BTC target by 2027 is forward-looking and may not be achieved. Target: 1% of Bitcoin Supply PROGRESS TOWARD THE 1% CLUB MILESTONE 5
Page 6
12/23 6/24 9/24 12/24 10.9 29.8 37.5 3/25 63.7 6/25 47.3 128.1 10/25 212.6 Note: Some of our shareholders are foreign securities firms like National Financial Services, Charles Schwab, and Interactive Brokers, where multiple shareholders are combined under a single name on our shareholder list. As a result, these figures are underestimated. Metaplanet Shareholders GROWTH IN METAPLANET SHAREHOLDERS 6 (in Thousands)
Page 7
BTC Spread BTC $ Gain / BTC Capital (as %) % of BTC Capital Resulting in BTC Gain BTC $ Gain ≈ Acquisition Income (USD) BTC Gain × Current BTC Price BTC Gain expressed in USD terms These Key Performance Indicators answer: "Are we acquiring BTC in a way that increases per share bitcoin exposure?" BTC Spread shows how efficiently we're doing it. ≈ Growth in Book Value per Share % Change in BPS from Period Start to End % change in BTC per share over a period ≈ Acquisition Income (BTC terms) Starting BTC Holdings × BTC Yield Equivalent BTC acquired with no dilution BTC Yield BTC Gain Example: 1,762 BTC × 459% BTC Yield = 8,091 BTC Gain Example: 8,091 BTC Gain × $119k = $962.8m BTC $ Gain ≈ Efficiency Ratio Example: $80m BTC $ Gain / $100m BTC Capital = 80% BTC Spread BTC PERFORMANCE KPIs 7
Page 8
8 KPI: BTC YIELD BTC Yield is the % change period-to-period of the ratio between Bitcoin Holdings and Fully Diluted Shares Outstanding
Page 9
“BTC Yield" is a KPI (key performance indicator) that represents the % change period-to-period of the ratio between our bitcoin holdings and our Fully Diluted Shares Outstanding. We use this KPI to help assess the performance of our bitcoin acquisition strategy – it is not an operating performance measure or a financial or liquidity measure. Projections and targets are for illustrative purposes only and are subject to market conditions, risks, and uncertainties. Past performance does not guarantee future results. Q3 24 Q4 24 Q1 25 Q2 25Q2 24 +41.7% +309.8% +95.6% +129.4% 0.000619 0.000878 0.003598 0.007039 0.016151 9 0.021489 +33.0% 8/12/25 KPI: BTC YIELD Bitcoin per Thousand Fully Diluted Shares Compounding Bitcoin Per Share
Page 10
12/31/2024 BTC Holdings YTD 2025 BTC Purchased 9/30/25 BTC Holdings 1,762 29,061 30,823 BTC Gain 8,746 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. BTC ¥ Gain is the yen value of BTC Gain calculated based on the market price of Bitcoin as of the end of the period. 1,762 × 496.4% = 8,746 8,746 × ¥16.8m = ¥147.0B BTC Holdings BTC Yield BTC Gain BTC Gain BTC Price BTC ¥ Gain 10 BTC KEY PERFORMANCE INDICATORS CALCULATION
Page 11
Q3 2025 Financial Results
Page 12
12 Q3 2025 CONSOLIDATED FINANCIAL SUMMARY
Page 13
Metaplanet reported Q3 FY 2025 operating profit of ¥1.34 billion on revenue of ¥2.40 billion, reflecting continued momentum in the Bitcoin Income Generation segment. This segment generated ¥2.30 billion in revenue, primarily from BTC cash-secured put option premiums, up significantly from ¥1.13 billion in Q2. Consistent with prior quarters, unrealized Bitcoin valuation gains of ¥10.61 billion are excluded from our core P&L guidance. We reaffirm our full-year forecast of ¥6.8 billion in revenue and ¥4.7 billion in operating profit, underpinned by stable premium flows and disciplined capital management. Looking ahead, our intention is to continue scaling the Bitcoin Income Generation business, with premium income allocated to servicing dividends on future perpetual preferred issuances, and excess cash flow reinvested to support further Bitcoin acquisition and growth of the strategy. 13 SEGMENT RESUL TS OVERVIEW Q2 2025 Q3 2025
Page 14
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 revenue going forward. Q3 2024 Q1 2025Q4 2024 Q2 2025 JPY in millions 95.8% Bitcoin Income Generation Hotel + Media 82.2 121.7 689.8 770.3 104.4 108.4 1,130.6 4.2% 2,299.0 Q3 2025 101.0 Q3 2025 REVENUES 14
Page 15
Operating Income Recorded Bitcoin Valuation Gain Pre-Tax Net Income JPY in millions Other Non-Operating Items 15 1,339 10,609 716 12,664 Q3 2025 INCOME BREAKDOWN
Page 16
OUR MISSION Transform Japan's multi-trillion dollar fixed income capital market through the introduction of digital credit.
