What this is
¥23,809m ÷ rate (May 2025 mean of H.10 dailies, 29 May 2025 144.09, 30 May 2025 144.18), then ÷ $3,500m and ÷ $3,850m (C-Q47-1 basis: $3.5bn + ≈$0.35bn distributed cash,).
Where it comes from
Our calculation from other figures in the trainer’s notes:
- ReportedScopely acquisition price, March 2025$3.5bn
- EstimateNiantic implied stake %, at Scopely transaction≈5.9–6.1%
Show the working
- ¥23,809m ÷ 144.09 = $165.2m
- ÷ 3,850 = 4.29%