LIVE: Bitcoin for Corporations - Day 2 | Strategy World 2026

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7:40 Please make your way to your seats. Our program is about to begin. As a courtesy to fellow guests and speakers, we do ask you please turn your cell phones and other portable electronic devices to the silent mode. Again, please be seated. Thank you. Heat. Heat.

8:46 Please welcome to the stage your host Natalie Brunell. Morning everybody. Welcome to day two of Bitcoin for corporations. Bitcoin decided to wake up this morning. So maybe it's the strategy world pump. We've got such an exciting day of panels and talks in store for you. And we want to give a thank you to our room host today, Laam and Watkins. Also, if you haven't done so already, we encourage you to submit questions for Michael Sailor and Fong Lee. We're going to be doing an interactive Q&A this afternoon. That's going to be at 4:45. So you still have time. Submit your questions by scanning that QR code. And we're gonna kick it right off with two fantastic speakers. Our first session is going to be Bitcoin adoption trends with

9:33 Alex Leechman, the CEO of River, followed by Bitcoin for Corporations adoption update with George McCale, managing director, Bitcoin for corporations. Welcome, Alex, to the stage. Thank you, Natalie. See my slides. Okay. Um, good morning everybody. Uh, nice little Bitcoin price bump today. It's great to be back at my fourth Bitcoin for corporations conference. I'm the founder of River. At River, we make it easy for individuals and businesses to buy, sell, and use Bitcoin. And this morning, I'm going to

10:19 present some data that our team has put together, synthesizing both public data and proprietary data that we have at River to go over Bitcoin adoption trends from 2025 through the beginning of this year. So, as you've probably noticed, we're in a bit of a bare market. The Bitcoin price is down about 40% since the beginning of 2025. But this is one bare market of many in Bitcoin's history. And it's one of the smaller ones. We've been through many before and we'll be through more in the future. But this bare market is unique. It's actually very different when we look at the data. And what's unique about this bare market, it is the first bare market in Bitcoin's history where we are seeing an

11:06 acceleration in the institutional adoption of Bitcoin. If we look at who's purchased Bitcoin in 2025, it's overwhelmingly institutions, businesses, funds, and governments have been net accumulators of Bitcoin in 2025. And they've purchased this Bitcoin from individuals who have been the net sellers. And if we look at this trend over time, we see something pretty interesting. Bitcoin's ownership was overwhelmingly dominated by individuals in the first half of its life. And around 2020, around the time Michael Sailor and Micro Strategy started opening the eyes of institutions, businesses and other institutions

11:52 started buying Bitcoin. And this trend has continued to accelerate. So this chart shows the the proportion of Bitcoin owned by different by by by individuals and businesses. And if we extrapolate the change in ownership from 2025 linearly out into the future, which which may or may not be valid, but it's an interesting exercise, we see that by 2035, half of Bitcoin might be owned by institutions. And this is driven in large part by the popularity of Bitcoin. Now on Wall Street, over 60% of top US banks are building Bitcoin products. City, Bank of America, PNC.

12:39 Over half of the top US hedge funds have Bitcoin allocations. And 90% of the top RAAS in the country have Bitcoin allocations. In the last two years, 2,000 investment advisors have made Bitcoin allocations. So if we step back, we can see the impact of the institutional arrival on Bitcoin uh by breaking out capital inflows during the different market cycles that we've seen over the years. In the 2015 to 2018 market cycle, the capital inflows to Bitcoin were almost entirely individual-driven. in the 2018 to 2021 market cycle. Again, this was a lot of individuals buying their first Bitcoin and some institutions starting to enter the market.

13:26 And in this last market cycle, it was overwhelmingly driven by institutions. And we can see see this based on the magnitude of capital that entered the market. Now, a chunk of this capital is from registered investment advisors, RAAS. And an interesting trend here is in the last two years every single quarter has seen a increase in the number of in the amount of bitcoin held by raas. But the percentage of bitcoin held by uh by investment advisors is still a tiny tiny tiny fraction of all the investments that they manage. So only 0.006% of assets managed by investment advisors is allocated to bitcoin. But the top investment advisors in the

14:11 country are recommending often singledigit percentage allocations with Fidelity recommending up to 5% allocations. So I expect capital inflows from RAS to continue to accelerate over the coming years. Businesses have also been a major factor in the capital inflows to Bitcoin in this market cycle. In 2025 during, you know, a a down market, we saw record business inflows into Bitcoin, which is pretty remarkable. And these these inflows dwarf any inflows from previous years from businesses. And these these inflows have been dominated a lot by a lot of treasury

14:56 companies accumulating Bitcoin. a lot of people you you've heard from yesterday and who you will hear from today. But a very interesting trend is that we are seeing a very steady growth in conventional businesses accumulating Bitcoin as well. Another interesting trend is the amount of merchants accepting Bitcoin payments. We've seen a very steady growth here and an acceleration since Square unlocked Bitcoin payments in their in their merchant product. And in the own data, in our own data at River, we saw a doubling a a more than doubling of our business client base last year. We serve a lot of small and medium-sized businesses, real companies,

15:42 real mainstream businesses accumulating Bitcoin. And you can see a breakdown here. We serve anyone from churches to trucking companies, farms. Uh, one of my favorite ones is a hot dog stand. And the the the trend here is that despite the Bitcoin downturn, we've continued to see very strong growth. And something that these businesses have in common is that they're typically controlled by one or a small number of people who are just key decision makers of this in this business. They themselves are Bitcoiners and they've decided to make this allocation for their company.

