A Letter to Metaplanet Shareholders: Over the past several weeks, many of you have asked questions about Metaplanet's compensation structure, governance, and the decisions we made as we transformed the business in less than two years from a struggling Japan-centric hotel operator into a global Bitcoin treasury company. Those conversations are important and warrant thoughtful responses, and I have tried to provide them with this note, which I hope you will read in its entirety. Most importantly, as I reflect on where Metaplanet is today, one thing is increasingly clear: we are no longer the company we were when the incentive structure at the center of this dialogue was created. We have grown faster than any of us imagined, our shareholder base has become truly global, and our business has evolved significantly. As the company matures, our governance, compensation, and communication practices must mature with it. That is why our Board of Directors has decided to further evolve the adjustments to the Series 10 stock acquisition rights and cancel 41% of the associated shares, resetting the conversion ratio to the level that existed before our international offering in September 2025. While as a Series 10 holder I recused myself from this decision, I fully support it. We all agree that we have one paramount goal: to ensure shareholders have complete confidence that we are aligned with them, in both action and intention. The original structure was designed for a very different stage in our history, when the company was much smaller and its future far less certain. It served an important purpose during that time. But leadership requires the willingness to revisit past decisions when circumstances change. One of the lessons of the past two years is that the same qualities that enabled our transformation, namely conviction, innovation, and a willingness to challenge convention, must now be matched by greater discipline and even more thoughtful oversight. The Board’s decision, and the consent of the Series 10 holders, reflect our evolution as a company. We will continue to assess and refine our practices as Metaplanet grows, and our responsibilities to shareholders grow with it. What’s Changing: Here are the three key components. The full Tokyo Stock Exchange timely disclosure is linked in the post below. Note that the amended terms were considered, formulated and approved by our Board of Directors, and were then agreed with the unanimous consent of all Series 10 holders. As the only director holding Series 10 rights, I did not participate in the deliberation or the vote. 1. We are resetting the conversion ratio to 1:410 The ratio of warrants to shares started at 1:100 and was fixed on August 18, 2026, at 1:696. It will be reset to 1:410, which is where it stood immediately before our international share offering in September 2025. September 1, 2025, the date of our final Bitcoin purchase disclosure before that offering, represents a natural inflection point in our journey. Up to that point, enterprise value was driven primarily by the efforts of the team that conceived, financed, and executed Metaplanet's transformation. After the international offering, growth in both our share count and Bitcoin holdings increasingly reflected our ability to access larger pools of capital and scale the Bitcoin treasury strategy. This offering is the point at which capital raises became less accretive (still accretive, but less so), and it is the point identified as giving Series 10 holders disproportionate value relative to existing shareholders. This action, which extinguishes over $220 million of warrant value, reduces the number of shares underlying the warrants by 41%, reduces the fully diluted share count accordingly, and increases Bitcoin per fully diluted share by approximately 8.8%. 2. We are imposing additional exercise conditions Under the new terms, all unvested warrants are subject to extended restrictions on exercisability, with one-third of this pool becoming exercisable in 2029, one-third in 2030, and one-third in 2031. The five-year lock-up agreed to last month is unchanged, so shares received on exercise remain subject to that lock-up until it expires. For full details please see the TSE disclosure. 3. We are cancelling the allocation of warrants to a new employee incentive pool and instead accelerating our design of a new compensation program. The 20% of warrants previously earmarked for transfer to an employee incentive pool will not be transferred. Those warrants are simply cancelled, as part of the 41%. We will develop a new plan in consultation with a leading global compensation consultant to incentivize new hires. We will share details as the design progresses. How We Got Here: Those are the headlines. But it's important at this moment to take a step back and remember where our journey began. This is critical to understanding why the Series 10 stock acquisition rights were created, the circumstances which provided the backdrop, and the meaningful risk taken by those who invested in those warrants at a very different moment in time. Building a Bitcoin treasury company in Japan was unprecedented for any enterprise, let alone a small Japanese hotel operator emerging from a difficult period. There was no playbook for what came next. As a near-bankrupt TSE-listed Japanese company, our circumstances were not analogous to any of our peers, not the one company that came before us nor the many that have followed. The team that conceived of this innovative transformation and took on this challenge, myself included, did so when the outcome was highly uncertain. We invested our time, our careers, and our own capital into a company that was far more likely to fail than to succeed. We were paid very little cash compensation to do it and that remains the case today. Instead, to attract and retain the people needed to rebuild the company, shareholders approved a long-term equity ownership and incentive program: the Series 10 stock acquisition rights. Holders purchased those rights with their own capital, accepted significant restrictions, and faced a multi-year vesting period. If the company failed, the team would receive virtually nothing for the effort they put in. The objective was to align the people rebuilding the company with its long-term success, unlock extraordinary motivational force, and sustain that for a period of high growth. The Series 10 stock acquisition rights were never intended to incentivize non-accretive or modestly accretive dilution. Instead, during the initial phase of high growth, this structure allowed us to assemble a talented team and then transform the company by rapidly acquiring Bitcoin in a highly accretive manner. The adjustment we are announcing today seeks to ensure that intention is reflected in the outcome for our shareholders. The Series 10 stock acquisition rights and their impact were publicly disclosed and reflected in the fully diluted share count, as well as in the BTC-per-share and BTC Yield metrics we shared with investors. We also now recognize that disclosure and awareness are not always equivalent. Since then, Metaplanet has evolved dramatically. What began as a turnaround has become one of the most closely followed Bitcoin treasury companies in the world. In record time, we became the largest publicly traded Bitcoin owner in Asia and one of the largest Bitcoin treasury companies globally, despite operating in one of the world's most conservative financial and regulatory environments. In fact, today we are the only non-U.S. company among the top 16 global Bitcoin treasury platforms. Our Commitments Going Forward: With these factors in mind, we are taking several other steps to ensure our structure and practices continue to mature as the business does. First, we are engaging independent external experts to help create a new compensation program to ensure it appropriately aligns management incentives with long-term shareholder value creation. Second, we are continuing to institutionalize the company. This includes strengthening board oversight and appointing five new board members across the March 2025 and 2026 annual shareholder meetings, representing half of our ten-member board (nine of whom are independent), and including those with experience at leading global audit firms, law firms, and financial institutions. Strong governance is a priority at Metaplanet. In addition, we have expanded our leadership team, added experienced professionals across the range of critical support functions: accounting, legal, compliance, operations, and technology, and enhanced the internal controls required to support a company of our scale and complexity. These strengthening efforts have been implemented in less than 18 months and we will continue to do more. Third, we are committed to increasing transparency and shareholder engagement, providing additional context around our capital structure and financing activities, and engaging with shareholders in both English and Japanese in a consistent fashion. These actions are particularly important as Metaplanet continues to expand internationally, including through the pending acquisition of a controlling stake in Super League Enterprise, a Nasdaq-listed company. As we look ahead, our goal is simple: to build a company that endures and that captures the vast opportunity in Bitcoin for the benefit of shareholders. Metaplanet is the story of a small company that reinvented itself, built a new model in a market where few believed it was possible, and became one of the most significant Bitcoin treasury companies in the world. We have been more successful than any of us imagined when we began, and we have an extraordinary growth path ahead. Along the way, we will do our best to make the right decisions, and when we get it wrong, we will adjust with the interests of our shareholders top of mind. We are proud of what we have built, and we remain deeply committed to our shareholders. Thank you for your support, your engagement, and your belief in what’s ahead. Simon Gerovich Chief Executive Officer Metaplanet

