Metaplanet (3350) Investor Presentation summary

Strategic vision and capital management

• Adopted a Bitcoin-only treasury strategy in April 2024, aiming to maximize Bitcoin holdings per share as the core KPI.

• Seeks to hedge against yen depreciation and inflation by converting capital from JPY to Bitcoin.

• Focuses on building a decentralized financial foundation to enhance shareholder value and long-term resilience.

Capital raise structure and terms

• Issuing 21,000,000 stock acquisition rights (across five series), representing a 53.6% dilution, with an initial exercise price of 5,555 yen per share and a floor of 2,555 yen.

• Total funds to be raised are approximately 116.6 billion yen, with shares issued incrementally from Feb 2025 to Feb 2027.

• Exercise price adjusts daily to 100% of the previous closing price, eliminating discounts and protecting shareholder value.

• Suspension and repurchase clauses allow flexibility in managing dilution and market impact.

Planned use of funds

• 111.36 billion yen allocated to Bitcoin purchases to further expand holdings.

• 5 billion yen dedicated to a Bitcoin income generation strategy, primarily through selling Bitcoin options.

• As of January 28, 2025, holds approximately 1,762 BTC valued at 27.73 billion yen.