16:30 And we've surveyed these business owners. 63% of them plan to hold Bitcoin indefinitely, which I think is pretty remarkable. These are real operating business owners buying Bitcoin to preserve the wealth of their business for the long term with no plans to sell. So, in summary, the data we're seeing is very promising. I think this market downturn is temporary, and I think the next market cycle is going to continue to be overwhelmingly driven by institutional adoption of Bitcoin, both operating companies and investment assets that are still yet to be allocated to Bitcoin. And I want to leave you with an

17:15 interesting graphic. This this globe here is a visualization of all merchants around the world who accept Bitcoin. And I expect that next year this slide will shine a lot brighter. So I want to thank everybody and I'll see you next year. Well, good morning again. Good to see you all. My name is George McCale. I'm the managing director of Bitcoin for Corporations. And uh today I want to

18:01 take a look at the year of 2025, which was a a wild ride. I'm not sure if you guys noticed that as well, but uh our mission at Bitcoin for Corporations is to accelerate corporate Bitcoin adoption. And I think as you just heard Alex share, that definitely took place in 2025. Um, more corporations are adopting Bitcoin. We're getting closer to a Bitcoin standard. You know, the goal is to make Bitcoin like gold once was, but a better version of it. Uh, so today I want to ask the question, what did happen in 2025? Uh, it was a little bit chaotic. We know that. Uh, but I want to try to filter the noise a little bit and take a look at what's actually happening with adoption by reflecting on the facts. What actually happened? The goal here is clarity, not hype. And so, um, I want to do this by looking at a

18:48 report that BFC just published. This is our first annual report on corporate Bitcoin adoption. If you haven't had a chance to take a look at it, you can download it online. We synthesized basically some key insights from 2025. And uh, let's look at some of the facts. So, first of all, one year ago, there were about 90 public companies that were holding Bitcoin on their balance sheet. The start of 2026, that number is closer to about 167. Uh, some figures put this closer to 200, depending on kind of what source you look at. And corporate holdings grew 73% year-over-year with about half a million Bitcoin added to to balance sheets in 2025. So, there was basically this Cambrian explosion of Bitcoin Treasury companies that came onto the scene. It felt like there was a new one announcing every single week. Like we were just starting to get to know Simon and Metaplanet and it was

19:35 like all right there's here's 80 more companies. So, uh this is kind of a look at what the uh adoption looked like month over month. You can see that that blue bar is strategy and the everything else is all the other companies. But it was uh it was a lot. It was a lot to take in. And at Bitcoin for corporations, you know, we saw that growth reflected in uh what we were doing uh at the start of last year, 657 Bitcoin on corporate balance sheets, representing about 3% of the total supply. We're now over 1 million Bitcoin with over 5% of the supply. So, I don't need to kind of drill down too much on that. Alex did a great job of sharing what that looks like, but basically, you know, here this is trying to just contrast what actually happened compared uh to sentiment. And you know despite the growth there were some challenges

20:22 and it's important to address those and and you know take them head-on. There were companies that ceased or pivoted entirely away from the the strategy. Some were forced sellers. Um and so you know for for me getting a chance to know a lot of these executives and how they think and how deep their conviction is and u where they're actually trying to take this strategy has been really insightful. I think one of my favorite stories is Prenetics on this list. Uh Prenetics was a non-endemic is a non-endemic company. They're a healthcare uh supplements company backed by David Beckham. Great business, a lot of revenue. Uh you know, started buying one bitcoin per day and eventually, you know, their their healthcare business was growing faster than sort of the the returns on their Bitcoin strategy and shareholders demanded that, you know, let's let's focus on reinvesting into

21:08 the business. And so that was a pivot that, you know, there's no judgment. There's no like we're not mad at Danny. Danny's a great guy. He's the CEO. And I think uh part of one of the insights is we've gotten to build a relationship with these companies that really, you know, don't they don't come at this from the perspective of I love Bitcoin and you know, Bitcoin is the best thing ever. I should start putting it on my balance sheet. They're they're starting to hear about it. They're starting to learn about it, but they they don't have that deep conviction that, you know, Sailor and Fong have where they just they understand that this is the digital gold rush to to that degree. And so we're here to help kind of guide them and educate them. And um when the market turns and shareholders are like, "Hey, what about that Bitcoin thing?" You know, Danny's going to pick up the phone and he's he's going to call us. So um and it's funny. I was listening to to Sailor yesterday and I'm like, "Man, maybe I need to reach out to Danny and tell him about Stretch. I think that's

21:54 like probably the the new play." So uh Bitcoin unfortunately last year uh was the worst performing major asset. Uh silver, gold, everything outperformed Bitcoin by by quite a lot. So, if you're a Bitcoin maxi, I know that's not fun to hear, but it's uh it's the truth. And so, it's interesting though that despite that, despite the performance of Bitcoin, corporations continued to add uh year-over-year 73% growth. I think I think that's that's the real headline coming out of a year that I think ended uh in a way that was challenging and 2026. You know, we're we're up 4K today and we'll we'll see where things go. But, uh definitely bullish on on this stat. I think this is the the real signal that corporations that have deep conviction continue to stack. They

22:40 understand what's going on. They're not looking at price. They're looking at a different uh leaderboard. And so the growth of the ecosystem again is reflecting the growth of Bitcoin for corporations. Our network last year when we came to this event, we had 13 members. Uh today that's over 41 members in about 15 different countries. Um we have signed on for another five years with our partnership with strategy. And so they're definitely committed to continuing growing the ecosystem and uh resourcing these these companies and helping them along the way. This is a look at the uh top 10 uh Bitcoin for corporations members and kind of how they how they stack uh against every other company. Right now our membership represents about 69% of all public holdings of Bitcoin. um you know, not not counting the ETFs, but

23:26 these are CEOs and executives and teams that that again believe in this mission and are sacking because they know uh that Bitcoin is a scarce resource and that we are in the middle of a digital gold rush. And so uh I'm excited to see kind of where this goes uh at this stage of of the market. you know, we've been having conversations and uh with with companies who have been developing their Bitcoin strategy, getting approval from their boards and and actually this draw down has been a blessing for them because they've so far they've raised their capital but they haven't deployed yet and so they're just chomping at the bit. So again, this this is what's actually taking place uh despite of the the the price action. Um, we also saw mergers and acquisitions, uh, you know, Strive acquiring Sembler. Uh, we saw the

24:14 completion of, you know, the company that I work for, BTC, Inc. becoming acquired by Nakamoto. And so that's exciting for me personally. I'm now, you know, part of a company that's putting our money where our mouth is and building our own treasury strategy. And I think what is ahead for us that means, you know, we're going to be able to have more resources to be able to scale faster and and bring this mission to different parts of the world. And so again, just to kind of recap, the uh the conviction class to me is this group of executives who are continuing to come, continuing to show up, continue to get to know each other, resource each other, help each other. Um they have a strong financial incentive. They have a duty to execute the strategy that they have put in front of shareholders. And so the reason that's bullish for me is because, you know, it's they're not paper paper

