September 8, 2025
To Whom It May Concern
Company: Metaplanet Inc.
Representative: Representative Director
Simon Gerovich
(TSE Standard 3350)
Contact: IR Director Miki Nakagawa
Tel: 03-6772-3696
Notice of Additional Purchase of Bitcoin
1. Purchase of Additional Bitcoin
Metaplanet Inc. (the “Company”) announces the acquisition of additional Bitcoin as part of its ongoing
Bitcoin Treasury Operations. Details of the latest purchase are as follows:
Number of Bitcoin Purchased： 136 Bitcoin
Average Purchase Price： 16,554,535 yen per Bitcoin
Aggregate Amount Purchased： 2.251 billion yen
Total Bitcoin Holdings： 20,136 Bitcoin
Average Purchase Price： 15,125,312 yen per Bitcoin
Aggregate Amount Purchased： 304.563 billion yen
2. BTC Yield, BTC Gain, & BTC ¥ Gain
As previously disclosed, BTC Yield is a key performance indicator (KPI) that reflects the percentage
change in the ratio of Total Bitcoin Holdings to Fully Diluted Shares Outstanding over a given period. The
Company uses BTC Yield to assess the performance of its Bitcoin acquisition strategy, which is intended to
be accretive to shareholders.
BTC Gain represents the Company’s Total Bitcoin Holdings at the beginning of a period multiplied by the
achieved BTC Yield for that period. This metric quantifies the hypothetical increase in Total Bitcoin
Holdings, assuming no new shares were issued. By isolating the impact of dilution, BTC Gain highlights the
net Bitcoin accretion driven purely by the Company’s Bitcoin Treasury Operations.
BTC ¥ Gain expresses BTC Gain in yen terms by multiplying BTC Gain by the market price of Bitcoin at the
end of the period. This provides shareholders with a clearer view of the financial impact in local currency.
From July 1, 2024 to September 30, 2024, the Company’s BTC Yield was 41.7%. From October 1, 2024 to
December 31, 2024, the Company’s BTC Yield was 309.8%. From January 1, 2025 to March 31, 2025, the
Company achieved a BTC Yield of 95.6%. From April 1, 2025 to June 30, 2025, the Company’s BTC Yield was
129.4%. From July 1, 2025 to September 8, 2025, the Company’s BTC Yield is 30.8%.
9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/8/2025
Total Bitcoin Holdings 398.832 1,761.98 4,046 13,350 20,136
Issued Common Shares 181,692,180 362,683,340 459,823,340 654,714,340 755,974,340
Fully Diluted Shares 454,201,850 489,604,170 574,779,175 826,567,925 953,142,925
Outstanding (1)
Bitcoin per Fully Diluted 0.0008781 0.0035987 0.0070392 0.0161511 0.0211259
Shares Outstanding (2)
BTC Yield % 41.7% 309.8% 95.6% 129.4% 30.8%
Quarter to Date (QTD)
BTC Gain (QTD) 59 1,236 1,684 5,237 4,112
BTC ¥ Gain ¥964 ¥20,252 ¥27,610 ¥85,845 ¥67,400
(QTD in Millions) (3)
BTC/JPY Reference (4) ¥16,390,995 ¥16,390,995 ¥16,390,995 ¥16,390,995 ¥16,390,995
Notes:
1. Fully Diluted Shares Outstanding comprises (i) the total number of common shares outstanding,
(ii) potential shares from assumed conversion of outstanding convertible notes, (iii) potential
shares from exercise of outstanding stock options, and (iv) shares from moving strike warrants
only after exercise, in each case as of the indicated date. To align with U.S. capital markets
reporting standards, moving strike warrants are only included after exercise to more accurately
reflect potential shareholder dilution. Furthermore, to remain consistent with the reporting
standards of At-The-Market (ATM) equity facilities, moving strike warrants issued to purchase
Bitcoin will be reflected in the fully diluted share count only after exercise, when proceeds have
been delivered to the Company. This methodology ensures the most accurate and fair
measurement of dilution aligning with ATM facilities in the U.S.
2. Bitcoin per Fully Diluted Share is calculated by dividing the total Bitcoin holdings by the number
of Fully Diluted Shares Outstanding as of each reporting date. The result is then multiplied by
1,000 to express the amount of Bitcoin per 1,000 shares.
3. BTC ¥ Gain (Quarter-to-Date) is calculated by multiplying the BTC Gain by the BTC/JPY Reference
Price defined in footnote (4). By applying a consistent reference price across all periods,
comparability is ensured and shareholders can better understand the current yen-denominated
value of BTC Gain for the relevant period.
4. BTC/JPY Reference is the latest daily closing price on Bitflyer, as published at:
[Link]
5. All share figures in this table have been adjusted to reflect the 10-for-1 stock split that took place
on April 1, 2025. BTC Yield values are unaffected by the stock split and have therefore not been
adjusted.
3. Capital Markets Activity
Please refer to the disclosure titled “Notice of Additional Purchase of Bitcoin” dated June 30, 2025 for
details regarding capital markets activities conducted prior to the start of Q3 2025.
