Storm CORPORATE RESEARCH・ストームコーポレート

16th June 2025

Metaplanet (3350, Corporate) Share price: ¥1,895
Bitcoin flywheel Market cap: ¥1.1trn

Metaplanet’s ‘Bitcoin flywheel’ is powering explosive growth as it builds towards 1% of all BTC alongside
rising trading volume & liquidity.

• Since the end of 2024, Metaplanet has released its 21 Million Plan to acquire 10,000 BTC in 2025,
Company sector performed a 10-1 stock split (making its 21 Million Plan a 210 Million Plan), released its 1Q results, &
launched its 555 Million Plan (superseding the 21 Million Plan), tripling its target of BTC
Financial Services & Technology accumulation in 2025 to 30,000, increasing its 2026 target from 21,000 to 100,000 & aiming to hold
Stock data 1% or 210,000 of total BTC by 2027.

Price (¥) 1,895 • 1Q results: Metaplanet’s 1Q results were initially viewed as mixed: operational performance was
Mkt Cap (¥bn)/($m) 1,138.4 / 7,899.7 strong—1Q sales of ¥877m +944%YoY, OP of ¥592m versus a -¥50m loss in 1Q 12/24—with growth
driven by the Bitcoin Income Generation business. As of the 1Q, Metaplanet held 4,046 Bitcoin, >2x
52-week range (¥) 45 - 1,895
the 1,762 level of FY 12/24. However, a non-operating -¥7.4bn mark-to-market loss led to a
Shares O/S (m) 600.7
recurring loss of -¥6.8bn. By 2nd Jun, BTC prices had rebounded, with unrealised gains of ¥11.7bn.
Average daily value ($m) 202.2
Free float (%) 79.2 • Metaplanet emphasises BTC Gain & Yield metrics over mark-to-market fluctuations. As of 1Q, it
Foreign shareholding (%) 40.7 reported a BTC Gain of 1,684, equating to ¥25.6 billion, with a BTC Yield of 95.6%, significantly
Ticker 3350 exceeding its 35% target. As of 16th June, BTC Gain had reached 4,688, BTC ¥ Gain ¥72.1bn, & YTD
Exchange Tokyo Standard BTC Yield 26.1%, reflecting the growth rate of Bitcoin per share. Despite >30% dilution from the
Net Debt/Equity (%) 64.6 210m share issuance, Bitcoin per share increased, making the raise accretive. In FY 12/25, it targets
a ¥230bn BTC ¥ Gain.

• Capital raising: The 21 Million Plan, launched on 28th Jan 2025, raised ¥93.3bn in just 60 trading days
at a 6.8% premium to market. Less than 7.5% of trading volume was used for issuance due to high
liquidity. The funds enabled BTC holdings to rise to 8,888, making Metaplanet the #10 holder
globally & #1 in Asia. The 555 Million Plan, launched 6th June, aims to raise up to ¥770bn via the
issue of 555m shares, contributing towards the 210,000 BTC goal by FY 12/27. As of 16th June 2025,
Metaplanet had reached 10,000 BTC holdings.

• Shareholder base: Metaplanet’s shareholder base expanded from 10,854 in Dec 2023 to ~64,000 in
1Q FY 12/25, supported by global listings (OTCQX, Frankfurt) & tokenised equity (CMTPL) on [Link],
tradable 24/7 using BTC. Average daily trading rose to 74m shares in May 2025, with peak turnover
days exceeding ¥200bn—making Metaplanet among Japan’s most liquid stocks.

• Metaplanet offers investors high-conviction, equity-based exposure to Bitcoin with strong

Source: Bloomberg execution, rapid BTC accumulation, & a transparent, globally expanding platform. In effect, it is an
accelerating operational flywheel that is positioning the company as a leading vehicle for
long-term crypto-aligned growth. We encourage investors to arrange time with senior
management to discuss the business in detail: here.
Year end 12/2023 12/2024 1Q 12/2025 12/2025E
BUSINESS OVERVIEW Sales (¥bn) 0.3 1.1 0.9 3.4
Metaplanet operates as a Bitcoin treasury OP (¥bn) -0.5 0.4 0.6 2.5
company. It strategically acquires and
NP (¥bn) -0.7 6.4 -5.0 n/a
manages Bitcoin as a core corporate asset,
EPS (¥) -62.9 326.6 -12.4 n/a
leveraging capital markets to enhance
shareholder value. Metaplanet also DPS (¥) n/a n/a n/a n/a
manages a hotel in Tokyo and holds the Sales growth YoY (%) -28.5 306.0 943.9 220.1
exclusive license for Bitcoin magazine in OP growth YoY (%) n/a n/a n/a 614.3
Japan. NP growth YoY (%) n/a n/a n/a n/a
EPS growth YoY (%) n/a n/a n/a n/a
Next event PER (x) n/a 15.4 409.7 1,936.1
1H 12/2025 results in August 2025
EV/EBITDA (x) n/a 373.1 186.2 1,132.7
Storm Corporate: +44 (0) 121 815 9426
PBR (x) 1.7 7.4 3.7 17.3
info@[Link]
Storm Corporate profile page ROE (%) n/a 49.0 n/a n/a
ROIC (%) n/a 1.5 1.1 n/a
Metaplanet is a research client of Storm FCF yield (%) n/a 0.9 n/a n/a
Research Dividend yield (%) n/a n/a n/a n/a
Source: Company & Bloomberg

Metaplanet (3350) / 16th June 2025 ~1~

 Storm CORPORATE RESEARCH・ストームコーポレート

RESULTS VS
FORECAST HISTORY

* Company estimates were not disclosed for the period FY 12/20～FY12/23.