I wanted to take a moment to post about communications and transparency. Over the past week, my colleagues and I have spent a lot of time reading the questions, feedback, and criticism that you have shared.  Thank you for your passion, and for your belief in Metaplanet. One thing that has become clear is that we have not done a good enough job of explaining how our structure and decisions are designed to create long-term value for all shareholders. We can do better, and we will.  It has also become clear that while opinions differ, we all want the same thing: for company leadership and shareholder interests to be aligned in creating as much long-term value as possible, and for Metaplanet to operate with the highest standards of transparency and governance.  Through this lens, we announced several significant changes to the 10th Series stock acquisition rights on August 18, including eliminating the adjustment provision, fixing the share count, and implementing additional alignment measures. We are continuing to review our governance and compensation policies and will share any updates when that work is complete. Separately, I’d like to clarify details regarding the structure of MMXX Ventures. The basic facts are these: MMXX is a shareholder in Metaplanet, and I am a significant but non-majority shareholder of its parent company. I am neither a director nor officer of MMXX, and have no role in its investment or trading decisions. What I can speak to, and will, are the decisions made at Metaplanet. Bottom line: going forward, you should expect to hear more from us around the decisions we make and how they shape the future of the company.  Thank you to everyone who has taken the time to engage.

Gave my mainstage keynote at @Bitcoinconfasia in Hong Kong: The First Asian Cycle. Most of Asia's capital still can't buy Bitcoin. Not won't, can't. That's the gap we're building for. The first Asian cycle has already started. The only question is who builds it. Full keynote:

The Metaplanet team at Bitcoin Asia. The visible part is the stage; the real work is everything around it. Proud of this group. Thank you for having us, @bitcoinconfasia. @DylanLeClair - we looked everywhere for you!

