Today Metaplanet announced that it will issue ¥52bn of zero-coupon Euro-yen convertible bonds due 2031, together with a concurrent share repurchase. These initiatives are interconnected. The issuance funds the repurchase of our shares at a discount to net asset value, reduces secured borrowing, and releases bitcoin currently pledged as collateral – all with debt that carries no regular interest payments. I need to limit my comments because, as the bonds are not being offered in the U.S., we are highly constrained in what we can communicate from a regulatory perspective. But today’s announcement serves an important purpose at this time. Up to ¥28.3 billion of proceeds will be used to repurchase our shares as part of our ¥60bn repurchase program. Up to ¥25.3 billion of this will be executed through an off-auction block trade (ToSTNeT-3) this morning, up to 96,934,800 shares, or 7.1% of shares outstanding, with the balance through market purchases. With our shares trading below the value of our bitcoin holdings, buying them back at these prices captures that discount for shareholders. Conducting the repurchase concurrently with the bond offering also helps absorb trading activity associated with convertible investors hedging their positions, supporting better pricing for the bonds. Any funds not used during the concurrent repurchase will be applied to subsequent share repurchases or to the repayment of our credit facility. A further ¥23.6bn will be used to partially repay our credit facility, releasing bitcoin pledged as collateral. This gives us greater financial flexibility to acquire more bitcoin while advancing other strategic initiatives, including our Net Interest Income Strategy. The initial conversion price is set at a premium to both the current share price and 1.0x mNAV at launch. So, we are buying back shares below the value of our bitcoin holdings, while new shares would only be issued upon conversion at a price above that value. The bonds are yen-denominated, senior unsecured obligations being placed with international investors that are non-U.S. persons exclusively outside the United States, broadening our investor base. They are supported by our balance sheet and credit rather than specific collateral. Our total debt will increase, but its composition will improve. Secured, interest-bearing borrowing is replaced with unsecured, non-interest-bearing debt. The result is lower interest costs, a longer tenor on our borrowings, a meaningful repurchase of outstanding shares at a discount, and greater credit capacity to execute our strategic initiatives. Separately, as announced on August 18, our investment in Super League Enterprise (Nasdaq: SLE) is expected to close shortly, subject to SLE shareholder approval and other closing conditions, after which SLE will be renamed Superplanet, Inc. I will have more to say about that at closing. For more information, see here the full legal notice in English: contents.xj-storage.jp/xcontents/3350… and a presentation deck that describes the issuance and repurchase succinctly: contents.xj-storage.jp/xcontents/3350…