Slides
Page 1
Fiscal Year 2025 Earnings Presentation
Page 2
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. 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. NOTICE REGARDING FORWARD LOOKING STATEMENTS
Page 3
3 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 and is not traded on any public market. The statements in this material regarding various preferred stock (including, without limitation, Class A Preferred Stock, Class B Preferred Stock, and future concepts such as perpetual preferred stock) are provided to explain matters currently under consideration as part of the Company’s capital policy, and are not intended to constitute a commitment or guarantee regarding their issuance, listing, offering, or any specific terms or rights. The Company has filed a shelf registration statement for Class A Preferred Stock; however, it has not been issued as of today. Any actual issuance would require the completion of prescribed legal procedures, including approval at a general meeting of shareholders and resolutions of the board of directors. The Company is considering the potential listing (IPO) of Class B Preferred Stock in the future and has commenced preliminary consultations with the Tokyo Stock Exchange. If the Company proceeds with a listing, it must undergo the exchange’s prescribed listing review process following such consultations, and the listing may not be realized depending on the results of that review. The Company will make timely and appropriate disclosures if any new matters requiring disclosure arise. The dividend rate, voting rights, conversion price, redemption provisions, and other terms of the preferred stock, as well as any financial simulations and calculations of their impact on “BTC Yield” (as defined by the Company), are estimates based on certain assumptions. Actual issuance terms may change, or the issuance itself may be cancelled, depending on market conditions, discussions with regulatory authorities, internal decision-making, and other factors. REGARDING IMPORTANT MATTERS CONCERNING THE NATURE AND ISSUANCE OF PREFERRED STOCK
Page 4
Bitcoin Holdings 1,762 BTC （EoY 2024) 35,102 BTC （EoY 2025) METAPLANET: HIGHLIGHTS 4 Capital Raised JPY 10.0 Billion （Cumulative through end of 2024) Number of Shareholders 47.2k （EoY 2024) BTC Income Operations JPY 0.69 Billion （End of 2024) JPY 517.2 Billion （Cumulative through end of 2025) 216.5k （EoY 2025) JPY 8.46 Billion （End of 2025) Q4 2024 Q4 2025
Page 5
(1) Sources: Public company data and https://bitcointreasuries.net/ (2)Source: Metaplanet public data (BTC held ÷ Max supply: 35,102 BTC ÷ 21,000,000 BTC). (3)Note: Total equity and debt financing less debt repayments from April 2024 (start of BTC strategy) to December 2025. #1 Largest BTC Holder in Japan⁽¹⁾ Current Bitcoin Holdings* 35,102 BTC 0.16%+ % of Total BTC Supply⁽²⁾ ¥527B+ Cumulative Capital Raised⁽³⁾ 13,350 4,0461,762399141 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 *As of December 31, 2025 30,823 35,102 Q4 25 5 SURPASSED FY 2025 "30,000 BTC" TARGET
Page 6
Source: BitcoinTreasuries.net (As of February 15, 2026） We have become the 4th largest public company holder of Bitcoin globally Strategy MARA Holdings, Inc Twenty One Capital Bitcoin Standard Treasury Company Bullish Riot Platforms, Inc. Coinbase Global, Inc. Hut 8 Mining Corp CleanSpark, Inc. MSTR MARA XXI 3350 / MPJPY CEPO BLSH RIOT COIN HUT CLSK 714,644 BTC 53,250 BTC 43,514 BTC 35,102 BTC 30,021 BTC 24,300 BTC 18,005 BTC 15,389 BTC 13,696 BTC 13,513 BTC 1 2 3 4 5 6 7 8 9 10 6 BITCOIN HOLDINGS RANKING
Page 7
35,102 30,000 100,000 210,000 12/31/25 FY 25 FY 26 FY 27 100.0% 35.1% 16.7% Target: 1% of BTC Supply 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 performance. Actual results may differ materially due to various risks and uncertainties, including market fluctuations, regulatory changes, and operational factors. Achievement of the target is not guaranteed. MILESTONES TOWARD THE 1% CLUB 7
Page 8
Dec 2023 Jun 2024 Sep 2024 Dec 2024 10.9 29.8 37.5 Mar 2025 63.7 Jun 2025 47.3 128.1 Trend in Number of Shareholders (Thousands) Note: Our shareholder base includes overseas securities firms such as National Financial Services, Charles Schwab, and Interactive Brokers. On our shareholder register, multiple shareholders held through these firms are aggregated under a single nominee name. Therefore, these figures are understated. 216.5 Dec 2025 EXPANSION OF OUR SHAREHOLDER BASE 8
