"Company†), a global Asian food platform and digital asset treasury company, today announced the acquisition of 100 Bitcoin (BTC), increasing its total holdings to 1,683 BTC under its structured Bitcoin accumulation program. This marks the Company's third Bitcoin purchase of 2026 and reflects its continued commitment to a disciplined approach to treasury management. DDC's strategy integrates digital assets as a...[Back to Newsroom] DDC Extends Bitcoin Accumulation Program into Fifth Consecutive Week-# DDC ...

Core Insights - Metaplanet has increased its international share offering from 180 million to 385 million shares, raising approximately $1.4 billion to fund Bitcoin purchases [1][2] - The company plans to allocate 183.7 billion yen ($1.25 billion) for Bitcoin purchases and 20.4 billion yen ($138.7 million) for its Bitcoin income generation business between September and December [3] - Metaplanet aims to acquire 210,000 Bitcoin by 2027, which would represent about 1% of Bitcoin's total supply [3] Share Offering Details - The share offering was increased by 205 million shares due to strong investor demand, with shares priced at 553 yen ($3.75) each, reflecting a 9.93% discount from the reference price of 614 yen ($4.16) [2] - The enlarged offering will raise Metaplanet's total outstanding shares from 755.9 million to 1.14 billion shares [2] - The share offering structure includes underwriter purchase rights for up to 375 million shares, with an additional 180 million shares available through overallotment options [7] Bitcoin Acquisition Strategy - Metaplanet currently holds 20,136 Bitcoin valued at over $2.24 billion, making it Asia's largest corporate Bitcoin holder and the sixth-largest globally [3] - The company acquired 1,145 BTC in September for approximately $127.2 million [4] - Metaplanet's Bitcoin income generation business recorded sales revenue of 1.904 million yen (nearly $13 million) during the second quarter of the fiscal year 2025 [6] Business Model Transition - The company has adopted Bitcoin as its primary treasury reserve asset to hedge against risks while pursuing long-term capital appreciation [5] - Metaplanet disclosed its transition to Bitcoin treasury management in May 2024 as part of its "Strategic Treasury Transformation and Bitcoin Adoption" policy [5] - The aggressive Bitcoin accumulation strategy positions Metaplanet among a growing number of corporations adopting BTC as a treasury asset [7]

Financial Data and Key Metrics Changes - Total revenue for Q2 reached $100.2 million, up 40% year over year, marking the first time it surpassed $100 million [7][22] - Gross profit rose to $9.3 million, a significant increase from $0.6 million in Q1 [7][25] - Operating loss narrowed to $27.1 million, while EBITDA turned profitable at $1.68 million, and adjusted EBITDA reached $25.3 million, both hitting record highs since Q1 2024 [7][25] - Basic and diluted net loss per ADS narrowed to $0.03, representing the lowest loss in the past ten quarters [25] Business Line Data and Key Metrics Changes - Product sales reached approximately $72 million, an increase of 23% quarter over quarter and up 17% year over year [22][23] - Mining revenue surged 202% year over year to $28 million, with $2.84 bitcoins mined in the quarter, up 101% year over year [24] - The Avalon Home product line generated $5.7 million in revenue, with a gross margin of 39%, a sharp increase of 359% from the previous quarter [11][23] Market Data and Key Metrics Changes - The average selling price (ASP) increased to $11.1 per terahash, reaching a new quarterly high [22][23] - The hash price in Q2 moved up overall from about $48 to a peak of $58 per petahash per day [8][92] - The total installed mining capacity worldwide reached 8.15 exahash per second, with 6.57 exahash per second already in operation [12] Company Strategy and Development Direction - The company aims to rapidly expand the home use market, particularly in heating-related applications [12] - A focus on vertical integration is emphasized, with the company designing and manufacturing its own ASIC chips and mining machines [15][21] - The company plans to strengthen its presence in North America, which is seen as a core expansion region [19][44] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for Q3 2025, with revenue expected to be in the range of $125 million to $145 million [19][31] - The company is adapting to tariff policy changes and is seeing a gradual return of customer demand in the U.S. market [40][51] - Management highlighted the importance of maintaining flexibility in capital allocation and responding to geopolitical shifts [88] Other Important Information - The company has a Bitcoin treasury that reached $15.11 bitcoins, with a market value of approximately $160 million at the end of Q2 [26][30] - Operating expenses remained flat at approximately $36 million, with plans to exit the AI business to reduce costs [27] - The company has secured orders from Cypher and CleanSpark, indicating strong customer recognition [46] Q&A Session Summary Question: Current market dynamics and pricing strategy for A15s - Management noted that the ASP for Q2 rose to $11.1 per terahash, with U.S. customers gradually adapting to tariff changes [36][38] Question: Strategy for penetrating the North American market - Management emphasized the importance of performance advantages and high service quality to gain market share in the U.S. [41][44] Question: Changes in customer demand since May - Management observed positive changes in market demand, particularly in Asia, while U.S. demand is still recovering [51][52] Question: Impact of AI and HPC co-location on demand for Bitcoin mining rigs - Management indicated that AI HPC projects are complementary to Bitcoin mining, with no direct competition for energy resources [56][58] Question: Update on next-gen ASICs and cooling systems - Management confirmed that the A16 series is in the chip assembly and testing stage, with growing demand for liquid-cooled systems [65][66] Question: Bitcoin treasury strategy and potential for generating yield - Management outlined a conservative approach to Bitcoin treasury management, including collateralized financing and interest-bearing accounts [69][72] Question: Capital deployment priorities and share buybacks - Management stated that share buybacks are prioritized due to undervaluation, with a focus on maintaining flexibility in capital allocation [86][89]