Stanley Druckenmiller has come out against the Treasury's expanded long-end buybacks. His premise, held for five decades: markets aggregate information no committee can match. The lore writes itself. In 1992 he led the trade that broke the Bank of England, and a young man in the London office of that same fund is now the Secretary conducting the buybacks. I was trained on the same premise, so I want to state it more precisely than the lore does. What 1992 proved was that a fixed price defended with finite ammunition loses to a market that can bet more than the defender can spend. A buyback program promises no fixed price, so the old rule may not reach it. That is the real question the teacher has put to his student, in public, thirty-four years on. Bitcoin sits at the far end of the same spectrum: no defender, no ammunition, no committee. There, the question never arises.

Since April, a small team inside Metaplanet has been working on something we could not talk about. Today it is public. Metaplanet is taking a controlling stake in Super League Enterprise (Nasdaq: SLE). At closing it will be renamed Superplanet, our U.S. Bitcoin treasury platform, seeded with 2,100 BTC of our own Bitcoin and consolidated into our group. Here is what it means. In two years, Metaplanet became one of the largest corporate Bitcoin treasuries in the world, listed in Japan and backed by shareholders around the world, from Japanese retail investors to global institutions. Every decision has run through one question: does it increase Bitcoin per share? This one is no different. America is the deepest capital market in the world, and it is home to something that exists nowhere else at such scale: investors who fund Bitcoin treasury companies with permanent capital, no maturity, no repayment, no dilution of common shareholders. Until now, our group had no way to issue into that market. Superplanet gives us a direct presence in it. So the strategy now runs on two engines. Superplanet raises in America. Metaplanet raises in Japan. Both feed a single Bitcoin position that never leaves the group. When Superplanet raises capital without adding common shares, Bitcoin per share rises there and at Metaplanet at the same time. Two markets, two currencies, two investor bases, one balance sheet compounding. The platform opens doors in both directions. Superplanet can acquire in the U.S. Bitcoin treasury sector in ways not available to a Japanese parent. And in time, subject to laws and regulations, our securities arm may bring Superplanet securities to investors in Japan. We seeded this investment with less than 5% of our Bitcoin, with the ability to contribute much more as the platform grows. And we structured it the way long-term owners should: we invested at the market price, no discounts, no special terms, locked up every share for five years, and ranked our entire position behind the investors who will fund Superplanet's future. Our capital, our balance sheet, and everything we have learned building Metaplanet stand behind this platform. Super League brings a Nasdaq listing and a decade of relationships with many of the world's largest brands across gaming, an audience that understood digital value before most of the world did. There is real chemistry between that community and what we are building. Closing is expected in Q4 2026, subject to customary closing conditions, including Super League stockholder approval. Japan gave us our foundation. America gives us our second engine. One Bitcoin position, compounding through the world's two deepest capital markets.

Japanese households are often described as too conservative because so much of their savings sits in cash. For a long time, that caution was rational. When prices don't rise, cash protects purchasing power, and in Japan it did exactly that. That era is changing. With inflation back, cash alone no longer offers the protection it once did. The people who saved carefully shouldn't be the ones who fall behind as the world changes. Everyone in Japan deserves a real path to financial security and independence, and that's what we're building toward at Metaplanet: the financial services to get there, one by one.

The Coldcard exploit is a painful week for many in our community, and I’m sorry for those who lost Bitcoin they believed was secure. It is also a reminder that custody is one of the hardest problems in this industry. Self-custody asks individuals to carry every operational risk themselves: hardware defects, key loss, inheritance, recovery. Even careful people doing everything right can be exposed by a flaw they had no way to see. This is why Metaplanet holds its Bitcoin with regulated, institutional-grade custodians under segregated cold storage, multi-party controls, and independent oversight. Managing a corporate treasury requires a control environment no single device can provide. Nothing about this exploit was a failure of Bitcoin. The protocol was not compromised; a device was. The lesson is not to doubt the asset. It is to be honest about how demanding it is to secure, and to choose the custody model that fits the responsibility you carry.

