MSW-Bitcoin Flywheel

Beat Holdings

A comprehensive fair value projection

#	A	B	C	D	E	F	G	H	I	J	K	L	M	N	O	P	Q	R	S	T
#	Date	TSO Before	Shares Issued	TSO After	Actual Share Price (Start)	MSW Issued Share Price	JPY Raised	BTC/JPY	BTC Added	BTC Before	BTC After	BTC Value	Actual mNAV	Actual Share Price (End)	Share Price if mNAV 1x	Share Price if mNAV 2x	Share Price if mNAV 4x	Share Price if mNAV 8x	Share Price if mNAV 12x	Share Price if mNAV 16x
0	Initial Values	18.2M	0	18.2M	-	-	0	M	0		158	¥2.4B		2.6K	¥130	¥260	¥521	¥1.0K	¥1.6K	¥2.1K

•MSW issuance starts on 1 Nov 2025.
•Total MSW issuance is 54M shares.
•No additional BTC will be purchased by the company from now until the start of the MSW issuance.
•Column E is assumed to be equal to the previous period's ending share price (previous row's column N). In reality, it should be closer to the average of column E and N on the same row. This assumption makes column F understated, and hence, the share price understated.