Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>In Q3 FY12/25, revenue reached JPY4.5bn, with Bitcoin-related business contributing JPY4.2bn and Hotel business JPY203mn.</li><li>Operating profit was JPY2.7bn, driven by JPY3.3bn from Bitcoin-related business and JPY104mn from Hotel business.</li><li>Recurring profit was JPY23.2bn, significantly improved from a JPY312mn loss in cumulative Q3 FY12/24.</li></ul>

In Q3 FY12/25, revenue reached JPY4.5bn, with Bitcoin-related business contributing JPY4.2bn and Hotel business JPY203mn.Operating profit was JPY2.7bn, driven by JPY3.3bn from Bitcoin-related business and JPY104mn from Hotel business.Recurring profit was JPY23.2bn, significantly improved from a JPY312mn loss in cumulative Q3 FY12/24.

Metaplanet (3350 JP): Q3 FY12/25 flash update

<ul><li>Revenue reached JPY2.1bn, with Bitcoin Treasury Operations at JPY1.9bn and Hotel business at JPY212mn (+25.8% YoY).</li><li>Operating profit was JPY1.4bn, with Bitcoin Treasury at JPY1.6bn and Hotel business contributing JPY82mn.</li><li>Bitcoin holdings increased to 13,350 BTC, with BTC yield at 129.4% in Q2, exceeding the 35% target.</li></ul>

Revenue reached JPY2.1bn, with Bitcoin Treasury Operations at JPY1.9bn and Hotel business at JPY212mn (+25.8% YoY).Operating profit was JPY1.4bn, with Bitcoin Treasury at JPY1.6bn and Hotel business contributing JPY82mn.Bitcoin holdings increased to 13,350 BTC, with BTC yield at 129.4% in Q2, exceeding the 35% target.

Metaplanet (3350 JP): 1H FY12/25 flash update

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>A digital asset treasury (DAT) company is a publicly traded firm that holds a significant amount of cryptocurrencies and other digital assets on its balance sheet.</li><li>Unlike traditional businesses that generate revenue from selling products or services, a DAT company’s primary purpose is to provide investors with exposure to the crypto market through a more familiar, regulated vehicle: publicly traded equity.</li><li>Over the course of 2025, more than 150 publicly listed companies in the US have announced plans to raise nearly $100 billion to acquire digital assets for their treasuries. </li></ul>

A digital asset treasury (DAT) company is a publicly traded firm that holds a significant amount of cryptocurrencies and other digital assets on its balance sheet.Unlike traditional businesses that generate revenue from selling products or services, a DAT company’s primary purpose is to provide investors with exposure to the crypto market through a more familiar, regulated vehicle: publicly traded equity.Over the course of 2025, more than 150 publicly listed companies in the US have announced plans to raise nearly $100 billion to acquire digital assets for their treasuries. 

Tech Talk: Digital Asset Treasuries - September 10, 2025

Japan

Metaplanet Inc. operates as a Bitcoin treasury company. The Company strategically acquires and manages Bitcoin as a core corporate asset, leveraging capital markets to enhance shareholder value. Metaplanet also manages a hotel in Tokyo and holds the exclusive license for Bitcoin magazine in Japan.

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Metaplanet (3350 JP)