In August 2020, a $1 billion software company put $250 million of bitcoin on its balance sheet. It was the first public company in the world to do it, and most people thought it was a stunt. Six months later, after the stock had risen tenfold, the same people called it visionary. Less than two years after that, with the stock down nearly 90%, they called it a failed experiment. A gamble that didn't pay. My friend Michael and the people around him were ridiculed for their vision. Through all of it, only one number moved in a single direction. The company owned more bitcoin at the bottom than it had at the top. Today it owns 843,775 BTC, worth over $50 billion, and the same arguments are being made again. The market changed its mind four times in six years. The underlying thesis did not. Study the greatest investors and entrepreneurs and this is always where the asymmetry sits: in the one thing everyone needs, almost nobody understands, and most people have already written off. $BTC

Metaplanet is building a new kind of financial institution from Japan, with Bitcoin at its core. At WebX 2026 today, @Shinpei3350 and Metaplanet Securities CEO @kazukikomura laid out the next phase: issuing new financial instruments, including bonds and preferreds, and pioneering a digital credit market. @MetaplanetSec launched July 13, sits at the center of it. Bitcoin is the foundation. Now we build the ecosystem on top of it.

Today Metaplanet, Metaplanet Securities, JPYC, and Progmat announced a joint study in digital credit, combining Bitcoin, stablecoin settlement, and security token infrastructure. Japan’s corporate bond market is built for large public issuers. Mid-sized and growth companies are effectively priced out. We are studying whether Bitcoin-backed digital credit can enable 24/7/365 trading and settlement with daily prorated interest, bridging Japan’s conventional securities market and the digital asset market. This is Project NOVA at work: using Bitcoin’s strength as an asset to open Japan’s credit markets to companies the current system prices out.

Wonderful to see Prime Minister Takaichi joining WebX 2026. Digital assets, financial innovation, and the technology shaping the next era of finance, welcomed at the very top. Japan’s future is bright. Catch Metaplanet on July 14 at 11:10 AM: Head of Capital Markets Shinpei Okuno and Kazuki Komura, CEO of Metaplanet Securities (currently Siiibo Securities), will discuss our Bitcoin treasury growth strategy and the future of digital credit, built from Japan.

We are pleased to announce that Metaplanet has entered into an agreement to acquire 100% of Siiibo Securities, a licensed Type I securities firm and a pioneer of Japan's online corporate bond market. Following closing, expected in July, the company will be renamed Metaplanet Securities. This is Metaplanet's first major acquisition and the first concrete step in Project Nova, our long-term strategy to build a Bitcoin-centric financial ecosystem in Japan. The significance is hard to overstate. Japanese households hold roughly $7.4 trillion in cash, deposits and low-yield products, and as Japan shifts from deflation to inflation, that capital has begun searching for yield. By bringing Siiibo's Type I registration and online securities platform into the group, we will develop and distribute Bitcoin-related yield products directly to Japanese investors, supported by the 40,177 BTC on our balance sheet, the largest corporate Bitcoin treasury in Asia. We have great respect for Kazuki Komura and the team at Siiibo Securities and what they have built. Together, as Metaplanet Securities, we will bring new yield opportunities to Japan.

There is a limited universe of listed preferred shares in Japan today. Upon listing, our preferred would be only the seventh in the market, and the first perpetual preferred. We view this as a meaningful contribution to the development of Japan's capital markets, but it is also why the path to listing is necessarily deliberate. In the Japanese market, dividends on preferred shares are expected to be supported by sustainable cash flows generated from underlying operations. The listing review accordingly assesses dividend-paying capacity based on projected financial performance over a multi-year period, including scenarios across different market environments. Metaplanet already has a six-quarter track record in its Bitcoin Income Generation Business, and we believe it is important to continue demonstrating that the business can generate stable, recurring cash flows across both strong and weak Bitcoin market conditions. We are also continuing to articulate the scalability and long-term viability of our related operating businesses that support this cash flow profile. A second consideration is dividend operations. Listed companies in Japan have historically paid dividends once or twice per year. The structure we are designing contemplates more frequent distributions, including monthly dividends. Implementing this requires careful work on record-date procedures, shareholder identification, dividend calculation, and recurring shareholder notice operations. We are working closely with our partners to build and modernize this infrastructure in a manner consistent with Japanese regulatory and market practice. The process has taken longer than we initially anticipated, and we appreciate that this has created uncertainty. We are deliberate about this work because Japan today is one of the most yield-starved major capital markets in the world, and we believe a preferred equity product supported by credible operating cash flows, robust operational infrastructure, and a long-term growth strategy can meaningfully address that need. We are deeply committed to bringing this product to market, and to doing so in a form that earns the long-term trust of investors and market participants.

Metaplanet Q1 FY2026 Results 🟧 Revenue: ¥3.08b (+251% YoY) 🟧 Operating Profit: ¥2.27b (+283% YoY) 🟧 Net Assets: ¥402.96b (-12.1% QoQ) 🟧 BTC Yield: 2.8% (QTD) 🟧 Operating Margin: 73.6% FY2026 Guidance (unchanged): 🟧 Revenue: ¥16.00b (+80% YoY) 🟧 Operating Profit: ¥11.40b (+81% YoY)