4Q FY 12/24 1Q FY 12/25
EARNINGS
(JPY ‘000s) Bitcoin Hotel Corporate Consol. Bitcoin Bitcoin Hotel Corporate Consol.
Income Business & other Income Magazine Business & other
Generation costs Generation costs

Revenue 689,874 121,717 0 811,591 770,351 2,500 104,386 0 877,237

GP 687,324 104,541 0 791,865 770,351 -7,385 89,220 0 852,186
GPM 99.6% 85.9% 0 97.6% 100.0% n/a 85.5% 0 97.1%
OP 686,824 30,332 -182,948 534,208 765,839 -34,111 43,926 -182,878 592,776
Bitcoin
5,457,619 0 0 5,457,619 -7,413,376 0 0 0 -7,413,376
Valuation
Other
0 408 211,437 211,845 0 0 24 -32,270 -32,246
Non-OP
RP 6,144,443 30,740 28,489 6,203,672 -6,647,537 -34,111 43,950 -215,148 -6,852,846
NP 6,144,443 30,740 28,489 6,203,672 -6,647,537 -34,111 43,950 -215,148 -6,852,846

- 1Q 12/25: Metaplanet recorded strong 1Q sales & OP growth, but also a recurring loss. As
of 12th May (1Q results were released on 14th May), the company noted the mark to market
valuation had already turned positive due to a rebound in the Bitcoin price. At that point,
it had ¥13.5bn unrealised gains from its BTC holdings &, as of 31st May, the unrealised
P&L was ¥12.1bn.

Metaplanet emphasises transparency in its disclosure to investors & publishes its KPIs,
including real time BTC unrealised valuations & mNAV.

Metaplanet (3350) / 16th June 2025 ~2~

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- KPIs (accessible through image/link below):

Source: Metaplanet, ‘Analytics’ [Link]

1Q 12/25 sales increased +943%YoY & +8.1%QoQ to ¥877m, & OP +11.0%QoQ to ¥593m
versus a 1Q 12/24 operating loss of -¥50m. Sales growth was driven by the Bitcoin
Income Generation business, which leverages cash-collateralised Bitcoin put
options.

- Bitcoin Income Generation Business: Established in the 4Q 12/24, the Bitcoin Income
Generation business recorded 1Q sales of ¥770m +11.7%QoQ & OP of ¥766m +11.5%QoQ,
broadly in line with the divisional FY 12/25 target of ~¥3bn sales.

The Bitcoin Income Generation business involves the structured sale of cash-secured
Bitcoin put options, allowing the company to monetise BTC volatility without reducing core
holdings. Metaplanet considers it a key part of its strategy as it wants shareholders to view
the company as operationally profitable to justify its premium.

- Hotel & Bitcoin Magazine: 1Q Hotel sales declined YoY due to guest room renovation work,
but the OPM improved, supported by increased utilisation from new measures to attract
customers.

Hotel OP growth was offset by a small 1Q operating loss at the recently acquired Bitcoin
Magazine. Metaplanet plans to monetise the magazine through advertising as well as the
organisation of the Bitcoin Magazine Conference, which it aims to hold in Tokyo in 2026.

- Non-operating loss: Metaplanet recorded a -¥7.4bn 1Q non-operating mark-to-market BTC

valuation loss due to the Bitcoin price declining ∼-11.6% to $82,549 in the 1Q. As a result,
1Q recurring losses totalled -¥6.8bn.

The company has a Bitcoin-first strategy with the aim–as a Bitcoin Treasury Company–of
BTC ACCUMULATION accumulating as much BTC as possible. In the 1Q, it acquired +2,284.02 BTC to total
4,046 BTC, more than doubling its BTC holdings.

Metaplanet (3350) / 16th June 2025 ~3~

Storm CORPORATE RESEARCH・ストームコーポレート

As per the chart below, the company has doubled its Bitcoin holdings every 62 days since it
started its Bitcoin accumulation strategy. Metaplanet envisages it can continue at this rate
until the company reaches ∼100,000 BTC.

- Bitcoin doubling rate:

Source: Company

- BTC Gain: BTC Gain is a KPI for assessing Metaplanet’s execution of its Bitcoin treasury
strategy. In 1Q, it recorded a 1,684 BTC Gain & a corresponding ¥25.6bn BTC ¥ Gain,
achieving steady accumulation despite a period of price adjustment. The 1Q BTC yield
reached 95.6%, far exceeding the company’s internal 35% target.

BTC ¥ Gain, calculated by converting BTC gain into yen using the period-end BTC price, is
particularly useful for quantifying strategic progress in financial terms. Unlike mark-to-
market valuation gains or losses—non-cash, accounting-based figures tied to BTC price
fluctuations—BTC gain reflects actual growth in holdings through activities such as capital
raising, structured financing, & yield strategies.

By 2nd June 2025, total BTC holdings had increased to 8,888 BTC—more than double the
4,046 BTC level at the end of the 1Q—achieving 89% of its original 10,000 FY BTC target.
The BTC yield also reached 225.4%.

On 16th June 2025, the company acquired an additional 1,112 BTC to reach 10,000 BTC. The
cumulative BTC Gain had reached 4,688 with BTC ¥ Gain at ¥72.1bn. Under its 555 Million
Plan, Metaplanet targets a ~¥230bn FY 12/25 BTC ¥ Gain, 20.5% of Metaplanet’s ¥1.12trn
market cap as of the same date.

This accelerating BTC accumulation, even during periods of Bitcoin price adjustment,
highlights the company’s execution capability & underscores BTC Gain as a more
meaningful indicator of long-term balance sheet strength than short-term P&L volatility.

The number of fully diluted shares outstanding was 574,779,175 & BTC per fully diluted
share increased from 0.0035987 BTC at end-Dec 2024 to 0.0070392 BTC at end-March,
reflecting substantial shareholder accretion, despite dilution from new equity issuance.

