From October 14 to 31, we bought back 96,447,400 shares, about 7.1% of our total issued shares, for ¥25.27 billion. We will continue to allocate capital with discipline, focused on maximizing bitcoin per share and taking into account our share price, mNAV and market conditions.

We stand with Binance and everyone working around the clock on this. As one member of this industry, we know moments like these are when we need to come together. Bitcoin itself is unaffected. The network continues to run exactly as designed, as it has every block since 2009. All of Metaplanet's bitcoin is held in cold storage with best-in-class regulated custodians.

Super League has completed its second Bitcoin purchase. We added 2 Bitcoin to our treasury, doubling the size of our inaugural purchase. Following our Annual General Meeting of Stockholders on Friday Oct 16th, we find ourselves hungry for more!

We are pleased to note that Super League ($SLE) shareholders have voted to approve the proposed Metaplanet transaction, an important step in our transformation from a Bitcoin treasury company into a global Bitcoin-native financial platform. Upon close, Superplanet will be our U.S.-listed Bitcoin treasury platform, providing direct access to U.S. capital markets and greater flexibility to opportunistically raise capital. Together with Metaplanet Securities in Japan, we will have complementary platforms in two of the world’s most important capital markets, enabling us to raise and deploy capital internationally while advancing our ambitions across Bitcoin treasury, financing, financial products and asset management. This is another exciting milestone as we build for the long term. Stay tuned for more as we move towards close.

Metaplanet announced ¥52b of zero-coupon Euro-yen convertible bonds due 2031, together with a concurrent share repurchase. Terms are now final, and the initial repurchase was completed this morning. The conversion price is ¥339, a ~30% premium to the reference share price and above 1.0x mNAV at launch. Through ToSTNeT-3, we repurchased 73,981,400 shares at ¥261, a discount to NAV, for a total of ¥19.3b, or roughly 5.4% of shares outstanding. A further ¥23.6b will partially repay our credit facility, releasing bitcoin currently pledged as collateral and giving us greater flexibility to execute on our upcoming strategic initiatives. The remaining ~¥9bn allocated to repurchases can go toward further share buybacks in the market and/or additional facility repayment.

I think it’s important for me to address one pivotal piece of our convertible bond financing, which you will see noted in the full legal notice and in the presentation deck. I'm lending up to 55 million of my own shares to support the deal at 0.75%, which is well below the current market rate. I want to explain why, because there is a simple reason. Convertible bonds are bought by institutional investors who carefully manage their risk. A convertible combines a bond with the right to convert debt into shares later at a set price. Many investors value that equity component but hold it on a balanced, market-neutral basis rather than betting on where the share price goes. To do that, they need to be able to borrow shares. The more shares available at a competitive price, the lower the borrowing cost and the more investors are willing to pay Metaplanet for the bond. If you want to go deeper, ask any AI how stock borrowing costs affect convertible bond pricing. Stock borrowing and lending are standard parts of convertible financing around the world and directly impact pricing. When borrowing shares is difficult or expensive, the issuer gets less favorable terms. When shares are readily available and cheap, terms improve. For Metaplanet that means a lower cost of capital and less dilution for existing shareholders. That's why I'm lending shares from my own holdings below the market rate – to help Metaplanet secure the best terms available and to help make this financing a success. The lending arrangement was reviewed and approved by the independent directors of Metaplanet, with me recused from the decision.