Page 9
Financial Results
Page 10
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% FY 2025 CONSOLIDATED FINANCIAL SUMMARY 10
Page 11
[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 FY 2025, we recorded revenue of ¥8,905 million and operating income of ¥6,287 million. Segment revenue was mainly driven by premium income from BTC option transactions. Growth accelerated from the third quarter onward, and results significantly exceeded our initial forecast (Revenue: ¥6,800 million; Operating income: ¥4,700 million). [Concept of Core Profit and Capital Allocation Policy] As in the past, valuation gains (unrealized gains from Bitcoin revaluation) are excluded from core profit (operating income), with our focus remaining on realized cash flow. Going forward, we will continue to expand the business and allocate future premium income to fund dividends on perpetual preferred stock, while also using it to acquire additional Bitcoin and accelerate our growth strategy. 日本語訳 FY2024 FY2025 （JPY in millions） Bitcoin Treasury Operations Hotel Business Corporate and Other Consolidated Bitcoin-Related Operations Hotel Business Corporate and Other Consolidated Operating Income／(Loss) Total Revenue 689.9 372.4 1,062.3 8,468.3 436.9 8,905.2 Total Cost of Revenues 2.6 66.1 68.7 22.8 61.5 84.3 Gross Profit 687.3 306.3 993.6 8,445.6 375.3 8,820.9 Total Operating Expenses 0.5 204.1 438.6 643.2 1,253.8 206.1 1,073.2 2,533.1 Income/(Loss) from Operations 686.8 102.2 -438.6 350.4 7,191.8 169.3 -1,073.2 6,287.8 Note: This table has been prepared based on management accounts. SEGMENT REVENUE OVERVIEW 11
Page 12
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 Q3 2024 Q1 2025Q4 2024 Q2 2025 82.2 121.7 689.8 770.3 104.4 108.4 1,130.6 2,299.0 Q3 2025 101.0 Bitcoin Income Business Hotel + Media 12 4,254.0 133.0 Q4 2025 (JPY in millions) FY 2025 Revenue Breakdown 95.0％ FY 2025 REVENUE
Page 13
Operating Profit/Loss BTC Valuation Gain/Loss FY 2025 Pre-tax Profit (JPY in millions) Other Non-operating Income/Loss 6,287 (102,188) (242) (96,141) BREAKDOWN OF FY 2025 NET PROFIT 13
Page 14
B/S uses closing rate (JPY depreciation effects included) 12/31/2024 12/31/2025 2025 BTC Acquisition Cost 564.4 Valuation Loss (102.2) FX Adjustment 19.3 Economic Impact on Net Assets 481.5 (JPY in billions) P/L uses period average rate (Yen depreciation effect excluded) Adjusts for FX differences arising from rate discrepancies between P/L and B/S to reflect the economic impact ACCOUNTING BTC VALUATION GAIN/LOSS VS. ECONOMIC IMPACT ON NET ASSETS 14 BTC Acquisition Cost:+20.89 Unrealized Gains:+5.46 Breakdown for 2024
Page 15
Net Assets BTC NAV Liabilities Total Assets (As of Dec 31, 2025) Others(1) JPY 23.8B JPY 458.5B JPY 46.7B JPY 481.5B Financial Soundness Indicator Equity Ratio 90.7% (1) Others: Amount calculated by deducting BTC NAV from Total Consolidated Assets. METAPLANET CAPITAL STRUCTURE Liabilities & Net Assets (As of Dec 31, 2025) 15
Page 16
16 JPY 481.5B JPY 67.9B JPY 67.9B JPY 67.9B BTC NAV (As of Dec 31, 2025) Liabilities & Preferred Stock (As of Dec 31, 2025) BTC NAV Liabilities & Preferred Stock ROBUST FINANCIAL FOUNDATION 86% BTC Price Decline 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
Page 17
Note: Due to the volatility of Bitcoin prices, it is difficult to accurately forecast future valuations as of December 31, 2025. Consequently, we have elected not to provide specific forecasts for Ordinary Income and Net Income. 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% 17
Page 18
Bitcoin Treasury Operations
Page 19
19 Maximizing Bitcoin per Share Permanent Holding as Core Asset Acquire and hold Bitcoin permanently to hedge against fiat currency dilution and benefit from long-term value appreciation Creation of New Revenue Opportunities Go beyond mere acquisition and holding to create revenue opportunities leveraging Bitcoin, while carefully considering risks Strict Financial Discipline Prioritize consistency with capital policy and allocation, ensuring disciplined management with consideration for dilution and financial health 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 ・Bitcoin Income Business ・Bitcoin Japan ・Project NOVA (Under development)
Page 20