Metaplanet (3350) / 16th June 2025 ~4~

Storm CORPORATE RESEARCH・ストームコーポレート

KPIs as of 16th June 2025 were:

30th Sep 2024 31st Dec 2024 31st Mar 2025 16th Jun 2025
Bitcoin Holdings 398.832 1,761.98 4,046 10,000
Issued Common Shares 181,692,180 362,683,400 459,823,340 600,714,340
Fully Diluted Shares Outstanding 454,201,850 489,604,170 574,779,175 759,067,925
Bitcoin per Fully Diluted Shares Out. 0.0008781 0.0035987 0.0070392 0.0131741
BTC Yield % (QTD) 41.7% 309.8% 95.6% 87.2%
BTC Gain (QTD) 59 1,236 1,684 3,526
BTC ¥ Gain (QTD) in Millions ¥904 ¥18,980 ¥25,875 ¥53,412
BTC/JPY Reference ¥15,361,162 ¥15,361,162 ¥15,361,162 ¥15,147,438

- Capital raising, trading liquidity & mNAV premium: Metaplanet’s capital strategy hinges
on its ability to raise funds efficiently through market-based equity issuance, supported by
strong share liquidity & high trading volumes.

In Feb 2025, the company launched its 210 Million Plan, which authorised the issuance of
stock acquisition rights (MS Warrants) with a floating strike price linked to the previous
day’s closing share price.

This structure enabled Metaplanet to execute capital raises close to market without the
deep discounts typically associated with equity-linked financings. By the end of the 1Q
12/25, 69.12m shares had been exercised, generating ¥28.9bn in proceeds—equivalent to
32.9% of the programme’s authorised volume.

On 20th May 2025, Metaplanet announced the full exercise of the 13th-17th Series Warrants.
This series was notable for its adjustable strike price & built-in suspension clauses,
ultimately raising ¥93.3bn over just 60 trading days.

The ¥444 average exercise price represented a 6.8% premium to the ¥416 share price on
the announcement date—an unusual outcome for MS Warrants, which typically carry ~8%
discounts. Importantly, share issuance during the exercise period represented only 7.5% of
total market trading volume, limiting downward pressure on the stock & preserving
investor confidence. This effective capital deployment strategy was supported by
exceptional share liquidity & elevated market activity.

- Bitcoin treasury impact:

Source: Company

Metaplanet (3350) / 16th June 2025 ~5~

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- Trading volume:

Source: Bloomberg data

Since late 2023, Metaplanet’s trading activity has strengthened significantly, supporting its
market-based capital strategy. In the 2H 2023, average daily trading volume stood at ~54m
shares, dipped slightly to ~45m in the 1H 2024, before rising to ~60m in the 2H 2024 as its
Bitcoin treasury strategy gained traction.

In 2025, momentum has accelerated, with average daily volumes reaching ~66m shares
from Jan-Apr & ~74m in May. On peak days, volumes have exceeded 170m shares,
reflecting growing investor engagement around strategic announcements.

The surge in volume has been accompanied by a sharp spike in trading value. Daily
turnover has averaged ~¥72bn in recent weeks, with peak days–for example, 28th May & 3rd
Jun–surpassing ¥150bn & ¥220bn, respectively—placing Metaplanet among the most
liquid stocks on the TSE, despite its Standard Market listing. Liquidity has been driven
by strong retail participation, aided by NISA eligibility, & enhanced international access via
OTCQX & Frankfurt.

Metaplanet’s exposure has also expanded through [Link], which offers CMTPL—a
tokenised, Bitcoin-linked financial product backed 1:100 by Metaplanet shares & issued via
a Luxembourg securitisation vehicle. CMTPL trades 24/7 on the Liquid Network via
SideSwap & is available to KYC-verified investors in BTC, FIAT, or in kind. Redemptions
require a minimum of US$150,000 & settle on a T+2 basis following sale of the underlying
shares.

This deep liquidity has underpinned Metaplanet’s capital raises. Under the 210 Million Plan,
new share issuance accounted for just ~7.5% of total market volume, enabling smooth
absorption with limited price impact. As the 555 Million Plan proceeds, this robust trading
infrastructure continues to support efficient equity issuance, facilitating BTC accumulation
while managing dilution. The combination of high liquidity, global access, & disciplined
execution reinforces Metaplanet’s positioning as Japan’s leading capital-efficient listed
Bitcoin treasury vehicle.

On 6th June 2025, Metaplanet announced its ambitious 555 Million Plan, expanding on the
555 MILLION PLAN earlier 21 Million Plan (210 Million post stock split), with the Moving Strike warrant exercise
set to begin on 24th June. The new strategy targets holding >210,000 BTC by end-

Metaplanet (3350) / 16th June 2025 ~6~

Storm CORPORATE RESEARCH・ストームコーポレート

2027—~1% of total Bitcoin supply—positioning the company among the world’s largest
corporate BTC holders.

- BTC targets:

Source: Company

The plan authorises the issuance of up to 555m new shares, in addition to the 210m
previously approved, with the aim of raising ¥770.3bn based on an initial strike price of
¥1,388. The warrants are structured with a dynamic strike price revised every 3 business
days: Reference Prices 20, 21, & 22 set at 100%, 101%, & 102%, respectively.

By issuing at a 1–2% premium to market, the structure incentivises issuance during share
price strength—minimising dilution, protecting long-term holders, & aligning capital raises
with upward momentum. Metaplanet expects the issuance to be completed within 6–10
months, a conservative estimate given current liquidity.