25:00 hands. They're uh they're in this to win. And so they're unfased. The conversations that we're having here at this conference, there's actually excitement. Uh even before the 4K pump, people were were excited about kind of where where things are headed. I was just talking to Sam Callahan uh backstage and I've he's just like giddy. He's so so excited. And so um I think again coming to events like this you get to pick up a little bit on the on the signal and you know one of those things this is kind of the theme of the week here right is the birth of digital credit and uh basically this came out of nowhere this is a brand new market class I mean six billion market cap total at the end of the year uh delivering 370 million in dividends and so it's crazy to look at the innovation that just emerged out of nowhere a year ago this

25:47 this literally wasn't here now it's a six billion ion dollar industry. Uh, and you know, I I I love coming to strategy world. Genuinely, one of my favorite events because you get to run into people that are coming from all different kind of parts of both the Bitcoin ecosystem, but also business intelligence. You get to kind of reflect on on how massive strategy is as an operating business. And uh I was I was hanging out last night for a little bit at excess. Don't worry, I went to bed at a responsible hour so I could be here. But I was having this conversation with a guy who showed up. uh he's one of strategies uh clients on the business intelligence side and he was he was telling me just how excited he was about stretch of of all things. So he came here to learn about you know the the new business intelligence software the strategy was delivering and he's leaving now knowing that he can earn you know

26:34 11% on his money. He's telling me he's texting his buddies like you got to hear you got to do this like um and so it just kind of dawned on me that you know people don't know yet. people are just now starting to find out that this is a thing. And so, uh, how exciting is it heading into a year where we have, you know, this this new asset class that we can talk about and, uh, you know, show off the innovation of this part of the space. So, despite, you know, some of the good news, some of the positives, we did see some headwinds and not just Bitcoin price action, but also, uh, through some unexpected places. Back in October, MSCI, which is one of the largest index providers um in the world, proposed a rule that would have reclassified Bitcoin Treasury companies. There were 39 companies that were at risk. Uh about eight of them were Bitcoin for Corporations members. So, we mobilized. We're like, this is kind of

27:19 what we were built for, a network that can advocate on behalf of our membership. Uh we gathered signatures, we coordinated with uh you know, our our main uh members, especially the ones who were affected. I was, you know, coordinating very closely with the strategy team and and Andrew Kang who was kind of leading their effort and uh in the end, you know, TLDDR, spoiler alert, MSCI back down. Um, you know, and and this is a a great example of, you know, the power of the community coming together and um again looking out for each other. Uh we got to sit down with MCI through this process. We got their attention by making a lot of noise and saying, "Hey, this is a bad idea. These companies are actually operating companies." Uh, and to me it was a reminder that again different segments of the market that we interact with have no idea really what's going on. And

28:06 that's not like a, you know, I'm not saying in a negative way. I'm just saying they just haven't been educated. They haven't had the opportunity to to learn about what's going on and understand, you know, what strategy is doing and how that's different from sort of legacy financial uh, uh, products. And so uh this was against I think a lot of odds including poly market which had this at a 73% chance that uh that strategy would be delisted by the end of the quarter. So that was a exciting win. So uh I want to share a little bit more just about the the Bitcoin corporations network and how it operates, how we continue to evolve and grow. um you know with this uh this plug from our boy Gary from Germany who says without BFC the current scale of global corporate Bitcoin adoption would have been hard to imagine. That's uh our member company in

28:52 in Germany. Thank you Gary. Appreciate the the plug. But uh basically we are trying to scale this year in a few different ways. Uh you know we hit critical mass I think with the treasury companies that are now a part of our membership. And so we've been slowly building the vendor and provider side of the network. So we've seen uh Kraken, BitGo, Crypto.com, uh different custody, legal, accounting, IR solutions come into the fold as a part of the network who provide products and services to these treasury companies. And to round out sort of the operating system that we're creating, we're now talking with more and more capital allocators to be a part of the network as well. And so this this kind of uh makes a a a flywheel that I think can be very virtuous for our network. And so we are now um

29:38 onboarding capital allocators and uh you know continuing to expand the scope of of the network. And so if uh if that's you know we would definitely love to talk but the point is you don't have to do this alone. There's uh a lot of companies that are you know on the same page fighting for the same things. We're not in competition. We are trying to collaborate. And so as I wrap up here a little bit I want to help you plan your next conference. Uh it's always sad when you know we're coming to an end here on the on the final day. But good news, you can come right back here to Vegas uh in just a couple months where we'll be at Bitcoin 2026. Um you know, one of the main uh things that we do is symposiums very similar to this all around the world. We have four that are locked in Vegas, Hong Kong, Amsterdam, and Abu

30:23 Dhabi. We have three that are almost at the finish line. So we might be up to seven events. If you want to join us, we'd love to have you at any of them. Um we're looking at New York, DC, and uh one more international uh event, TBD. So mark your calendars and uh and join us. So again, whole point is you don't have to do this alone. We're here to support and uh our entire team in fact is here. This is who they are. We would love to meet you if we haven't had a chance to to meet yet. Uh thanks again for coming. I really appreciate being here and enjoy the rest of the conference. Cheers. so much, George. All right, we're going to be hearing from four leaders of Bitcoin treasury companies around the

31:08 globe. We're going to be hitting Asia, Latin America, as well as Europe. The next sessions will start with Simon Gerovich, CEO of Metaplanet, followed by Ging Gomez, founder and CEO of Orange BTC. After that, Alexander Lzay, director of Bitcoin strategy at Capital B. And last up, Andrew Webbley, CEO of the Smarter Web Company, and Jesse Meyers, head of Bitcoin strategy there. So, first give a warm welcome to Simon Gerovich of Metaplanet.