KPI: BTC YIELD BTC Yield: The rate of change in Bitcoin holdings per fully diluted share outstanding over a specific period 6/30/2024 (Baseline) 12/31/2024 12/31/2025 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 Outstanding 227,692,180 489,604,170 1,459,627,925 BTC per 1,000 FD Shares Outstanding 0.0006196 0.0035988 0.0240486 BTC Yield (%, YTD) 0.00% 480.85% 568.26% BTC Gain (YTD) - 1,436 10,013 BTC ¥ Gain (YTD, Millions) - ¥19,866 ¥138,518 BTC/JPY Reference Price - ¥13,833,836 ¥13,833,836 20
Page 21
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 0.021489 +33.0% Q3 25 KPI: BTC YIELD Bitcoin per Thousand Fully Diluted Shares Compounding Bitcoin Per Share “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. +11.9% 0.024049 Q4 25 21
Page 22
1,762 33,340 35,102 BTC Gain 10,013 BTC Yield is the % change, during a period, of the ratio between Total Bitcoin Holdings and Fully Diluted Shares Outstanding 12/31/2024 BTC Holdings YTD 2025 BTC Purchased 12/31/25 BTC Holdings BTC KEY PERFORMANCE INDICATORS CALCULATION 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 × 568.26% = 10,013 × ¥13.83m = ¥138.5B BTC Holdings BTC Yield BTC Gain BTC Price BTC ¥ Gain 22
Page 23
+24,795% Total Bitcoin Holdingsの成長は、 Fully Diluted Shares Outstandingの増加を超過 49,960 Total Bitcoin Holdings 35,102 141 +541% 1,459,627 Fully Diluted Shares Outstanding (Unit: thousands) 227,692 23 BTC HOLDINGS GROWTH HAS SIGNIFICANTLY OUTPACED DILUTION SINCE BITCOIN TREASURY STRATEGY INCEPTION
Page 24
Rights Offering MS Warrants 21 Million Plan (MS Warrants) 555 Plan (MS Warrants) Total Capital Raised International Offering Class B Prefs Issuance via Third-Party Allotment (MERCURY) JPY 10.0B JPY 9.5B JPY 93.3B JPY 187.8B JPY 205.4B JPY 21.2B JPY 527.2B 24 Acquired Bitcoin through capital raises exceeding JPY 500 billion since the adoption of the Bitcoin Treasury Strategy EQUITY CAPITAL MARKETS FINANCING TRACK RECORD 20252024
Page 25
25 Committed to maximizing BTC per share regardless of mNAV levels BTC Yield Buyback / Prefs Effective in low-mNAV conditions Equity Issuance / Prefs Effective in high-mNAV conditions Maximize BTC per share mNAV Maximize BTC per share using the optimal instrument mNAV > 1.0x mNAV ≤ 1.0x CAPITAL ALLOCATION FRAMEWORK
Page 26
26 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 109 Ticker Symbol MPJPY Depositary Bank Deutsche Bank Trust Company Americas Custodian Bank MUFG Bank, Ltd. Establishment of Sponsored Level I ADR (American Depositary Receipt) Program EXPANDING ACCESS TO OVERSEAS INVESTORS
Page 28
28 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 1%–8% range) ● No conversion rights into common stock (Enables BTC accumulation without dilution)
Page 29
29 ● 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 share price appreciation WHAT IS MERCURY? OVERVIEW OF CLASS B PREFS
Page 30
Strengthening And Diversification Of Capital Raising Methods ● Funds raised through the issuance of preferred shares will be principally allocated to the acquisition of Bitcoin Class A Prefs Enable Maximum Accretion Without Dilution ● By utilizing leverage, Class A Prefs Enable Maximum Bitcoin Accumulation Without Dilution ● While Class B Prefs include conversion rights, dilution is significantly reduced compared to common shares, contributing to the maximization of BTC Yield No Maturity Date, Minimizing Refinancing Risk ● Functions as long-term, stable capital while capturing maximum BTC Yield Limited Dividend Burden ● Total dividends are controlled by setting a pref target cap at 25% of BTC NAV ● Considering our revenue model and fundraising capabilities, we believe the impact of dividend payments is limited ADVANTAGES OF METAPLANET PREFS 30
Page 31
31 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 (Annual ¥49 / Yield 4.9%) Cumulative (Unpaid amounts accumulate) Conversion Price JPY 1,000 per share Liquidation Preference JPY 1,000 per share Seniority Junior to debt and Series A shares; Senior to Common Stock Redemption Date (Post-Listing) None (Allottees may request early redemption if not listed within 1 year) Soft Call Provision From Year 10 onwards, callable if share price sustains 130% of Conversion Price (to promote conversion) Allottees 6 Overseas Institutional Investors ISSUANCE OF CLASS B PREFS VIA THIRD-PARTY ALLOTMENT
Page 32