The scale is unprecedented—potentially Japan’s largest ever equity raise & Asia’s
largest public equity financing to acquire Bitcoin. Key target upgrades include:

• FY 2025 BTC holdings: revised from 10,000 to 30,000 (+21,112 BTC)

• BTC Yield: raised from 232% to >600%
• BTC Gain: increased from 4,369 to 15,000
• BTC ¥ Gain: target ¥230bn
• FY 2026: BTC target raised to 100,000
• FY 2027: new goal of 210,000 BTC (1% of total BTC supply)

These targets are contingent on the share price & resulting mNAV. Metaplanet aims to
raise capital only when mNAV exceeds 3x, pausing or moderating issuance below this level.
With ~600m shares outstanding, 10% monthly dilution (~60m shares) implies daily dilution
of 3m—comfortably below the 1-month average trading volume of 71m shares/day,
suggesting a manageable pace.

Metaplanet (3350) / 16th June 2025 ~7~

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- Authorized shares:

Source: Company

The successful execution of a 29m share warrant in Dec 2024 (completed in 1 day) & the
210 Million Plan (completed in 60 trading days versus an initial 2-year forecast) gave
Metaplanet the confidence to proceed with the 555 Million Plan.

Compared to the liquidity backdrop during the 210 Million launch in Jan, the new plan is
relatively conservative. The total authorised share cap is now 1.61bn (post 10:1 stock split),
which cannot be raised further without a shareholder vote.

Scenario analysis suggests BTC accumulation in FY 12/25 could range from 22,000-102,000
BTC, depending on valuation. At a 6x mNAV, Metaplanet has the potential to accumulate
>100,000 BTC; at 2x, just 22,000. A higher valuation directly expands funding capacity &
accelerates accumulation.

- mNAV sensitivity:

Source: Company

The strategy reflects a broader view—shared by peers like MicroStrategy—that Bitcoin-

backed equity has the potential to bridge traditional capital markets & digital assets.
Metaplanet positions itself at the forefront of this shift, as institutional recognition of
Bitcoin as a strategic treasury reserve continues to build.

Metaplanet (3350) / 16th June 2025 ~8~

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As of 2nd June 2025, Metaplanet had raised BTC holdings to 8,888 BTC (up from 1,762
YTD) & versus its FY original target of 10,000 by FY 12/25, achieving a YTD BTC Yield of
225.4%. BTC Gain reached 3,971 BTC, with a BTC ¥ Gain of ¥59.5bn. This success led to
Metaplanet releasing its 555m plan.

In FY 12/25, Metaplanet plans to acquire +21,112 BTC to reach 30,000 BTC. BTC Yield will
vary depending on share price & mNAV at the time of issuance but is likely to exceed
600%. Yield is calculated based on capital raised versus BTC acquired, & improves if shares
are issued at a higher premium to NAV.

- FY 2025 BTC yield target:

Source: Company

Structurally, the 555 Million Plan is divided into 3 tranches of 185m shares, each with a
floating strike & 0–2% exercise premium. Pricing is based on the prior 3-day average &
adjusts every 3 business days. Exercises are designed to progress quickly in rising
markets, but slow materially during declines—creating a built-in stabiliser. The
company also retains suspension & repurchase rights to maintain control over issuance
timing.

Metaplanet views equity issuance via MS Warrants as Phase 1 of its funding strategy,
effective while mNAV remains >1x. At the 16th June mNAV of 7.6x, the model remains highly
accretive but, should mNAV fall below 3x, the company is likely to pivot to non-dilutive
instruments such as convertible bonds or perpetual preferred shares—drawing inspiration
from MicroStrategy’s $STRF model, which would allow continued BTC accumulation while
limiting dilution & appealing to new segments of income-seeking capital.

The 555 Million Plan reflects strong investor appetite, rising global credibility of BTC
treasuries, & Metaplanet’s growing role in shaping a new class of listed digital asset
vehicles. Execution, valuation discipline, & BTC per-share growth are likely to be key to
maintaining market confidence & realising its long-term ambition.

- Preferred shares: Metaplanet is considering issuing preferred shares as a non-dilutive

means to accelerate Bitcoin accumulation. Inspired by MicroStrategy’s $STRF—a 10%
perpetual preferred share used to fund BTC purchases—Metaplanet could introduce a
similar fixed-dividend, non-voting instrument tailored for the Japanese market.

Metaplanet (3350) / 16th June 2025 ~9~

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If structured to qualify for NISA tax benefits, such a product could attract yield-focused
retail investors, broadening the shareholder base beyond crypto-aligned holders while
preserving control & limiting dilution.

To be effective, any preferred issuance would need to align with Metaplanet’s BTC
monetisation strategy, potentially backed by structured products generating stable yield
from BTC holdings. With credible payouts & transparent governance, preferred shares
have the potential to complement existing warrant-based equity financing. Given its
liquidity, visibility, & Bitcoin-first positioning, Metaplanet is well placed to pioneer hybrid
capital structures in Japan’s equity market.

Metaplanet has historically traded at a premium to its mNAV, typically ranging from 3x to
VALUATION 10x, which has raised questions about whether the stock is overvalued, particularly as
investor attention on mNAV has intensified. The company cautions against viewing mNAV
in isolation.

A key metric in understanding the valuation is the pace at which it increases its
Bitcoin per share, which directly affects the speed at which it can grow into its valuation.
For context, Blockstream CEO Adam Back introduced a useful metric called Months to
mNAV Cover, calculated as: (mNAV – 1) × 12 ÷ BTC Yield. This metric links a company's BTC
per share growth rate (BTC Yield) to its valuation. The faster a company accumulates BTC,
the sooner the market capitalisation aligns with its mNAV, justifying a higher multiple.

As shown in the chart below (blue line), Metaplanet has historically covered its
premium within ~150–250 days—a relatively short horizon that supports its
valuation.

