Simon Gerovich, President of Metaplanet, answered the critics:

I hear the disappointment in the recent pullback. It’s natural to feel that way. But what gives us conviction is the foundation we are building. Let’s review the milestones we’ve reached together, because over time fundamentals prevail.

Q2 was the strongest in our history, with record operating profit and net income. As a profitable, cash flow positive company, 100% of the funds we raise can be directed into accumulating Bitcoin.

Q2 was the strongest in our history, with record operating profit and net income. As a profitable, cash flow positive company, 100% of the funds we raise can be directed into accumulating Bitcoin.

Q2 was the strongest in our history, with record operating profit and net income. As a profitable, cash flow positive company, 100% of the funds we raise can be directed into accumulating Bitcoin.

Bitcoin per share is up ~40x in 12 months. Every share now represents materially more Bitcoin, reinforcing our focus on growing value per share over time. While we are focused on accumulating as much BTC as possible, increasing BTC per share holds priority.

Our Bitcoin income generation business has grown for 3 straight quarters. This recurring income adds resilience and supports further accumulation. This also gives us flexibility to service potential future financing to enhance our treasury operations.

We are among the most traded stocks in Japan and one of the most traded Bitcoin treasury names globally. Liquidity and visibility strengthen our market position.

We filed a shelf registration for perpetual preferred shares. While many companies can issue common equity, prefs require a fortress balance sheet of unencumbered Bitcoin — our unique advantage.

Our shareholder base has grown to 128,073. Our goal is to become one of the most widely held stocks in Japan, and we’re grateful to have captured the hearts and minds of so many people along the way.

We are consistently among the top stocks purchased in NISA accounts. Investors recognize Metaplanet as the strongest way to compound Bitcoin exposure over time.

We proudly represent Japan on the global stage as the only company outside the U.S. in the Top 10 corporate Bitcoin rankings.

Together with Strategy and others, we have inspired hundreds of companies worldwide to add Bitcoin to their balance sheets, driving category growth and adoption.

We are fully transparent with proof of reserves and a public performance dashboard open to all. Trust is built on verification. https://metaplanet.mempool.space https://metaplanet.jp/en/analytics

We are on track to reach 30,000 BTC in 2025 and 1% of all Bitcoin by 2027. A clear roadmap that guides our daily execution and long-term ambition.

Thank you to every shareholder for your conviction and support. We are building one of the most valuable companies in the world, backed by Bitcoin. Onward together.