32:00 Bitcoin is down almost 50% from its all-time high. I'm not going to pretend that didn't happen. I'm not going to skip past it. I'm going to show you exactly why it doesn't change a thing. My name is Simon Gervich. I'm the CEO of MetPlanet and we're building Japan's Bitcoin standard. Over the past 20 months, we've transformed in scale, structure, and ambition. I'll walk you through what we've built, why Japan specifically, and where we're headed next. I don't need to explain Bitcoin to this room. 99.99% uptime, 21 million hard cap, no central issuer. But here's the framing that matters. Bitcoin is absolute. Its supply

32:47 is fixed. What's volatile is the human opinion of it. Sentiment, fear, and greed. The price is just the market's mood at any given moment. Bitcoin is the constant. And nowhere is that more significant than in Japan right now. Japan just held a snap election with the most overwhelming mandate in post-war history. Fiscal impulse is coming. Rearmament infrastructure industrial policy. There is renewed political will and clarity of direction. And yet, 240% debt to GDP, the highest of any country in the world. 10-year JGBs at 2.2%. Decade highs. Inflation above 3% for the

33:35 first time in 30 years. and $7 trillion in household financial assets sitting in cash, waking up to a debasement risk for the first time in a generation. Japan is no different from the rest of the G7. The math is the same everywhere. Japan just got here first, faster, and at greater scale. So, how do these situations resolve? Growth is unlikely with Japan's demographics. Austerity is politically toxic. Default is off the table in a fiat era and nobody wants hyperinflation. That leaves financial repression, the rational choice, the path of least resistance. Inflation runs persistently above

34:21 interest rates on cash and debt to GDP falls not through repayment but by inflating the economy. This is a well-known scenario and it's playing out across the West right now. So what are the consequences? A tidal wave of capital from an economy of habitual savers is venturing out for the first time in decades into government bonds, into money markets, into equities, and into alternative monetary assets, gold and bitcoin. This is the environment that Metaplanet was built for. This is from our white paper dated May 13, 2024. acquiring Bitcoin through the issuance of longdated yen liabilities, utilizing the entire range of capital

35:06 market instruments, harnessing Japan's global capital cost advantage. Nine months later, Strategy issued the world's first Bitcoinbacked perpetual preferred, what is now referred to as digital credit. And this was our thesis then and this remains our thesis today. Real rates in Japan remain negative. The spread between our cost of capital and what Bitcoin has historically returned remains extraordinary. And the opportunity in front of us is as large as the day we started. And speaking of what hasn't changed, let me show you something about Bitcoin itself. There are two ways to value this network. Market cap is simple. Take the circulating supply and price it at the

35:52 last trade. This gives you roughly $1.5 trillion, down significantly from the all-time high. But that captures human sentiment at any given moment. Fear, greed, narrative. And for a decentralized asset with no central authority, price always overshoots on the upside and the downside. Realize cap is different. It values every coin at the price it last moved on chain. Long-term holders are valued at what they paid, not what the market is feeling today. And look at how realized cap behaves. It moves like a step function. It consolidates and then appreciates. Almost none of the volatility you see in the spot price.

36:38 Market cap draw down from all-time high 48%. Realize cap draw down just 2%. 2%. What that tells you is what long-term holders already know. A trillion dollar decentralized monetary network is bootstrapping in real time. No one steering the ship. No central committee, no policy intervention. And yet the underlying economic reality of the network is essentially at all-time highs. Bitcoin's price is volatile, but its fundamentals are not. And that's the distinction and the foundation of everything that we do. Now, let me show you what we've built on top of it. The orange line is Bitcoin's price since we adopted the Bitcoin standard in April

37:25 2024, roughly flat. The white line is MetaPlanet's Bitcoin per share, up 5,000%. That gap is the entire argument for Bitcoin Treasury Company model. We grow Bitcoin per share by issuing equity and fixed income intelligently, deploying into Bitcoin, and repeating Every financing decision that we've made, how we've structured it, when we executed, how we communicated it, has been in service of that singular objective, increase Bitcoin per share. Here's capital formation at scale. For us, 2024 was proof of concept. We raised $130 million, a shareholder rights issue, and our first experiments with moving strike warrants. We were learning

38:12 what we could accomplish in the Japanese capital markets. 2025 was transformational for us, $3.25 billion, 25 times the prior year. We executed Japan's largest moving strike warrant program. We then completed Japan's largest primary equity offering of the year with Morgan Stanley as our lead underwriter. And in November, we issued our first perpetual preferred with Goldman Sachs leading the deal. And that opened up an entirely new institutional channel to fixed income investors. 2026 year to date, we've raised another $130 million in a stock plus warrants deal. Each year, we've added new instruments and reach larger, more sophisticated pools of capital.

39:01 Bitcoin doesn't look like traditional corporate assets. It's a bare asset with no cash flows, and it's volatile. And yet, it's incredibly powerful if you know what you're optimizing for. We use our Bitcoin in three ways. First, our long-term reserve. 35,12 Bitcoin never sold. This underpins our entire capital structure. Second, dynamic collateral. Our Bitcoin balance sheet enabled us to raise over $1 billion in straight bonds and credit facilities. The bonds have now been fully repaid. Lenders are simply comfortable extending capital against a balance sheet anchored in Bitcoin. Third, Bitcoin income generation, $55 million in revenue in fiscal year 2025.

39:49 We deploy capital into volatility strategies where we can get paid to enter the Bitcoin market as a buyer. This generates revenue that supports our interest and dividend obligations. Bitcoin is not static. It's incredibly dynamic. One of the most distinctive things about MetPlanet is our stock volatility. And rather than seeing that as a problem, we've turned it into a genuine advantage. Take our moving strike warrants. The Japanese equivalent of a US ATM facility. Market standard is an 8 to 10% discount to share price. We raised $1.5 billion at zero discount. Our volatility is so elevated that

40:36 counterparties accept far better terms just to participate. That same dynamic shows up in our stock plus warrants structure. We sold common equity at a 5% premium while simultaneously selling a one-year call option 15% out of the money. Convertible economics with no future obligation. Institutions pay a premium for a package because the volatility makes those warrants extremely valuable. Our Mercury preferreds came in at 4.9%. Our balance sheet and volatility made the conversion option enticing to investors bullish on Bitcoin for the long term. Every instrument I just described exists because of our volatility. We built a capital structure

41:22 specifically designed to harvest it. We hold approximately 85% of all publicly held Bitcoin in the Japanese market. Globally, we're the fourth largest listed Bitcoin holder, the only Japanese company in the top 10 and the only company outside of the US. We're proud to represent Japan on the global stage and we're proud to have inspired other Japanese companies to follow in our footsteps. When you take our Bitcoin holdings and you subtract our debt, we rank number 13 out of some 3,000 non-financial public companies in Japan by net cash position. We sit between Tokyo Electron and Mitsubishi Electric. We built a balance

42:08 sheet that ranks alongside Japan's industrial giants using digital capital that didn't exist 15 years ago. And even with Bitcoin nearly 50% off its all-time highs, we can absorb shocks that would most companies. Being well capitalized, being overcolateralized on the scarcest asset in human history is the strategy. Prior to becoming a Bitcoin treasury company, we had just over 10,000 shareholders in Japan. Today, that number has grown to over 216,000. And to put that in perspective, roughly one in every 600 people in Japan is now a MetPanet shareholder.