Page 17
17 Hybrid Security: Between Debt and Common Equity Debt Contractual Obligations • Fixed Maturity • Refinancing Risk • Senior Recovery Preferred Equity Pays Dividends • Liquidation Priority • Convert Potential • Limited/No Voting Rights • Hybrid Nature Common Equity Residual Claims • Voting Rights • Variable Returns • Dilution Risk • Unlimited Upside CAPITAL STRUCTURE THEORY: What Is Preferred Stock? What is Preferred Stock? A Hybrid security combining features of stocks and bonds. Represents ownership with priority claims over common shares on assets and earnings. Can be rated by credit agencies but is classified as equity, not debt. CAPITAL STRUCTURE Hybrid Status Hybrid Nature: Combines bond-like income predictability with equity's permanent capital structure and issuer payment flexibility. Legal Classification: Classified as equity despite debt-like features including fixed payments, credit ratings, and seniority over common stock. Types of Preferred Structures ● Cumulative: Missed dividends accumulate ● Non-Cumulative: Missed dividends lost ● Convertible: Can convert to common equity ● Fixed/Adjustable Rate: Flexible rate structures ● Perpetual/Dated: Flexible term structures Key Characteristics ● Dividend priority over common shares ● Typically limited/no voting rights ● Fixed or floating dividends ● Higher liquidation claim than common ● May have maturity or be perpetual
Page 18
Since adopting a full Bitcoin standard in April 2024—becoming the world’s second public company to do so after Nasdaq-listed Strategy (MSTR)—our strategy has been validated as more than 150 listed companies globally now hold Bitcoin as a reserve asset, reinforcing our early leadership. Amid shifting capital conditions, equity valuations have compressed relative to corporate Bitcoin holdings. When our mNAV (Enterprise Value / Bitcoin NAV) approaches 1.0x, relying solely on common equity to fund Bitcoin acquisitions becomes inefficient. Viewed through BTC Yield—the rate of Bitcoin per fully diluted share—issuance efficiency is directly linked to enterprise valuation. Under our Capital Allocation Policy (October 28, 2025), we are prioritizing perpetual preferred stock as a more effective financing tool with respect to the current market conditions. Bitcoin is a perpetual asset, and our capital structure should reflect that. Perpetual preferreds provide fixed dividend obligations and permanent equity capital—enhancing balance sheet strength with no maturity or refinancing risk. As disclosed, we have begun to engage with the Tokyo Stock Exchange regarding a potential listing and will disclose updates as appropriate, with shareholders previously having authorized two perpetual preferred classes (A and B) with a corresponding shelf registration. “Metaplanet Prefs” are designed to (i) enhance BTC Yield, (ii) increase operating leverage as Bitcoin appreciates, and (iii) provide perpetual capital with no repayment obligation. When mNAV materially exceeds 1.0x, common equity may again be more efficient; for now, preferred issuance is the optimal path given our balance sheet scale and access to fixed-income capital— something we believe will be a key competitive edge among global peers and competitors. We call this broader innovation Digital Credit—Bitcoin-backed fixed income aligning perpetual capital with a perpetual asset. Metaplanet Prefs aim to pioneer this market in Japan: yield-bearing, Bitcoin-backed securities that deliver steady returns with lower levels of volatility to investors, and durable, non-maturing capital to the Company. As high-yield credit in the 1980s expanded corporate finance and mortgage-backed securities in the 1970s transformed consumer credit, Digital Credit represents the next evolution—anchoring fixed income to verifiable, incorruptible collateral, free from counterparty and debasement risk. Our goal is clear: to establish the architecture of Digital Credit in Japan, scale perpetual capital around a perpetual asset, and define the next era of global finance—while compounding Bitcoin per share for our common stock shareholders. 18 METAPLANET MANAGEMENT COMMENTARY
Page 19