- mNAV days to cover:

Source: Company

If the company were to halt BTC purchases, the driver of NAV growth would be the
underlying Bitcoin price, making the multifold premium to mNAV hard to justify, but the
market currently anticipates continued aggressive accumulation, by executing
additional high-yield strategies & ongoing capital raising, sustaining investor
willingness to pay a premium.

Metaplanet (3350) / 16th June 2025 ~ 10 ~

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A higher mNAV valuation enhances Metaplanet’s capital-raising capacity, enabling

accelerated BTC acquisition—thereby creating a positive feedback loop that further
reduces the time to mNAV cover.

- Unique structure in Japan: Metaplanet is unique in Japan as a listed, liquid, & regulated
vehicle for BTC exposure with deep access to local capital markets. If this flywheel
accelerates, the current premium could be justified as a forward multiple, not a snapshot
NAV discount.

High mNAV multiples imply greater volatility, particularly if BTC accumulation

underperforms expectations. Nonetheless, relying solely on mNAV as a valuation anchor,
without reference to BTC Yield or future accumulation potential, risks misunderstanding
the full equity story. To better assess execution, Metaplanet highlights BTC Gain as a key
internal performance metric.

As of 16th June, Bitcoin NAV was ¥153.8bn & mNAV 7.6x. The company contends its
accelerating BTC per share growth reflects forward-looking accumulation & yield
potential—dynamics the market is increasingly pricing in ahead of NAV—with BTC Gain
serving as a key indicator of this anticipated value creation.

- mNAV valuation:

Metaplanet’s market cap = BTC NAV = Present Value of future BTC ¥ Gain.

Source: Company

Metaplanet’s valuation premium to market NAV (mNAV) appears to reflect more than the
spot value of its Bitcoin holdings, with multiple structural & strategic factors contributing to
investor perception.

As Japan’s only listed Bitcoin treasury company, Metaplanet provides equity-based

exposure to Bitcoin in a regulated market environment. It is included in a range of
domestic & international ETFs & is eligible under Japan’s NISA scheme, which allows retail
investors to gain exposure to Bitcoin-linked assets in a tax-advantaged format.

This structure has made the stock an accessible proxy for BTC ownership within Japanese
securities accounts, where direct Bitcoin holdings or spot ETFs are unavailable. The
company also addresses custody & compliance barriers that typically limit institutional
access to BTC.

Metaplanet (3350) / 16th June 2025 ~ 11 ~

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As part of its global expansion strategy, in Dec 2024, Metaplanet applied for a US listing &
OVERSEAS LISTINGS its shares began trading on the OTCQX market (ticker: MTPLF). This listing provides direct
access for US retail & institutional investors aligned with Bitcoin-centric strategies.

Since early May 2025, trading activity in the US has increased significantly, which the
company believes has enabled investors to switch their investment from Strategy to
Metaplanet given the faster pace of BTC per share growth.

The company’s shares also began trading via unsponsored listings including on the
Frankfurt Stock Exchange (ticker: DN3) & via CMTPL, a bitcoin-linked financial product
issued via a Luxembourg securitisation vehicle. Whilst these listings were not initiated by
Metaplanet, they reflect increased demand in Europe following the company’s share price
rally.

Conversely, as unsponsored listings, they offer no direct control over market disclosures or
investor communication, representing potential for reputational or information
asymmetry.

The company’s international footprint is growing, supporting liquidity & global visibility, but
also requiring careful cross-market communications & governance. Its presence across 3
major trading venues has contributed to robust price discovery & investor access, allowing
it to become one of the most actively traded equities on the TSE.

- Potential US investor risk: A potential risk for US investors is that Metaplanet may be
classified as a Passive Foreign Investment Company (PFIC) for US tax purposes, depending
on the nature of its income & assets in FY 2025.

While the company believes most of its income is active—primarily from options trading &
hotel operations—& that its goodwill may qualify as an active asset, the application of PFIC
rules remains complex & uncertain, particularly given the evolving nature of digital asset
markets.

If Metaplanet were deemed a PFIC, US shareholders could face adverse & complex tax
consequences. The company is consulting advisors & may provide information to support a
Qualified Electing Fund (QEF) election, but definitive guidance has yet to be issued.

To further strengthen its global presence, in March 2025, Metaplanet appointed Eric
CORPORATE Trump to its Strategic Advisory Board. It expects his background in US business &
DEVELOPMENT political networks to support cross-border communications & positioning, particularly in
North America.

The company has also increased its IR activity in Europe, participating at Paris Blockchain
week, the Strategy Corp. conference in Orlando, & at the world’s largest Bitcoin conference
in Las Vegas. These forums are designed to raise awareness among institutional &
retail crypto investors & further establish Metaplanet’s role as Asia’s leading Bitcoin
treasury company.

Metaplanet maintains strong communication with its loyal domestic retail investor fanbase
& is making efforts to engage with institutional investors both in Japan & overseas,
including the release of sponsored research to improve transparency & investor
understanding, & face-to-face roadshow meetings.

Metaplanet (3350) / 16th June 2025 ~ 12 ~

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Balance Sheet Strength & Structural Advantage

BALANCE SHEET
In the 1Q, total assets increased +¥24.7bn QoQ to ¥55.0bn, driven by BTC accumulation.
Common stock increased +¥19.0bn QoQ & capital surplus +¥19.2bn QoQ. Liabilities
declined -¥8.7bn QoQ, largely due to bond redemptions, with net assets rising to ¥50.4bn.
As of 16th June, Bitcoin NAV was ¥153.8bn, with ¥42.3bn debt, resulting in a 3.6x BTC-to-
debt coverage ratio.

Metaplanet’s strategic positioning as Japan’s leading listed BTC treasury company, with
access to retail (via the NISA scheme) & institutional capital, strong disclosure, global reach,
& operational yield, supports the current mNAV premium—although investor confidence
remains dependent on sustained BTC accumulation.