42:54 Japanese households hold approximately 15 trillion in financial assets. 7.5 trillion sitting in cash earning almost nothing. Inflation is back, yields are rising, and capital is moving for the first time in a generation. And that capital needs somewhere to go. Metaplanet is building that destination. Amplified Bitcoin exposure for equity investors. High yield digital credit for fixed income investors. $15 trillion. We don't need much of that to make this one of the most significant financial stories of the decade. Our preferred equity program is how we capture this opportunity. Mars, our MetPlanet adjustable rate security, is our most senior non-dilutive preferred.

43:40 We're targeting a variable cost of capital under 8%. And this is for investors seeking low volatility, high yield fixed income. No Bitcoin correlation, just yield backed by a fortress balance sheet. Mercury, our MetPlanet convertible for return and yield gives you both senior liquidation preference, quarterly cumulative dividends at 4.9%. and full upside through a onetoone conversion into Metaplanet common stock at a th00and yen. We've issued $150 million so far and our aim is to become the most attractive fixed income issuer in Japan. Here's the regulatory timeline that matters. In 2024, Bitcoin in Japan was a speculative asset in a regulatory gray

44:27 area. Today, in 2026, it's a niche corporate asset. We're operating in an environment that tolerates us but doesn't yet fully embrace us. By 2028, that changes. Bitcoin becomes a regulated financial instrument under Japanese law. The FSA framework finalizes, banks can begin to custody, insurers can begin to allocate, and institutional capital can finally flow in. Japan's 2028 will be what 2024 was for US markets. the year Bitcoin became an accepted financial asset and that is happening alongside a monetary policy shift. Japan is getting both at once and the recent election mandate will

45:13 accelerate this. We see enormous opportunity ahead. We intend to lead using our brand, our balance sheet, and our track record to build what comes next. We're building today for a market that exists in 2028. And when those doors open, we'll be ready. This is the world we're building. Equity investors allocating through common stock. Fixed income investors through perpetual preferred. Retail savers through self-custody and ETFs. Institutions embracing Bitcoin as an asset they can custody, allocate to, and underwrite as collateral. Our treasury operations are a foundation for something much larger. If we succeed here, it becomes a template for Asia and

46:00 the world. Corporate treasuries, sovereigns, pensions, banks, insurance portfolios, all of it built on a monetary foundation that no one controls and that everyone can verify. We're early, but look around this room. Everyone here is part of something much larger than just one company. for free markets, for property rights, for economic self-s sovereignty. Over the next decade, holding Bitcoin on a corporate balance sheet will not be unusual. It will be standard practice. Metaplanet won't be an outlier. Metaplanet will be the template. This is from our shareholder meeting last year in Tokyo. Thousands of people on a Monday morning. This is our

46:45 community and we're building Japan's Bitcoin standard together. Thank you very much.

47:34 morning. Let's see if this is working. All right. Okay. My name is Gigis. I'm the founder and CEO of Orange BeachC out of Brazil. We just heard a little bit about what Metaplanet is building in Japan and I'll share a little bit about what we're building in Latin America. I think it's clear that Bitcoin is global and adoption spreading around the world, but adoption is still uneven and that creates a lot of opportunity. What I'm trying to say here is that when you take a look about what happened in the US over the past few years is mind-blowing. Bitcoin has deeply integrated into US capital markets from strategy block Coinbase. We have over 50 public

48:20 companies that give you access to Bitcoin and digital assets. On top of that, we have asset managers. We have banks that have fully embraced Bitcoin. I bit the most successful product in the history of all street. So that's quite mind-blowing for anyone following this industry for a few years. And all of that was built on a booming private sector with a lot of successful companies building solutions around Bitcoin. And of course there's the community Bitcoin Twitter that is following the industry, sharing insights and helping adoption. That combination is quite special. But to some perspective, it's kind of unique to the United States. When you go to Latin America, adoption is real, undeniable. We've seen

49:06 67% year-over-year growth on onchain volume. Almost $1.5 trillion dollars has been circulating in that economy on chain. When you see year-over-year, it's actually accelerating at a ker of 60%. the amount of capital flowing through digital assets. Of course, Bitcoin is part of that. Stable coins are also a big piece of that story. And I'm happy to say that Brazil is leading the way. Uh almost 77% of that volume is coming out of Brazil. We have about 25 million Brazilians holding Bitcoin and other digital assets. So adoption is undeniable grassroots but mainly on the retail

49:53 side. When you go to the institutional side is quite an opposite story especially when you compare to the US. We have no public minder no public exchange no real big banks embracing Bitcoin as of yet. And that creates a big opportunity. And one could argue is that because we're talking about a small economy and a small country is quite the opposite. Brazil is always ranking among the 10 largest economies around the globe of $2.3 trillion GDP.$250 million people. Most of them live in urban areas with full access to the internet. And we also have the largest capital markets in Latin America. Much smaller than the US, but it's still

50:39 sizable at around $1 trillion in total equity and something around 60 to7 billion in new issuances every single year. On top of that, it's a quite sophisticated market because this is a market facing inflation and currency debasement for essentially three or four decades. This chart here shows how much the BRL the local currency has lost in value against the dollar since uh 2012 almost 70%. And we all know what happened to the dollar during the same period. So Bitcoin is not an alternative is a structural need. Brazil has had savings frozen frozen savings account

51:26 almost six different currencies over the past few years and has lost close to 82% of its value against the US dollar. As I like to say, if you think Bitcoin is good for America, Bitcoin is structural for Latin America. So we're talking about a large economy that has a structural need with grassroots adoption, but the institutional adoption is still not there. All the conditions were in place. We needed a local champion. And that's why we started Orange BTC last year to be a public champion for Bitcoin in Latin America. Our mission is quite simple. Our goal is to accelerate Bitcoin adoption in Brazil