Perpetual Preferreds¹Common Equity BTC Accumulation: Our Enduring Mission CORE ENGINE Bitcoin Treasury Operations ● Proven execution with ¥500B+ raised. ● Accretive operations above 1.0x NAV. ● Direct Bitcoin exposure for shareholders. ● Permanent leverage without refinancing. ● High yield for Japanese investors¹. ● 25% of NAV target capacity. ● Highly accretive irrespective of mNAV. Maximize BTC per Share. Two Complementary Instruments; One Goal: Class A and Class B Perpetual Preferred Shares were approved at the Extraordinary General Meeting of Shareholders held on September 1, 2025, and the issuance registration has been completed; however, no shares have been issued to date. The dividend rate is capped at 6% per annum, with final terms to be determined in due course. The Company is also considering the potential listing of these preferred shares. Listing would require prior consultation with the stock exchange and a subsequent formal listing examination, but no such consultation has commenced at this time. Accordingly, there remains a possibility that listing approval will not be granted. This document is provided solely for informational purposes and does not constitute an offer to sell, or a solicitation of an offer to buy, any securities. 19
Page 20
Market Cap BTC NAV Debt Bitcoin Assets As of November 11 2025 Enterprise Value As of November 11 2025 $0.232B $3.063B Income Gen* $0.124B $3.239B METAPLANET CAPITAL STRUCTURE 20
Page 21
~0.5%$7.5T Meeting Japan's Demand for Yield CORE ENGINE ▶ PREFS Perpetual Preferreds Japanese Household Savings (Cash and deposits) Domestic Short End Yields Permanent leverage amplifying Bitcoin accumulation while providing sustainable yield to investors globally. Part of Core Treasury Operations. No maturity. No refinancing. No dilution². Determined by market conditions <6%¹ Our intention is to be the dominant issuer of Bitcoin backed Fixed Income in the Japanese Capital Market. 1. Class A and Class B Perpetual Preferred Shares were approved at the Extraordinary General Meeting of Shareholders held on September 1, 2025, and the issuance registration has been completed; however, no shares have been issued to date. The dividend rate is capped at 6% per annum, with final terms to be determined in due course. The Company is also considering the potential listing of these preferred shares. Listing would require prior consultation with the stock exchange and a subsequent formal listing examination, but no such consultation has commenced at this time. Accordingly, there remains a possibility that listing approval will not be granted. This document is provided solely for informational purposes and does not constitute an offer to sell, or a solicitation of an offer to buy, any securities. 2. Class A Perpetual Preferred Shares are non-convertible with no dilution to common equity. Class B Perpetual Preferred Shares may partially dilute common equity upon conversion, subject to the conversion ratio to be determined. 21
Page 22
The Phase II Endgame: Maximum Leverage. Maximum Efficiency. Maximum BTC per share. Why Scale Preferred Capacity? Preferred share issuance increases BTC Yield without common equity dilution Build leveraged common stock exposure to Bitcoin price appreciation Dominate Japan’s Bitcoin-backed fixed income market Market DominanceAmplified ExposureHigh Accretion 1. 2. 3. CORE ENGINE ▶ PREFS Class A and Class B Perpetual Preferred Shares were approved at the Extraordinary General Meeting of Shareholders held on September 1, 2025, and the issuance registration has been completed; however, no shares have been issued to date. The dividend rate is capped at 6% per annum, with final terms to be determined in due course. The Company is also considering the potential listing of these preferred shares. Listing would require prior consultation with the stock exchange and a subsequent formal listing examination, but no such consultation has commenced at this time. Accordingly, there remains a possibility that listing approval will not be granted. This document is provided solely for informational purposes and does not constitute an offer to sell, or a solicitation of an offer to buy, any securities. 22
Page 23
FIXED INCOME ~$9.5T Listed Pref: 4 issues ~$2.7b Targeting 210,000 BTC (1% of BTC) by 2027 ~ $20 billion Funding Required (Source) Prepared by the Company based on statistics from the Bank of Japan and the Japan Securities Dealers Association. Household financial asset figures are as of the end of March 2025; all other figures are as of the end of June 2025. CAPITAL STRATEGY: Our TAM in Japanese capital markets Bitcoin: ~$2T Japan Household Financial Assets: ~$14.9 Trillion ● Cash & Deposits $7.6 Trillion ● Stocks & Equities $1.8 Trillion ● Insurance & Pensions $3.9 Trillion ● Investment Trusts $0.9 Trillion ● Bonds $0.2 Trillion MONEY SUPPLY: $8.32T (Household Cash: $7.6T) EQUITY MARKET: ~$6.8TCommon Shares Preferred Shares Preferred Shares 23
Page 24
Reference Illustration of Capital Market Tools Moving from left to right, reliance on mNAV decreases, and efficiency of BTC accretion unlocks elevated increases in shareholder value via BTC Yield Class A Prefs Class B Prefs Common Equity Capital Raising Efficiency in terms of Accretion “BTC Spread” PREFS MATERIALLY ENHANCE SHAREHOLDER VALUE 24