Metaplanet is proactive in its education of the market about Bitcoin & its Bitcoin treasury
INVESTOR RELATIONS strategy. The company’s employees are active on X as a primary form of investor relations
engagement, particularly with the retail investor base. The company also organises ad hoc
meetups, for example at the Las Vegas Bitcoin Conference.

There is a fan created Twitter feed, ‘Metaplanet madness’, which provides information
related to Metaplanet, & a discord channel, Metaplanet Dojo. In addition, the company
releases engaging podcasts with significant views & rapidly rising subscriber numbers.

On 26th May, Metaplanet announced it had issued stock acquisition rights through a 3rd
STOCK ACQUISITION party allotment to Eric Trump & David Bailey for ¥9.18m, as part of its broader strategy to
RIGHTS enhance global visibility & deepen strategic ties, particularly in the US. This move aligns
their incentives with the company’s performance. The impact is likely to be neutral or
positive, depending on transparency of terms & the future value these individuals bring.

Metaplanet has recorded a significant increase in its shareholder base, rising from
SHAREHOLDER 10,854 shareholders in Dec 2023 to 63,654 by the end of March 2025. This growth
GROWTH reflects heightened investor interest driven by the company’s strategic focus on Bitcoin
accumulation & treasury-led capital markets activity.

The expanded shareholder base has contributed to improved stock liquidity & greater
visibility both domestically & internationally, particularly as Metaplanet expands its
presence through cross-border listings & investor outreach initiatives.

Metaplanet's aggressive Bitcoin accumulation strategy has positioned it as the 10th-

SHARE PRICE largest public company globally by Bitcoin holdings & the largest in Asia. Its share price
has experienced significant growth, reflecting strong investor confidence in its Bitcoin-first
strategy & popularity amongst retail investors.

Metaplanet’s stock price has risen +9,721% since BTC adoption. In 2024, it increased
+2,800% from ¥12 to ¥348 & was the best performing stock globally. In 2025, the stock
has climbed a further +444.5% to date from ¥348 to ¥1,895 on surging trading volume.

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• 4th April 2025: Initiation: ‘Bitcoin Primed’

PREVIOUS REPORTS

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 Storm CORPORATE RESEARCH・ストームコーポレート

Company Contact Details

COMPANY 106-6116 Roppongi Hills Mori Tower 16F
INFORMATION 6-10-1 Roppongi, Minato-ku, Tokyo,106-0032, Japan

Website: [Link]
TEL: +81-3-6772-3696

IR Contact Details
Shinpei Okuno
Head of IR & Capital Strategy, Metaplanet Inc.

Website: [Link]
E-mail: contact@[Link]

Major Shareholders Stake (%)

MMXX Ventures Ltd. 6.99
Interactive Brokers LLC 5.91
Capital Group Cos Inc. 5.79
Evo Fund 3.24
Bank of New York Mellon Corp. 3.06
Simon Gerovich 2.59
David Spencer 2.50
State Street Corp. 2.40
Rakuten Group Inc. 2.35
USB AG SINGAPORE SA JOHNNY 1.90
Source: Bloomberg

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Simon Gerovich President & Representative Director

MANAGEMENT Career History
May 2000 Graduated from Harvard University
Sep 2000 Joined Goldman Sachs Japan Co., Ltd.
Apr 2007 Appointed CEO of Evolution Capital Public Company Ltd.
Jan 2010 Director of Red Planet Hotels (current)
Apr 2013 Director of the Company
Oct 2015 Chairman of the Board of Directors of the Company
Jun 2017 Director of PT Red Planet Indonesia Tbk. (current)
Mar 2022 President & Representative Director of the Company (current)
Oct 2022 Representative Director of Metamarket Inc. (current)
Representative Director of Wen Tokyo LLC (current)

Yoshimi Abe Director & COO

Career History
1989 Joined BBDO Asatsu America
1990 Derivatives Department at Salomon Brothers Asia Ltd.
1994 Joined Goldman Sachs, primarily in the Japan Equities Department until 2016
2018 Co-founded a staffing company
2021 Established WealthConnect Japan, COO
Jan 2023 COO of the Company (current)
Feb 2023 Director of the Company (current)

Yoshihisa Ikurumi CFO

Career History
1993 Marketing Specialist at Bank One
Jan 1997 Marketing Specialist at GE Capital Consumer Finance Japan
Jun 2000 Corporate Financier at Morgan Stanley Japan
2002 Corporate Financier at Hewlett-Packard
May 2004 CFO at Japan Business Systems, Inc.
Aug 2015 CFO at Red Planet Japan
CFO of the Company (current)
Jul 2016 Group CFO at Red Planet Hotels

Drew Edwards Independent Director

Career History
1994 Joined Pfizer Pharmaceuticals Inc.
2001 Obtained MBA from Kellogg School of Management and JD from Northwestern
University
2000 Senior Associate in Investment Banking at Lehman Brothers, Inc.
2002 Director of Corporate Planning at McKesson Specialty Pharmaceuticals
2005 Established Japan Small Cap Division at Taiyo Pacific Partners
2008 Portfolio Manager at Advisory Research, Inc., growing assets under management
from $25 million to $1.6 billion by 2017
2017 Founder and CEO of Usonian Investments LLC
2020 Head of Japanese Equities at Grantham Mayo Van Otterloo (current)
Feb 2023 Independent Director of the Company (current)

Batara Eto Independent Director

Career History
May 2004 Graduated Takushoku University with Computer Science
Apr 2001 Co-Founder and Chief Technology Officer at Mixi, Inc
Nov 2009 Co-Founder and Managing Partner at East Ventures (current)
2024 Independent Director of the Company (current)

