Metaplanet (3350) investor relations material

Company transformation and strategy

• Pivoted from a hotel chain to a Bitcoin treasury company in 2024, rebranding and shifting focus to digital assets.

• Grew from a $14 million micro-cap to a $3.5–$4 billion company, holding 35,000 Bitcoin and less than $300 million in debt.

• Stock price increased by 2,600% since adopting the Bitcoin Standard, outperforming many global peers.

• Operates with a core mission to maximize Bitcoin per share, using both equity and perpetual preferreds for capital raising.

• Focuses on long-term Bitcoin accumulation, targeting 1% of total Bitcoin supply through innovative financing.

Market positioning and competitive advantages

• Dominates the Japanese market, holding about 95% of public Bitcoin and attracting 216,000 retail shareholders.

• Leverages a unique position as the only major non-U.S. public Bitcoin treasury, with strong national support.

• Capitalizes on the delayed regulatory environment in Japan, with Bitcoin ETFs not expected until 2028.

• Offers perpetual preferred shares with a 4.9% dividend, providing a cost of capital advantage over global competitors.

• Ability to amplify Bitcoin exposure through preferreds and equity, aiming to outperform Bitcoin itself.

Financial performance and guidance

• Generated JPY 9 billion ($70 million) in revenue and about $40 million in operating profit in the past year.

• Projects operating profit to rise to $70 million next year, driven by Bitcoin income generation.

• Bitcoin impairment charges offset by large foreign exchange gains due to yen depreciation.

• Maintains a lean cost structure, with most expenses tied to capital raising and minimal non-treasury business outlays.

• Discloses clear revenue and Bitcoin holdings, aiming for transparency and simplicity for investors.