Metaplanet Inc.

The core strategy of Metaplanet is the transformation of enterprises to a Bitcoin standard, with a focus on the assetization of Bitcoin and ecological integration:

1. Bitcoin Asset Accumulation

• • Financing through the issuance of zero-coupon corporate bonds, equity issuance, and other methods, continuously purchasing Bitcoin in large quantities as a core reserve asset. As of June 2025, the holdings reached 8,888 BTC (valued at approximately $930 million), with a target to exceed 10,000 coins by the end of 2025 and reach 21,000 coins by 2026.
• • The average cost is approximately $91,000 per coin, to hedge against the depreciation of the yen and inflation risks in Japan ( Q1 2025 Japan's GDP shrinks by 0.2%, inflation rate 3.6%).

2. Derivative Income Enhancement

• • Collaborating with Singaporean institution QCP Capital, we collect premiums by selling Bitcoin put options and dynamically adjust the strike price using a "Roll-up" strategy. In Q1 2025, this business contributed 88% of the revenue.

3. Integration of Physical Ecology

• • Transform the original hotel business into a "Bitcoin Hotel," featuring a Bitcoin gallery, an art museum, and shared office spaces to attract the crypto community and strengthen brand narrative.

4. Capital Leverage Cycle

• • Build a self-circulating model of "rising cryptocurrency prices → soaring stock prices → financing through equity issuance → increasing Bitcoin holdings", financing $135.2 million through equity issuance in 2025, all used to purchase Bitcoin.

• Bitcoin fair value gains: The appreciation of held Bitcoin brings unrealized profits (e.g., $4.15 million net profit in Q1 2025, mainly from BTC appreciation).
• Option premium income: By selling put options using volatility, the annualized return can exceed 95% (reaching 309.8% in Q4 2024).
• Tax arbitrage premium: Japanese retail investors indirectly hold Bitcoin by investing in their stocks (capital gains tax 20%), avoiding the high direct holding tax rate of 55%, which drives up the stock price premium.

• Reshaping corporate valuation: After the transformation, the stock price skyrocketed by 10,735% (from April 2024 to June 2025), with a market value exceeding $6 billion, becoming the benchmark for "Bitcoin proxy stocks."
• Demonstrate the allocation of Bitcoin by Asian companies: Encourage Japanese and Asian listed companies (such as Boyaa Interactive) to follow the strategy of Bitcoin assetization.
• Hedge against national macro risks: Provide Japanese investors with tools to combat the surge in government bond yields (40-year yield reaching 3.7%) and a 50% depreciation of the yen over ten years.

1. Bitcoin ( BTC )

• Direct liquidity support: Large continuous purchases (such as a single increase of 1,088 BTC in June 2025) significantly increase market buying pressure, especially affecting prices during Asian trading hours.
• Emotion Amplifier: Stock prices are highly correlated with Bitcoin prices (correlation coefficient over 0.9). In April 2025, when BTC retraces to $75,000, Metaplanet's stock price drops over 5% in a single day.

2. The impact of other cryptocurrencies is limited.

• The business is completely focused on Bitcoin and does not involve other tokens such as ETH and SOL, having no direct influence on non-BTC currencies.