Today, some reports have suggested that JPX may be focusing on cases where companies transitioning to digital asset-related businesses have engaged in so-called backdoor listings or have not undergone sufficient governance procedures. In contrast, our company, Metaplanet, has held five shareholder meetings over the past two years (including four extraordinary general meetings and one annual general meeting). We have obtained shareholder approval for all significant matters, such as amending the articles of incorporation to change the business purpose to a Bitcoin treasury operation, increasing the number of authorized shares to fund Bitcoin acquisitions, and authorizing a new class of shares (preferred stock). These processes have consistently been carried out under the leadership of the management team that has remained in place since before the business transition, strictly adhering to appropriate procedures. At Metaplanet, corporate governance underpins every decision we make.

We sincerely thank our shareholders who have placed their trust in Bitcoin and Metaplanet. Approximately 0.2% of Japan's population has become a shareholder of our company. Over the past few months, the number of shareholders within Japan has increased by 66%.

Extremely grateful to our shareholders for their belief in Bitcoin and Metaplanet. Almost 0.2% of all Japanese are now shareholders of the company. Over the past few months, the number of Japanese shareholders has increased by 66%.

Hello, Planet!

President Trump, welcome to Japan!

Hello, Planet!

There is no asset as exceptional as Bitcoin, and no company in Japan holds as much Bitcoin as Metaplanet.

Correction. The formula should have reflected that preferred dividends are paid at a fixed annual rate, not compounded.
Equivalent mNAV = (1 + BTC annual growth)¹⁰ ÷ (1 + Dividend rate × 10)
If Bitcoin compounds at 30% a year and the preferred dividend is 6%,
(1.30¹⁰ ÷ 1.6) = 8.6×
Issuing 6% preferred shares is therefore equivalent to issuing new equity today at an mNAV of 8.6× with no dilution to common shareholders.

Correction. Since dividends on preferred shares are paid at a fixed annual rate rather than compounded, the formula should be expressed as follows for accuracy.
Equivalent mNAV = (1 + Annual BTC Growth Rate)¹⁰ ÷ (1 + Dividend Rate × 10)
If Bitcoin grows at an annual compound rate of 30%, and the dividend rate on preferred shares is 6%,
(1.30¹⁰ ÷ 1.6) = 8.6 times.
Therefore, issuing 6% preferred shares has the equivalent effect of issuing new shares at an mNAV multiple of 8.6 times without diluting common stock.