Tyler Evans Independent Director

Career History
May 2014 Graduated The University of Alabama for Chemical and Biological Engineering,
Chemical Engineering
Aug 2014 Co-Founder at BTC Inc. (current)
Sep 2019 Co-Founder and Managing Partner at UTXO Management (current)
Sep 2023 General Partner at Unbroken Chain (current)
2024 Independent Director of the Company (current)

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Hiroaki Kuwajima Independent Director

Career History
May 2003 Joined Mitsubishi Corporation
May 2010 Completed a joint degree program (MBA/MPA) at Harvard Business School and
Harvard Kennedy School
Sep 2010 Joined Dream Incubator Inc.
Apr 2012 Co-Representative CFO at Aoyama Shachu Corporation
Apr 2016 Executive Director at Linkers Corporation (also President and CEO of LINKERS
INTERNATIONAL CORPORATION)
Aug 2018 Visiting Scholar at the Center for Japanese Studies, University of California, Berkeley
Dec 2018 Representative Director at K& Associates Co., Ltd. (current position)
Apr 2021 Haas Executive Fellow at Haas School of Business, University of California, Berkeley
(current)
Oct 2021 Senior Fellow at the Tokyo Foundation for Policy Research (current)
Mar 2024 Independent Director of the Company (current)

Benjamin Tsai Independent Director

Career History
Jun 1995 Graduated University of California, Berkeley with BS, Material Science & Engineering
Jun 2001 Graduated UCLA Anderson School of Management with MBA
Aug 2001 Associate to Managing Director, Structured Products Group at Merrill Lynch Japan
Securities (Bank of America)
May 2011 Chief Executive Officer, Head of Commodities Desk at Merrill Lynch Singapore
Commodities (Bank of America)
Oct 2013 Senior Vice President, Head of Alternative Investments Asia at AllianceBernstein
Jan 2017 Co-Founder & Chief Financial Officer at LA Blockchain Lab
Jan 2018 Founder at Cardinal Mark Investments (current)
Aug 2018 Co-Founder & President at Wave Digital Assets (current)
Mar 2021 Member of the Board for Ziliqa Capital (current)
Sep 2021 Lecturer for Crypto Finance at UCLA Anderson School of Management (current)
Jun 2024 Independent Director of the Company (current)

Mark Yusko Independent Director

Career History
May 1985 Graduated University of Notre Dame with Bachelor of Science - BD,
Biology/Chemistry
May 1987 Graduated The University of Chicago Booth School of Business with Master of
Business Administration - MBA, Finance/Accounting
Jul 2004 CEO & Chief Investment Officer at Morgan Creek Capital Management, LLC (current)
Jun 2018 Managing Partner at Morgan Creek Digital in Chapel Hill, North Carolina, United
States (current)
2024 Independent Director of the Company (current)

Richard Kincaid Independent Director

Career History
Jun 2000 Joined Goldman Sachs Japan Co.
Jan 2003 CFO at Speedwell Advisors Ltd.
Aug 2004 President & COO, Nezu Asia Capital Management Ltd.
Jan 2011 CEO & COO, Nezu Capital Management (Singapore) Pte.
Aug 2017 President & COO, Nezu Asia Capital Ltd.
Mar 2018 External Director, Healios Corporation
Jul 2019 Executive Officer & CFO, Healios Corporation (current)
Oct 2019 Healios NA Director
Aug 2020 President of Healios NA (current)
Jan 2021 Board of Managers at Saisei Ventures LLC (current)
Mar 2025 Independent Director of the Company (current)

Shiho Boda Auditor

Career History
Apr 1988 Joined Yamaichi Securities Co., Ltd.
Aug 1992 Solomon Brothers Asia Limited, Derivative Division
Jan 2014 Registered as a lawyer (Tokyo Bar Association)
Jan 2014 Joined Ando Hisaaki Law Office as a lawyer
Dec 2017 Jeff Leong, Poon & Wong (Malaysia)

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Nov 2019 Kasame & Associates (Thailand)

Apr 2020 Joined Sakurada-dori General Law Office as a lawyer (current)
Mar 2022 Outside Auditor of DAIZ Co., Ltd. (current)
Jun 2022 Outside Auditor of Toyo Construction Co., Ltd. (current)
Feb 2023 Auditor of the Company (current)

Toshiaki Ohashi Auditor

Career History
Oct 2003 Registered with the Daini Tokyo Bar Association
Oct 2003 Joined Taiyo Law Office (currently Paul Hastings Law Office, Foreign Joint Enterprise)
as a lawyer
Nov 2005 Joined Itomin Law Office (Foreign Joint Enterprise Morrison & Foerster Foreign Law
Office) as a lawyer
May 2008 Completed the Master of Laws (LL.M.) program at the University of Southern
California
Sep 2008 Worked at Morrison & Foerster LLP, Los Angeles office, California, USA
Aug 2010 Registered as a lawyer in the state of California, USA
Feb 2013 Transferred registration to the Dai-Ichi Tokyo Bar Association
Mar 2013 Joined Ozaki Law Office as a lawyer
May 2015 Lawyer at Ohashi Law Office (Foreign Joint Enterprise Wheeler Foreign Law Office)
May 2016 Auditor of the Company (current)
Feb 2019 Lawyer at Teramoto Legal & Accounting Office (current)
Mar 2020 External Director of Nexus Bank Co., Ltd. (current)

Masaya Takakuwa Auditor

Career History
Oct 2000 Registered as a CPA assistant
Oct 2000 Joined Chuo Aoyama Audit Corporation
Sep 2002 Joined Financial Services Agency as a Special Investigator for Securities Trading
Mar 2004 Registered as a Certified Public Accountant
Jul 2012 Registered as a Tax Accountant
Dec 2014 Auditor of the Company (current position)
Jul 2021 Registered as a Qualified Institutional Investor