52:13 and Latin America. We want to spread the Bitcoin standard in the region. To do so, we had to be big. We had to be meaningful. And we have accumulated 3,722 Bitcoin. We're the largest holder in Latin America, the largest holder in the global south. And we rank as of today number 25 of public companies holding Bitcoin around the globe. That's a pretty big number for Brazil. But our mission is to grow Bitcoin per share. That's what people like the most. So we designed the entire company with that mindset. We built a capital structure that is very clean, equity focused, no warrants, little debt. Even with the recent market correction, our debt ratio as of today remains around 9%. On top of

53:02 that, we had to think about how to expand the balance sheet. We all know what Strategy and other US-based companies have done with the ATM. ATMs do not exist in Brazil. What is there is shares in treasury. So, we build shares in treasury that allow us to sell them into the open market, capitalize the company and buy more Bitcoin and have done so over the past few months. We can also buy back shares if we're trading below MNAV and we've done that in the past few weeks when the market was under pressure and that allowed us to grow our Bitcoin per share over the past few months. We have been around for around four months so very early stage but we done about 2.5% so far. On top of that, we're trying to

53:48 change corporate governance in the region being fully transparent with all the metrics in the dashboard as many other companies in the space and also proof of reserve. So anyone can audit our coins on chain. And how do we think about the company? The treasury is at the center of the business. Our mandate is to grow Bitcoin per share. But we think about the company in three different pillars. We have principal investments. We have education and marketing. And we have financial products and access. And I'll share a little bit more about each one of those segments. Principal investments. We just heard from Simon on Meta Planet. They have the Bitcoin income generation. We think in a kind of similar way. We want to use the strength of our balance sheet to generate returns to cover all of our

54:34 operating costs, have profitability to buy more Bitcoin. Our intent is to be profitable by end of year. And I'm happy to say we have made good progress in that direction. We have a very strict mandate, very specific rules of how we think about it, extremely conservative, but we see a lot of opportunities to use the strength of the balance sheet to generate returns to shareholders. And I'll not share much of what we're up to, but I'm happy to share that we are the first public company around the globe to have stretch as part of our corporate strategy. Strategy has been the first company Strategy has been the first company to adopt Bitcoin as a corporate strategy and we

55:20 have now adopted digital credit as part of a corporate strategy as well. And that's one of the examples of how we're monetizing to generate returns for the shareholders. We have a decent position right now and our goal is to get to about $10 million in stretch exposure over the upcoming weeks and being the first public company doing so and helping to spread adoption around the globe. So buying Bitcoin, adopting this ecosystem, adopting these new solutions is one way to drive adoption. But education is our mission and we're doing a lot on that front. We have launched our blog which brings best-in-class content from the US and around the globe to Brazil in both Portuguese and English

56:06 having thousands of visits every single week. We have done our first corporate event was the first institutional event in the history of the country about Bitcoin and we gather about 500 investors, bankers and asset managers to talk about Bitcoin and Bitcoin corporate strategy and we are honored to have Sailor joining us to share a little bit about his journey. We also have built a meaningful online presence. We're using a lot of AI. We launched our first AI generated video about the history of money and thousands of Brazilians have learned about what's going on around the world and we have content every single week about Bitcoin and what's going on around the economy and on top of it all

56:52 we have just added a new toolkit to our platform and we took over bitcoin.com.br PR, the most prime digital real estate in Brazil around Bitcoin. And we're going to turn that into a hub, starting with content and education and eventually growing that into a platform with products and services around Bitcoin and this new ecosystem. But it's not only about buying Bitcoin, growing Bitcoin per share, spreading the word, and driving education and adoption. We need to build access. We need to bring new solutions and new offerings to the local market and that's what we're up to over the upcoming years. We're going to

57:37 bring new solutions helping to drive adoption. We're starting with capital advisory helping local companies to understand Bitcoin and add Bitcoin to their balance sheet. We're doing the opposite as well. We're helping a lot of global companies who want to build a presence in Latin America to penetrate the region and understand the best way uh to do business there. Asset management as I mentioned we have many US players bringing a variety of solutions around Bitcoin and we want to do the same. We're going to bring new ways for local investors, both institutions and retail to get exposure to Bitcoin through different products and solutions. And in credit, you cannot get a Bitcoin backed loan in Brazil issued by a local company as of today.

58:24 We hope to solve for that in the upcoming years using the strength of our balance sheet and and our local presence. And the remaining question is, is that resonating? A pretty young company, but when we're raising capital last year, many investors were asking, is there a local demand? are you guys be able to actually grow uh your shareholder account? And I'm glad to say that although very early, it's looking pretty good. We began on we became a listed company on October 7, alltime high day. Bitcoin has gone down 50% ever since. And in the meantime, we grew our shareholder count by 44x, going from 150

59:11 shareholders to essentially 8,000 shareholders in fewer than 100 trading days. With that, we brought liquidity. We're among the most liquid stocks in the local stock exchange. We have we're in about 25% uh top percentile number 87 per turnover and that was done without an IPO through a direct listing with no distribution. Liquidity is growing because the local market has a demand to get exposure to Bitcoin and digital equity which was not there before. And now we have some wind on our sales as well. As we all know, the emerging markets were kind of put aside over the past few years given how

59:59 booming was the US economy and US tech. But now we're seeing capital rotation. We're seeing a lot of capital flowing from emer developed markets to emerging markets and wall trade is kind of very bullish in Brazil and Latin America. So we believe that capital flow will not only help the region increase the size of the local market but also help Orange BTC to keep growing. As of today, the only company listed in Latin America that is a native Bitcoin company that gives you exposure to not only Bitcoin but emerging markets is Orange BTC. And that's a key differentiator for anyone trying to grow exposure in the region. So, as I mentioned, Brazil had all the

1:00:47 conditions, a sizable market, a structural need, a grassroots adoption cycle, but it lacked a champion. And that's what we're up to. We want to have the champion of the region help to drive adoption in the global south and get Bitcoin on the hands of millions of people. Thank you so much. Hello everyone. Hello strategy world. How are you doing? Doing great. I'm excited to be here with you today.