On July 4, 2025, the Company executed a partial early redemption of JPY 6 billion from its 19th Series of
Ordinary Bonds, originally issued on June 30, 2025, in the aggregate amount of JPY 30 billion to EVO
FUND, followed by an additional redemption of JPY 6.75 billion on July 14, 2025. Both redemptions were
carried out in accordance with the bond terms and funded using proceeds from the exercise of the 20th
through 22nd Series of Stock Acquisition Rights, as disclosed in the “Notice Regarding Change in Use of
Proceeds” dated June 30, 2025. Subsequent redemptions of the 19th Series of Ordinary Bonds included JPY
2.25 billion on August 25, 2025, JPY 3.0 billion on August 26, 2025, JPY 3.0 billion on August 27, 2025, and
JPY 1.5 billion on September 1, 2025.
Subsequently, shares under the 20th Series of Stock Acquisition Rights were exercised in multiple
tranches, including 9,000,000 shares on July 10, 2025, 9,000,000 shares on July 14, 2025, 5,400,000 shares on
July 24, 2025, 2,000,000 shares on July 28, 2025, 3,000,000 shares on July 31, 2025, 1,700,000 shares on
August 1, 2025, 1,300,000 shares on August 7, 2025, and 8,000,000 shares on August 8, 2025. From August 12
to August 15, 2025, 14,900,000 shares were exercised from the 20th Series of Stock Acquisition Rights. An
additional 4,900,000 shares were exercised on August 20, 2025, 6,700,000 shares on August 25, 2025,
11,000,000 shares on August 26, 2025, 10,000,000 shares on August 27, 2025, 1,500,000 shares on August 29,
2025, and 4,760,000 shares on September 1, 2025.
4. Bitcoin Holdings
As of September 8, 2025, Metaplanet Inc. has publicly disclosed the following details regarding its Total
Bitcoin Holdings, accumulated as part of the Company’s Bitcoin Treasury Operations, which became an
official business line of the Company on December 18 2024. The Company has strategically increased its
Total Bitcoin Holdings through acquisitions funded by capital market activities and operating income. The
table below outlines the Company’s Total Bitcoin Holdings and corresponding Aggregate Cost Basis, net of
all fees and expenses, across key reporting periods.
Date Total Bitcoin Holdings Aggregate Cost Basis Average Purchase Price
2025-09-08 20,136 304.563 billion yen 15,125,312 yen
2025-09-01 20,000 302.312 billion yen 15,115,593 yen
2025-08-25 18,991 285.833 billion yen 15,050,965 yen
2025-08-18 18,888 284.097 billion yen 15,041,118 yen
2025-08-12 18,113 270.364 billion yen 14,926,496 yen
2025-08-04 17,595 261.277 billion yen 14,849,528 yen
2025-07-28 17,132 253.282 billion yen 14,784,159 yen
2025-07-14 16,352 239.616 billion yen 14,653,636 yen
2025-07-07 15,555 225.818 billion yen 14,517,416 yen
2025-06-30 13,350 191.332 billion yen 14,331,959 yen
2025-06-26 12,345 175.684 billion yen 14,231,184 yen
2025-06-23 11,111 156.412 billion yen 14,077,243 yen
2025-06-16 10,000 139.152 billion yen 13,915,230 yen
2025-06-02 8,888 122.269 billion yen 13,756,658 yen
2025-05-19 7,800 105.384 billion yen 13,510,831 yen
2025-05-12 6,796 90.190 billion yen 13,270,989 yen
2025-05-07 5,555 71.763 billion yen 12,918,667 yen
2025-04-24 5,000 64.091 billion yen 12,818,168 yen
2025-04-21 4,855 62.165 billion yen 12,804,361 yen
2025-04-14 4,525 58.145 billion yen 12,849,780 yen
2025-04-02 4,206 54.366 billion yen 12,925,927 yen
2025-03-31 4,046 52.368 billion yen 12,943,181 yen
2025-03-24 3,350 42.215 billion yen 12,601,820 yen
2025-03-18 3,200 40.331 billion yen 12,603,303 yen
2025-03-12 3,050 38.452 billion yen 12,607,094 yen
2025-03-05 2,888 36.444 billion yen 12,619,066 yen
2025-03-03 2,391 29.828 billion yen 12,475,149 yen
2025-02-25 2,235 27.808 billion yen 12,441,856 yen
2025-02-20 2,100 25.869 billion yen 12,318,518 yen
2025-02-17 2,031.41 24.872 billion yen 12,243,936 yen
2024-12-23 1,761.98 20.872 billion yen 11,846,002 yen
2024-11-18 1,142.287 11.372 billion yen 9,955,874 yen
2024-10-28 1,018.170 9.622 billion yen 9,450,746 yen
2024-10-16 861.387 8.022 billion yen 9,313,428 yen
2024-10-15 855.478 7.965 billion yen 9,310,061 yen
2024-10-11 748.502 6.965 billion yen 9,304,655 yen
2024-10-07 639.503 5.965 billion yen 9,326,856 yen
2024-10-03 530.717 4.965 billion yen 9,354,425 yen
2024-10-01 506.745 4.75 billion yen 9,373,557 yen
2024-09-10 398.832 3.75 billion yen 9,402,463 yen
2024-08-20 360.368 3.45 billion yen 9,573,556 yen
2024-08-13 303.095 2.95 billion yen 9,732,933 yen
2024-07-22 245.992 2.45 billion yen 9,959,687 yen
2024-07-16 225.611 2.25 billion yen 9,972,933 yen
2024-07-08 203.734 2.05 billion yen 10,062,517 yen
2024-07-01 161.268 1.65 billion yen 10,231,438 yen
2024-06-11 141.073 1.45 billion yen 10,278,391 yen
2024-05-10 117.722 1.2 billion yen 10,193,536 yen
2024-04-23 97.850 1 billion yen 10,219,526 yen
5. Important Information About BTC Yield, BTC Gain, and BTC ¥ Gain
BTC Yield is a key performance indicator (KPI) that reflects the percentage change in the ratio of Total
Bitcoin Holdings to Fully Diluted Shares Outstanding over a given period. The Company uses BTC Yield to
assess the performance of its Bitcoin acquisition strategy, which is intended to be accretive to
shareholders.