Page 25
Sustainable Accumulation Strategy INTERNAL Bitcoin Income Generation ● Advanced options premium monetization by sophisticated trading team ● Global derivatives expertise with institutional precision ● Scalable, risk-managed approach ● Significantly expanding internal proprietary trading operations ● Adding sophistication and scale each quarter ● Actively onboarding top global talent Fuels Pref Dividends without common equity dilutionResult: Current Operations Scaling the Strategy● LIVE Class A and Class B Perpetual Preferred Shares were approved at the Extraordinary General Meeting of Shareholders held on September 1, 2025, and the issuance registration has been completed; however, no shares have been issued to date. The dividend rate is capped at 6% per annum, with final terms to be determined in due course. The Company is also considering the potential listing of these preferred shares. Listing would require prior consultation with the stock exchange and a subsequent formal listing examination, but no such consultation has commenced at this time. Accordingly, there remains a possibility that listing approval will not be granted. This document is provided solely for informational purposes and does not constitute an offer to sell, or a solicitation of an offer to buy, any securities. 25
Page 26
REVENUE ENGINES DIVIDEND OBLIGATIONS Bitcoin Income Generation Proprietary Operations Bitcoin.jp Platform Revenue Project NOVA Coming 2026 PERPETUAL PREFERREDS 25% NAV Initial Target Capacity to Expand with Revenue BTC TREASURY 30,823 BTC OVER-COLLATERALIZED BTC COLLATERAL Bitcoin Treasury provides over-collateralization for preferred securities SECURED BY REVENUE > SCALE Business revenues pay dividends, enabling more perpetual preferred issuance CORE ENGINE ▶ PREFS PHASE II BUILDING LAUNCHING LIVE Class A and Class B Perpetual Preferred Shares were approved at the Extraordinary General Meeting of Shareholders held on September 1, 2025, and the issuance registration has been completed; however, no shares have been issued to date. The dividend rate is capped at 6% per annum, with final terms to be determined in due course. The Company is also considering the potential listing of these preferred shares. Listing would require prior consultation with the stock exchange and a subsequent formal listing examination, but no such consultation has commenced at this time. Accordingly, there remains a possibility that listing approval will not be granted. This document is provided solely for informational purposes and does not constitute an offer to sell, or a solicitation of an offer to buy, any securities. 26
Page 27
➔ Dominant Issuer Ambition Establish an enduring leadership position as Japan’s premier source of BTC-backed credit, pioneering the national BTC-backed yield curve. ➔ BTC-Powered Engine Deploy Metaplanet Prefs that combine high JPY dividends with transparent over-collateralisation by Metaplanet’s growing BTC NAV. ➔ Risk & Collateral Discipline Maintain a conservative capital policy by capping aggregate preferred issuance at ≤25% of BTC NAV. ➔ Capital Flywheel Redeploy proceeds into BTC purchases and Bitcoin Income Generation treasury operations, compounding BTC $ Gain and BTC $ Income for common shareholders. ➔ Market Alignment Design instruments to meet Japan’s strong demand for yield while enhancing BTC upside for common equity holders—minimizing dilution + maximizing BTC exposure. ➔ Industry-Leading Analytics & Transparency Apply rigorous BTC-focused credit and risk metrics, including BTC Risk and BTC Credit frameworks, to ensure transparent collateralization standards and investment-grade credit quality. Comprehensive investor education and analytical frameworks will support the rollout of this strategy. METAPLANET PREFS – CREDIT FRAMEWORK & PRINCIPLES 27
Page 28
28 Strengthening and Diversifying Fundraising Options ➔ Proceeds from preferred share issuances will, in principle, be allocated toward Bitcoin Class A Causes No Dilution: Enables Maximum Bitcoin Accumulation ➔ By utilizing leverage, Class A contributes to maximizing BTC yield ➔ Class B includes conversion rights but may reduce dilution compared to common shares—also contributing to maximizing BTC yield No Debt Maturity Minimizes Refinancing Risk ➔ Functions as long-term, stable capital while capturing maximum BTC yield Limited Dividend Burden ➔ By capping at 25% of BTC NAV, we can control the total dividend burden ➔ Given our revenue model and capital-raising capability, the impact of dividend payments is expected to be minimal BENEFITS OF ISSUING PREFS