32 (Source) Prepared by the Company based on data from the Bank of Japan and Bloomberg as of February 15, 2025. （Note) This conceptual diagram is intended to provide an intuitive comparison between domestic ordinary deposit interest rates, 10-year JGB yields, and the fixed yield designed for Class B Prefs. This document does not constitute investment advice or a recommendation for any specific investment action. The dividend rate for MERCURY (4.9%) is calculated based on a reference price of JPY 1,000; the actual dividend yield is determined by dividing the annual dividend of JPY 49 by the acquisition price. Yield ~0.184% ~2.22% 4.9% Metaplanet Class B Prefs (Base Price : JPY 1,000) 10-Year JGB Yield Average Japanese Deposit Rate Providing Fixed Yield Above Japanese Deposits & 10-year JGBs INVESTMENT HIGHLIGHTS: CLASS B PREFS
Page 33
33 MARS Metaplanet Adjustable Rate Security (Variable, Monthly Dividend, Non-Convertible, Cumulative) Class A: Low Volatility, Stable Price MERCURY Metaplanet Convertible for Return + Yield (Fixed Dividend, Cumulative, Convertible) Class B: Dividend + Capital Gain Low High 3350/MPJPY Common Stock Amplified Exposure to BTC Perpetual Bitcoin Long Strategy VOLATILITY High SENIORITY EXPECTED VOLATILITY OF CLASS B PREFS (CONCEPTUAL DIAGRAM) (Note) Currently, only common stock is publicly tradable. Class B Prefs have been issued via third-party allotment but remain unlisted and are not traded on public markets. Class A Prefs have been registered for issuance but remain unissued and are subject to approval at the General Meeting of Shareholders. Furthermore, future product concepts described herein are purely conceptual; no registration, approval, offering, or listing has been conducted, and they may not be realized in the future. The positioning of seniority, volatility, yield, and effective duration is based on assumptions, is non-binding, and represents only the Company's internal estimates. This material is not intended as investment advice, nor does it constitute a solicitation or recommendation to buy or sell any specific securities.
Page 34
34 MARS Metaplanet Adjustable Rate Security (Variable, Monthly Dividend, Non-Convertible, Cumulative) Class A: Low Volatility, Stable Price EFFECTIVE DURATION (YEARS) Low High YIELD (%) 1614 18 20+121086420 1-Month Japan Govt. Debt (JGBs) 5-7 Year JGBs 10-15 Year JGBs 20+ Year JGBs EXPECTED DIVIDEND YIELD OF CLASS B PREFS (CONCEPTUAL DIAGRAM) MERCURY Metaplanet Convertible for Return + Yield (Fixed Dividend, Cumulative, Convertible) Class B: Dividend + Capital Gain (Note) Currently, only common stock is publicly tradable. Class B Prefs have been issued via third-party allotment but remain unlisted and are not traded on public markets. Class A Prefs have been registered for issuance but remain unissued and are subject to approval at the General Meeting of Shareholders. Furthermore, future product concepts described herein are purely conceptual; no registration, approval, offering, or listing has been conducted, and they may not be realized in the future. The positioning of seniority, volatility, yield, and effective duration is based on assumptions, is non-binding, and represents only the Company's internal estimates. This material is not intended as investment advice, nor does it constitute a solicitation or recommendation to buy or sell any specific securities.
Page 35
35 Common + Preferred CAPITAL POLICY: COMMON + PREFERRED SYNERGIES 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
Page 36
36 Common Stock Only BTC NAV Fully Diluted Outstanding +6.1% BTC Yield Common + Class A +100 Common + Class B THE NUMBERS PROVE THE ADVANTAGE OF COMMON + PREFS +32%↑ +20% +40%↑ +16%↑ +40%↑ +20.7% BTC Yield BTC NAV Fully Diluted Shares Outstanding +21.3%↑+40%↑ BTC NAV Fully Diluted Shares Outstanding +15.4% BTC Yield Reference Example: Market Environment: mNAV 1.25x Funding Scale: +40% to BTC NAV Common Stock (+16%) + Equal Class A Issuance Common Stock (+16%) + Equal Class B IssuanceFull funding via Common Stock (+32%) Note: These figures are estimates (simulations) based on certain assumptions and do not guarantee future results, share price performance, dividends, or any other outcomes. This material is a conceptual illustration intended to compare the effects of different financing methods and is not intended as investment solicitation, nor does it recommend the purchase or sale of any particular securities.
Page 37
metaplanet.jp @metaplanet_jp Secure The Future With Bitcoin