Financial Summary for the Fiscal Year Ending December 2025 [Japanese GAAP] (Consolidated)

Performance Overview

For the fiscal year ending December 2025, consolidated results recorded net sales of JPY 8,905 million (738.3% YoY increase) and operating income of JPY 6,287 million (1,694.5% YoY increase). On the other hand, an impairment loss on Bitcoin valuation amounting to JPY 102,188 million was posted as non-operating expenses due to the decline in Bitcoin prices, resulting in ordinary income of −JPY 96,141 million and net loss attributable to owners of the parent of −JPY 95,046 million. The Bitcoin holdings increased to 35,102 BTC, significantly expanded from 1,762 BTC at the previous fiscal year-end. A stock split was conducted at a ratio of 1 to 10, resulting in 1,142,274,340 shares outstanding.

Capital Policy and Future Outlook

In October 2025, a credit facility agreement was concluded, executing borrowings secured by Bitcoin collateral, and in December, Series B preferred shares (MERCURY) were issued to diversify funding sources. These measures have allowed the company to continue agile accumulation of Bitcoin while mitigating share dilution. The earnings guidance for the fiscal year ending December 2026 forecasts net sales of JPY 16,000 million (79.7% YoY increase) and operating income of JPY 11,400 million (81.3% YoY increase), expecting steady growth driven by the expansion of Bitcoin-related options business and stable performance in the hotel business.