METAPLANET'S BITCOIN PER SHARE ROSE 8.8% THIS QUARTER — THEY BOUGHT NO BITCOIN — THE GAIN CAME OUT OF MANAGEMENT'S OWN OPTION POOL

Metaplanet told the market its bitcoin per share climbed 8.8% this quarter. It did not buy any bitcoin. The holdings have sat at 43,000 coins since June 30, and the company's own footnote says so. What moved was the bottom of the fraction. On September 11 the board cut the shares behind its 2023 stock options from 696 per unit to 410, erasing 131,274,000 potential shares — 41.1% of the pool, and 55.5% of what had not already been cashed in. Divide 43,000 coins by a smaller share count and you get a bigger number per share. That is the whole of this quarter's yield. Give the board its due: holders bought these options with their own money in 2023, when this was a hotel company with a going-concern note on its books, and handing back two fifths of them is rarer than it sounds. But look at what the handing back tells you. The company's own bitcoin yield measure ran 309.8% in one quarter of 2024 and 2.8% by the first quarter of this year. When selling shares stops buying more bitcoin per share than it costs, the only watering-down left to cut is the kind you granted yourselves. One director holds 276,000 of the 459,000 units and has already taken 64,032,000 shares at ten yen apiece.