Today Metaplanet announced that it will issue ¥52bn of zero-coupon Euro-yen convertible bonds due 2031, together with a concurrent share repurchase. These initiatives are interconnected. The issuance funds the repurchase of our shares at a discount to net asset value, reduces secured borrowing, and releases bitcoin currently pledged as collateral – all with debt that carries no regular interest payments. I need to limit my comments because, as the bonds are not being offered in the U.S., we are highly constrained in what we can communicate from a regulatory perspective. But today’s announcement serves an important purpose at this time. Up to ¥28.3 billion of proceeds will be used to repurchase our shares as part of our ¥60bn repurchase program. Up to ¥25.3 billion of this will be executed through an off-auction block trade (ToSTNeT-3) this morning, up to 96,934,800 shares, or 7.1% of shares outstanding, with the balance through market purchases. With our shares trading below the value of our bitcoin holdings, buying them back at these prices captures that discount for shareholders. Conducting the repurchase concurrently with the bond offering also helps absorb trading activity associated with convertible investors hedging their positions, supporting better pricing for the bonds. Any funds not used during the concurrent repurchase will be applied to subsequent share repurchases or to the repayment of our credit facility. A further ¥23.6bn will be used to partially repay our credit facility, releasing bitcoin pledged as collateral. This gives us greater financial flexibility to acquire more bitcoin while advancing other strategic initiatives, including our Net Interest Income Strategy. The initial conversion price is set at a premium to both the current share price and 1.0x mNAV at launch. So, we are buying back shares below the value of our bitcoin holdings, while new shares would only be issued upon conversion at a price above that value. The bonds are yen-denominated, senior unsecured obligations being placed with international investors that are non-U.S. persons exclusively outside the United States, broadening our investor base. They are supported by our balance sheet and credit rather than specific collateral. Our total debt will increase, but its composition will improve. Secured, interest-bearing borrowing is replaced with unsecured, non-interest-bearing debt. The result is lower interest costs, a longer tenor on our borrowings, a meaningful repurchase of outstanding shares at a discount, and greater credit capacity to execute our strategic initiatives. Separately, as announced on August 18, our investment in Super League Enterprise (Nasdaq: SLE) is expected to close shortly, subject to SLE shareholder approval and other closing conditions, after which SLE will be renamed Superplanet, Inc. I will have more to say about that at closing. For more information, see here the full legal notice in English: and a presentation deck that describes the issuance and repurchase succinctly:

I have two important updates to share with you today as we continue to build Metaplanet into a global financial platform rooted in Bitcoin. From the beginning, our strategy was never simply to accumulate Bitcoin. Our objective has been to build the leading Bitcoin financial company in Asia and, over time, become one of the leading Bitcoin financial institutions in the world. Over the past year, we have worked to execute that strategy with discipline and speed: growing our Bitcoin reserves, expanding our operating businesses, broadening our access to capital, and laying the foundation for a scalable credit platform built around Bitcoin. The pending Superplanet transaction, the development of Metaplanet Securities, the expansion of our distribution capabilities, and the continued growth of our Bitcoin holdings are all components of a unified long-term strategy. Here are the latest steps on this journey: - First, in the third quarter we executed a sale and repurchase of Bitcoin that demonstrated the liquidity of our Bitcoin reserves and increased our overall Bitcoin position. - Second, we are launching a Net Interest Income Strategy designed to create recurring income streams and lower our effective cost of capital, supporting the next phase of our growth. Rating agencies and credit investors ask one question of a Bitcoin company: can that Bitcoin be turned into cash to meet obligations, and will it be? We answered by doing it. We converted Bitcoin into cash, exceeding the total outstanding principal of our bonds, borrowings and other interest-bearing debt. We held that cash, then bought back more Bitcoin than we sold. Net, we added 1,000 BTC. As of September 30, Metaplanet held 44,000 BTC, making us the second-largest listed Bitcoin treasury company in the world. Metaplanet has generated revenue from its Bitcoin Income Generation business for eight consecutive quarters, has expanded its strategic footprint through acquisitions and new business initiatives, and has now demonstrated that its Bitcoin can be converted into cash when needed, an important step in our march to realizing our potential in Japan and beyond. We continue to execute on our goal: Building a world-class Bitcoin financial institution. And we will continue to update you as we move ahead with additional value-creating initiatives. Full details are in the four TSE disclosures released today.

Our Independent Directors have published a note to shareholders on the Series 10 warrants, with a Fact Sheet covering their history, their terms, and the changes the Board has made. As the note explains, Metaplanet's founder-led history is important context that much of the recent commentary has missed. Notably, VanEck has since removed the section of its recent report on the Series 10 warrants, stating that it did not meet its research standards. With the warrant changes complete, our focus is on the next chapter: evolving Metaplanet into a global financial services innovator powered by Bitcoin. Thank you for your support. Our commitment to communication, transparency, and integrity continues.

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.