Dylan LeClair Head of Bitcoin Strategy

Career History
Feb 2021 Head of Market Research at Bitcoin Magazine
Nov 2021 Senior Research Analyst at UTXO Management
Apr 2023 Strategic Advisor at Onramp Bitcoin
Jul 2023 Director of Market Intelligence at UTXO Management
Aug 2023 Advisor at Block Green
Jan 2024 Institutional Lead at Bitcoin Magazine
May 2024 Head of Bitcoin Strategy at the Company (current)

Shinpei Okuno Head of IR & Capital Strategy

Career History
Apr 2001 Joined Mitsubishi UFJ Morgan Stanley
Equity Research Division
Investment Trust Planning & Marketing Division
2018 Managing Director, Mitsubishi UFJ Morgan Stanley
2021 Head of Equity Capital Markets, Mitsubishi UFJ Morgan Stanley
Apr 2025 Head of IR & Capital Strategy at the Company (current)

Juri Watanabe Community Engagement Officer

Career History
Mar 2015 Administrative Assistant, Owens and Gach Ray Law Office
Jul 2016 Commercial Service Life Sciences Unit Intern, U.S. Embassy in Tokyo Japan
Sep 2019 Account Manager, RTB House
Aug 2021 Miss Universe Japan 2021, Miss Universe Organization
Oct 2022 Actress/Model/Host/Public Speaker (current)
Feb 2023 Founder, SHINKA (current)
Apr 2025 Community Engagement Officer at the Company (current)

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J GAAP Financial statements

Income statement FY FY FY Cash flow statement FY FY FY

(¥bn) 12/22 12/23 12/24 (¥bn) 12/22 12/23 12/24
Sales 0.4 0.3 1.1 Net income/pre-tax profit 1.0 -0.7 4.4
COGS 0.2 0.0 0.1 Depreciation/amortization 0.2 0.0 0.0
Gross profit 0.2 0.2 1.0 Other non-cash items -1.5 0.0 -3.8
Gross profit margin (%) 50.4 80.9 93.8 Changes in working capital 0.1 0.1 0.0
Operating expense 1.0 0.7 0.6 Net cash from discontinued 0.0 0.0 0.0
Total OP -0.9 -0.5 0.4 operations
OP margin (%) -234.6 -178.9 33.0 Cash from Operating Activities -0.3 -0.6 0.6
Non-Op Income (Loss) -1.8 0.2 -6.0 Change in fixed & intangible assets -0.3 1.6 -0.1
Pretax Income 1.0 -0.7 6.4 Net change in long-term investments -0.1 -0.2 0.0
Tax 0.0 0.0 0.0 Net cash from acquisitions & 0.1 0.9 0.0
Effective tax rate (%) 0.2 n/a n/a divestitures
Net income 1.0 -0.7 4.4 Other investing activities 0.0 0.0 -23.4
Net cash from discontinued 0.0 0.0 0.0
operations
Cash from Investing Activities -0.3 2.3 -23.5
Dividends paid 0.0 0.0 0.0
Cash from (repayment) debt 0.4 -2.6 11.2
Cash from (repurchase) of equity 0.0 1.2 11.4
Other financing activities 0.0 0.0 0.0
Net cash from discontinued 0.0 0.0 0.0
operations
Cash from Financing Activities 0.4 -1.4 22.6
Balance sheet FY FY FY FX impact 0.0 0.0 0.0
Net cash flow -0.2 0.3 -0.3
(¥bn) 12/22 12/23 12/24
Cash & equivalents 0.1 0.6 0.3
Free cash flow -0.6 -0.7 0.6
Accounts & notes receivable 0.0 0.0 0.0
EBITDA -0.7 -0.4 0.4
Inventories 0.0 0.0 0.0
Other short-term assets 0.4 0.0 2.4
Current assets 0.5 0.6 2.7
Property, plant & equipment (net 4.5 1.0 1.0
of depreciation)
Long term investments & 0.3 n/a n/a
receivables
Other long-term assets 0.0 0.1 26.7
Total non-current assets 4.8 1.1 27.6
Total assets 5.4 1.7 30.3
Payables & accruals 0.8 0.3 0.0
Short-term debt 2.6 0.0 11.3
Other short-term liabilities 0.3 0.1 0.1 Key metrics FY FY FY
Total current liabilities 3.7 0.4 11.4 12/22 12/23 12/24
Long term debt 1.1 0.1 0.0 Profitability
Other long-term liabilities 0.0 0.0 0.0 Gross margin (%) 50.4 80.9 93.8
Total non-current liabilities 1.1 0.1 2.0 Operating margin (%) -234.6 -178.9 33.0
Total liabilities 4.7 0.5 13.4 Net margin (%) 267.1 -261.4 418.0
Share capital & APIC -3.1 -1.9 8.2 ROIC (%) -10.8 -18.9 1.5
Treasury stock 0.1 0.1 0.2 Liquidity
Retained earnings 3.9 3.2 9.0 Current ratio (x) 0.1 1.6 0.2
Other equity -0.1 0.0 0.0 Quick ratio (x) 0.0 1.5 0.0
Equity before minority interest 0.6 1.2 17.0 Leverage
Total equity 0.6 1.2 17.0 Debt/Equity ratio 593.8 11.3 66.3
Total liabilities & equity 5.4 1.7 30.3 Net Debt/Equity ratio 560.2 -36.7 64.6

Source: Bloomberg

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DISCLAIMER
This report has been commissioned by Metaplanet & prepared & issued by Storm Corporate in consideration of a fee payable by
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Metaplanet (3350) / 16th June 2025 ~ 20 ~