1:01:35 Thank you first to Michael Fong as the strategy team. Uh we are very thankful for your great leadership. I think there is no second best leadership in the world for Bitcoin institutional adoption. Thank you to our shoulders. We are extremely honored to be with you together on this journey to shape the future of Bitcoin retail and institutional adoption in Europe. Capital B is Europe's f first Bitcoin treasury company listed on Uraness Grove Paris under ticker ALCPB. I am Alexander, board director of Bitcoin strategy at Capital B. Capital B is the number one company in terms of Bitcoin on the balance sheet. The most volumes,

1:02:20 the most institutional and retail interest, the most BTC yield delivered last year and the best performing company over in France and Europe last year. Capital B is in Europe. Europe is 500 million individuals increasingly needed needing Bitcoin securitized exposure, increasing taxes, increasing security and privacy threats, increasing levels of pension funds, trillions and trillions of euros being the target of political pressure for reallocation into Europeanbased companies. is low deposit rates and on

1:03:07 top of that 70 plus years of capital market maturity over in Europe the second largest credit market in the world and France being 40% the top one in Europe of that overall market and that is one of the strongest foundation for capital B to be the best performing stock not only in Europe but compared with global benchmarks when it come to our Bitcoin standard era 3x gold despite the small Bitcoin downturn and the Bitcoin recent downturn is temporary. The reality is that capital B is powered by the 20x asset. The asset that is

1:03:54 creating a bottom that is 20x higher than eight years ago. the asset that is becoming the world's capital reserve network for the world and capital B is capitalizing on the asset that is growing at 70% keger year-over-year and there is a fundamental reason for this is that digital monopolies are better than traditional monopolies digital intelligence is outperfor outperforming physical capital by two to 3x over the last decade. And guess what? Digital capital is better than traditional capital. Digital capital is absorbing

1:04:43 the value creation and absorption of digital intelligence, gravitating towards the black hole of Bitcoin. And Bitcoin is outperforming digital intelligence by 17x over the last 10 years. Speaking of black holes, digital capital treasuries are transforming the 30 trillion market of Bitcoin into a 300 trillion market of Bitcoin credit markets and on a sufficiently longtime horizon since their respective Bitcoin treasury company strategies strategy Metaplanet Capital B and later you will see smarter web are outperforming Bitcoin. coin in orders of magnitude.

1:05:31 We've seen that in fact it's a 300 900% 3,000% 900% potential returns over time that these companies are doing because of the power of digital credit strategy is leading the way with of course the perpetual preferred Metanet with the different credit instruments and also the perpetual preferred stri Strive of course capital B is the number one issuer in the world in terms of Bitcoin denominated convertible notes. We have issued close to 200 million of Bitcoin denominated credits raising our amplification to 40 plus% with zero fiat

1:06:21 leverage. And of course our next logical step is toward the example of listed digital credit of the likes of stretch and the growth of this asset class that is now already a 12x growth over less than one year. And capital B is focused on digital credit of course for the future in a listed way and for the present as well in the most convex way both for investors and the company. Bitcoin denominated convertible note has been a major innovation last year that capital B has done that allows and can allow for investors a minus 50% draw down reduction and a two to 3x

1:07:07 amplification upside increase and doing so capital B has been able to increase the number of Bitcoin on the balance sheet by 6,000% and the number of sats per fully diluted share by 1,600% based on a very strong foundational layer of conservative Bitcoin maximalist and capital market savvy principles of raising capital, accumulating Bitcoin and holding it forever. The strategy playbook at European scale that is our focus. It means accumulating Bitcoin consistently, relentlessly, and no matter the m the market conditions with,

1:07:54 of course, a focus on increasing the number of Bitcoin per share. Since the start of our strategy, we have transformed the equivalent of 100K investment of 1.4 BTC into 4.5 BTC. Our focus is the steady consistent accumulation of Bitcoin in a way that increases Bitcoin per share and has effectively multiplied that number by 42x since the start of our strategy. of course that Bitcoin maximalist energy is allowing and increasing the institutional adoption into passive flows that are entering the company through Tobam and generally in Europe.

1:08:42 We are now part of life life insurance flows from asset managers and of course also global equity flows from the likes of Bitwise and Capital B today is already 1.4 4 billion of liquidity in the market. 3 to 5 million euros of average daily volumes. Top 150 company over 8,000 plus listed company in Europe in terms of volumes. Number one on Euronex Growth Paris. Top 10 in terms of short interest and 20,000 individual shareholder across the world. 40 plus institutional investors, 90 plus

1:09:28 countries represented, 40% in France, a very strong local base of shoulders. Thank you again. 40% of European outside of France investors, very strong local footprint and global demand from of course North America with 10%. And our objective is to flow to have the flows of the 50 trillion European credit markets and equity markets flow over times toward the capital B nuclear reactor of European hyper bitcoinization. And our ambition is to raise over 100 billion euros of capital

1:10:18 over the next eight years in order to accumulate 1% of the total BTC supply. 21 to 42,000 Bitcoin over the next three years and 100,000 Bitcoin over the next five years towards 210K Bitcoin by 2033. And our objective is continued. It is consistent. It is at every operation level to continue to grow the balance sheet, grow the Bitcoin per share and provide peace of mind for our investors to increase their Bitcoin exposure over time and to lead the integration of Bitcoin in digital

1:11:03 capital markets for Europe. Thank you very much all. Good morning everyone. My name is Andrew Webley from the Smarter Web Company and myself and Jesse today are going to talk to you about what we're doing with Bitcoin adoption on the balance sheet from a UK perspective.

