Notice Regarding the Revision of the Capital Allocation Policy

Background for Revising the Capital Allocation Policy

Since April 2024, the company has positioned its Bitcoin treasury business as a core strategy, expanding Bitcoin holdings through issuance of common and preferred shares, and utilizing bonds, credit, and facilities. While holding 35,102 BTC at the end of February 2026 and achieving growth, the market environment caused Bitcoin prices to decline, keeping mNAV generally around 1x. Based on this, revisions were made to improve flexibility in capital policy to maximize corporate value over the medium to long term.

Outline of the Revisions

1) Aim to maximize BTC yield through the use of perpetual preferred shares, considering early listing. 2) Common stock issuance will principally not be conducted when mNAV is below 1x and limited to cases judged beneficial to existing shareholders when above 1x. Rights offerings can be used as a fundraising method while maintaining shareholder fairness. 3) When mNAV is below 1x, share buybacks will be appropriately conducted, and when above 1x, share buybacks will be flexibly considered if market prices significantly undervalue corporate value. 4) Credit facilities will be utilized to diversify and increase financing flexibility while avoiding excessive leverage, with borrowing balances managed at less than approximately 10% of BTCNAV.