The proceeds will be used to fund in part the acquisition of additional bitcoin

Davis Polk advised the joint lead managers and joint bookrunners in connection with the primary offering of 385,000,000 shares of common stock of Metaplanet Inc. The shares are listed on the Tokyo Stock Exchange and were offered outside Japan pursuant to Rule 144A and Regulation S. The aggregate proceeds of the offering are approximately ¥212.9 billion (approximately $1.4 billion). Metaplanet intends to use the proceeds of the offering for the purchase of additional bitcoin and for its bitcoin income generation business.

Metaplanet is a fast-growing bitcoin treasury company based in Japan with a strong track record of rapid bitcoin accumulation. It executed a strategic transformation of its business in April 2024 by adopting a bitcoin treasury strategy, establishing bitcoin as its core treasury reserve asset. The company has been reported to be the largest publicly listed bitcoin holder in Asia and one of the largest corporate bitcoin holders globally.

The Davis Polk corporate team included partners Christopher Kodama and Daniel P. Gibbons and associates Dylan H. Lojac and Akiko Okamoto. Partner Patrick E. Sigmon and associates Kelli A. Rivers and Ya Sheng Lin provided tax advice. Counsel Chaoyuan (Charles) Shi provided ERISA advice. Members of the Davis Polk team are based in the Tokyo, New York and London offices.

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