Page 29
29 Reduced Price Volatility Risk & Stable Dividends ➔ Class A offers stable dividends with lower volatility than BTC or common stock, while Class B also captures Bitcoin’s upside Robust Risk Management and Minimized Credit Risk ➔ Preferred share issuance is capped at 25% of BTC NAV, ensuring asset coverage even during significant BTC declines ➔ Under normal conditions, equity raises and BTC accumulation strengthen the capital base and enhance creditworthiness Sufficient Dividend Capacity ➔ Capping at 25% of BTC NAV keeps dividends manageable, with ample capacity supported by our earnings and funding strength Bridging JPY Savings to Investment ➔ Few domestic products offer both liquidity and high yield— BTC-backed preferred shares can fill that gap BENEFITS FOR PREFS SHAREHOLDERS
Page 30
Class A Focus on Stable Dividends Class B Dividends + Capital gains ➔Fixed Dividends ➔Senior to Class B Preferred Shares ➔High BTC Rating (over-collateralized) ➔No conversion rights to Common Shares ➔Fixed Dividends, junior to class A ➔Potential for capital gains when the common share price rises KEY FEATURES OF CLASS A & CLASS B PREFS 30
Page 31
Short Duration Variable Div. Perpetual Preferred (Variable + Guaranteed Dividend, Non-convertible, Cumulative, Dynamic Spread Premium to 1-month JGBs) Lowest Volatility, Stable-like Price Fixed Dividend Convertible Perpetual Preferred (Fixed + Guaranteed Dividend, Cumulative, Convertible) Class B: Income + Capital Gain Upside Effective Duration (Years) Low High Only TSE-listed common stock (3350) is a currently issued and tradable security. Class A and Class B preferred shares have filed shelf registration statements but remain unissued and subject to shareholder approval. All other instruments depicted are entirely conceptual, have not been registered, approved, offered, or listed, and may never be. Seniority and volatility placement is hypothetical, non-binding, and reflects internal management estimates only. This does not constitute investment advice or an offer or solicitation to buy or sell any security. Yield (%) 1614 18 20+121086420 1 Month Japan Govt. Debt (JGBs) 5-7 Year JGBs 10-15 Year JGBs 20+ Year JGBs ROADMAP: PIONEER DIGITAL CREDIT IN JAPAN 31 Senior Fixed Dividend Perpetual Preferred (Fixed + Guaranteed Dividend, Cumulative, No Conversion) Class A: Long Duration Bond-like
Page 32
Senior Variable Dividend Perpetual Preferred (Variable + Guaranteed Monthly Dividend, Non-convertible, Cumulative, Dynamic Spread Premium to 1-month JGBs) Lowest Volatility, Most Stable Price Fixed Dividend Convertible Perpetual Preferred (Convertible to Common Stock, Cumulative, Guaranteed Dividend) Fixed Income + Capital Gain Upside Low High Only TSE-listed common stock (3350) is a currently issued and tradable security. Class A and Class B preferred shares have filed shelf registration statements but remain unissued and subject to shareholder approval. All other instruments depicted are entirely conceptual, have not been registered, approved, offered, or listed, and may never be. Seniority and volatility placement is hypothetical, non-binding, and reflects internal management estimates only. This does not constitute investment advice or an offer or solicitation to buy or sell any security. 3350/MTPLF Common Stock Leveraged BTC Exposure Perpetually Long BTC ROADMAP: PIONEER DIGITAL CREDIT IN JAPAN Volatility Low High Seniority 32 Senior Fixed Dividend Perpetual Preferred (Cumulative, No Conversion, Guaranteed Dividend) Long Duration Straight Bond-like
Page 33
33Year 1 2 3 4 5 6 7 8 9 10 n $100 4-Year Senior Bond with 5% Interest $100 $5/year Coupon Refinancing Repayment $100 $100 -$100 -$100 WHY PREFS? MINIMIZE REFINANCE RISK Debt with a Deadline ➔ Repayment required at maturity ➔ Refinancing risk and costs ➔ Restrictive covenants ➔ Collateral requirements ➔ Value leakage from recurring refinancing
Page 34
34 Year 1 2 3 4 5 6 7 8 9 10 n+ $100 $100 Perpetual Preferred with Fixed $5 Annual Dividend $5 Dividend Per Annum in Perpetuity Permanent Capital. Permanent Leverage. ➔ No maturity ➔ No refinancing timeline ➔ No heterogenous collateral or covenants ➔ Possible to be Exchange-listed ➔ Potential flexibility to raise capital incrementally Note: Listing of preferred shares requires a prescribed listing examination after prior consultations with stock exchanges. There is a possibility that the listing of the Preferred Shares may not be approved WHY PREFS? MINIMIZE REFINANCE RISK
Page 35
35 Source: BitcoinTreasuries.net (As of 8th August), Excluding SPAC not yet finalized WORLD’S LARGEST NON-US PUBLICLY LISTED HOLDER OF BTC
Page 36
metaplanet.jp @metaplanet_jp SECURE THE FUTURE WITH BITCOIN