BTC Gain is a key performance indicator (KPI) that represents the Company’s Total Bitcoin Holdings at the
beginning of a period multiplied by the achieved BTC Yield for that period. This metric quantifies the
hypothetical increase in Total Bitcoin Holdings, assuming no new shares were issued. By isolating the
impact of dilution, BTC Gain highlights the net Bitcoin accretion driven purely by the Company’s Bitcoin
Treasury Operations.
BTC ¥ Gain expresses BTC Gain in yen terms by multiplying BTC Gain by the market price of Bitcoin at the
end of the period. This provides shareholders with a clearer view of the financial impact in local currency.
BTC ¥ Gain does not represent a fair value gain or loss on the Company’s Bitcoin holdings and may be
positive even when the Company incurs fair value losses on its Bitcoin holdings.
Fully Diluted Shares Outstanding includes all currently issued common shares at the end of each period,
along with any additional shares that could be issued through stock options, stock acquisition rights, or the
conversion of any future convertible instruments, such as convertible notes. To remain consistent with the
reporting standards of At-The-Market (ATM) equity facilities, moving strike warrants issued to purchase
Bitcoin will be reflected in the fully diluted share count only after exercise, when proceeds have been
delivered to the Company. This methodology ensures the most accurate and fair measurement of dilution
for moving strike warrants, aligning with how dilution is measured in ATM facilities in the United States.
BTC Yield does not account for vesting conditions or exercise prices of stock options, except for moving
strike warrants. The Company uses BTC Yield as a KPI to assess its strategy of acquiring Bitcoin in a
manner it believes to be accretive to shareholders. This metric helps investors evaluate the impact of
issuing additional shares or convertible instruments to fund Bitcoin acquisitions.
Management acknowledges the limitations of BTC Yield, BTC Gain, and BTC ¥ Gain, including their
exclusion of debt and other liabilities that take priority over common shares. These KPIs also assume that
all debt will be refinanced or, in the case of future convertible debt, converted into common shares under
its terms. BTC Gain and BTC ¥ Gain do not take into account debt obligations, preferred stock, or other
senior claims on company assets, which may influence the actual accretive impact of capital allocation
decisions.
None of these KPIs are measures of operational performance, financial performance, or liquidity. BTC
Yield, BTC Gain, and BTC ¥ Gain should not be interpreted as traditional financial metrics such as return
on investment, cash flow, or profitability. Additionally, the market price of our common shares is influenced
by factors beyond our Bitcoin holdings and share count, meaning these KPIs do not predict or determine
our stock price.
These KPIs are specifically designed to evaluate whether the use of equity capital to acquire Bitcoin
benefits shareholders in terms of Bitcoin accumulation. They do not consider the source of funds used for
Bitcoin purchases. For example, the Company has acquired Bitcoin through various financing activities,
including the rights issue disclosed on August 6, 2024. As a result, BTC Yield, BTC Gain, and BTC ¥ Gain
may overstate or understate the impact of equity capital on Bitcoin acquisitions, since not all Bitcoin
purchases are funded through equity issuances, and not all equity issuances result in Bitcoin acquisitions.
Additionally, the issuance, conversion, or redemption of convertible notes may impact these KPIs in ways
not captured by their calculations.
The Company has not historically paid dividends on its common shares, and the presentation of these KPIs
does not imply any future intention to do so. Holding our common shares does not equate to direct
ownership of the Bitcoin we hold. Investors should rely on the Company’s financial statements and
disclosures filed with the Tokyo Stock Exchange. BTC Yield, BTC Gain, and BTC ¥ Gain are intended as
supplemental metrics for those who understand their purpose and limitations, not as replacements for
traditional financial analysis.