1:11:48 If you're interested in reading the full version of this deck, you can access it on our website, smarter webb company.co.uk. But we've picked out a few slides that we thought were particularly interesting to cover today. So we are the smarter web company. We're a operating business based in the UK. Um founded in 2009 by myself. Um web design content management system in approximately 10 years ago from now. I first found Bitcoin. But my Bitcoin moment wasn't until I stumbled across Michael Sailor's strategy when they pivoted to their strategy that you're all familiar with. I tell everyone that

1:12:34 that was my Bitcoin moment. And very soon after that, I started trying to find a company like Strategy but in the UK. Our company, the Smarter Web Company, started accepting Bitcoin as a payment in 2022. But after several years of looking, I couldn't find a company in the UK doing this strategy. So I decided I would list my business on the stock market, which I did in 2025. 2025, approximately 10 months ago, was when we formally announced our Bitcoin Treasury strategy, where we're trying to build our balance sheet on digital capital. Last year we were the best performing equity in the UK, which is something that I'm very, very proud of. And I've

1:13:21 got some highlights to show you in a moment. In the UK, you've got two stock exchanges. You've got something called Aquis, which is a junior growth market, which is where we initially listed, and then you've got the London Stock Exchange, which you're probably all familiar with. Earlier this month, we uplisted to the London Stock Exchange after approximately six months of work that we weren't allowed to talk about when we were doing it. And today, we're listed on the London Stock Exchange. We've got the largest we've got the largest Bitcoin treasury of of any company in the UK by quite some margin. Approximately four to five times bigger than the next biggest. and

1:14:07 we're the 29th biggest Bitcoin treasury company in in the world according to recent figures. We've got a really good experienced team. We've we've spent a lot of time building out our non-executive board so we've got the highest standards of governance that we can. That's really important because you know being a public company especially listed on the London Stock Exchange there's quite stringent rules there and we've got a growth of progressing through the indexes which I'm pleased to be able to share with you will probably start from next week um when the quarterly rebalance happens is in in the UK um so we can go to the firstly the footsie all share I believe later this year we should be able to get to the

1:14:53 footsie 250 50 and then the Footsie 100 from there. We'll talk about our our ambitions at the end. So, here's some stats that I'm quite proud of. Um, as I mentioned, we were the best performing UK equity last year. We we've got 2689 Bitcoin on our balance sheet. We've raised almost a quarter of a billion pounds um to invest in Bitcoin since we listed in 10 months. That's approximately 300 and a bit million US. um last year um from from the IPO to where we closed 1,200% share price increase. It was a lot higher. Obviously, it's been a very volatile year, which we make make no excuses or apologies for. One thing that I'm very proud of is we've got the the the number

1:15:38 one community on on X in the UK for a Bitcoin treasury company. We're actually the third um the third um largest uh Bitcoin treasury community globally after Strategy and Metanet. Two two great companies. We've had over a billion pounds of our our equity traded. You know, we're very proud and we put a lot of effort into the liquidity in our stock. As mentioned, we uplisted to the LSE. Um and not everyone knows this, but we're one of the largest traded stocks in the UK for retail investors. Um, there was a stat released recently putting us as number 10. If you adjust it for market cap, we're probably the number one. >> All right. Uh, and many of you familiar

1:16:27 with this sort of view of of the global asset landscape. Uh, this here shown in uh in pounds. Bitcoin is still just 0.2% of global asset value. We think that will grow considerably. Uh, but we're focused on the UK. So we've done the analysis to show what uh what it is in the UK. Uh and you'll see how things have shifted just now. Um UK commands 6% of global asset value. And you can see how the equities and money buckets have relatively grown versus the the global view. uh the UK has 9% of global equity value and 10% of uh global money. Um

1:17:12 this is because the UK is a financialized economy with a proud history. So go next. Yeah. Um interesting. U so so what does the Smarter Web Company bring to uh the UK? Well, we are we a we we amplify Bitcoin's volatility. So that that's what a Bitcoin treasury company uh can bring. Uh amplified Bitcoin exposure. So you this illustration here on the left shows um what's possible uh with a Bitcoin treasury company. You can grow your Bitcoin ownership over time. And and that can be better than you know one

1:17:58 Bitcoin equaling one Bitcoin if you just hold cold storage Bitcoin. Um, obviously this this is uh this layers volatility on top of Bitcoin's already considerable volatility. Um, our volatility is 100 to 120. Uh, and and we think that's a great thing. Uh, especially in the UK. In the UK, equities lack volatility. It's a historically a defensive market that tends to underperform uh, US public equities. And the Smarter Web Company brings volatility to uh London public markets. We are about twice as volatile as the most volatile stock in in the Footsie 350. Uh and and that is because we are

1:18:45 amplifying Bitcoin's volatility. uh at at this point we have emerged as the clear leader uh in the UK as a Bitcoin treasury company with 4.3 times as much Bitcoin as the next closest UK Bitcoin treasury company and a lot more um average daily volume. And this puts us in a in a great position uh going into what's hopefully the next Bitcoin uptrend um as the UK's premier Bitcoin treasury company increasingly synonymous with how you get amplified Bitcoin exposure in the UK for all of that capital that is in the UK and doesn't have great exposure to Bitcoin products

1:19:31 as of today. uh and you know as as Fong here points out in that quote uh there could be a strategy in every capital market and we intend to be that in the UK. Thank you Jesse. So where are we going with this? What are we trying to achieve? Um our goal is is to be one of the largest companies in the UK. Um so let me first explain what that looks like in terms of where we are today and then try and explain at a very very high level how we're going to get there. Um so if you look at this this slide you can see our market cap um as as as ratios of aspirational milestones.

1:20:18 So you can see that today we need to grow by about double where we are to get into the Footsie 250. In the UK, you've got um something that's called the Footsie 350. It's 100, then 250, 350. That's the 350 largest companies. If we double from where we are today through capital raising and Bitcoin returns, then roughly we we should get inclusion in that index. We've got a little bit further to go until we get in the Footsie 100. When I listed the business, we listed the business with a market cap of approximately three million pounds. So, we have we have done quite well compared to that point. I did a an article in in in one of the the

1:21:03 mainstream media things when when they were kind enough to interview me when I first listed the business and and everyone laughed when they when they when they heard my dream of becoming one of the Footsie 100 companies. But I think some people can believe that and I I certainly very much believe that you know in the medium term once we've got into the footsy 100 then I want to get into the top 10 and I believe that we can become the largest company in the UK in time and I also believe that this sector this new sector that we're all part of Bitcoin treasury companies digital capital issuers digital money creators whatever you want to call all of the different great companies that are doing good things at the moment. I believe that these will become the most valuable companies across the world in

1:21:50 whatever markets they operate in. So, how are we actually going to do that? That's probably what you're asking. So, if you look at this pathway to success that we've included, the the ticks are what we've done. The the the dotted ticks are, you know, work in progress and and then we're working towards the other things. So structural properties are very very important if you're a public company. Um one thing that we've worked very very hard at is making sure that the company structured correctly from a capital point of view. So we've

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