How it’s built
- The stake’s book cost was ¥1.16bn.
- Every unlisted purchase from April 2019 onwards appears in Nintendo’s reports: ¥119m, ¥500m and ¥475m, totalling ¥1.09bn.
- No combination reaches ¥1.16bn, so at least part was bought earlier.
What we assumed
- All later purchases appear in the reports’ ‘rose’ tables.Shares arriving by merger, share exchange or transfer from another category are excluded from those tables, so this is not airtight.
Sanity check
Consistent with a 2015 Niantic investment. It shows only that the stake is old, not which company it was.
Where it comes from
Our calculation from other figures in the trainer’s notes:
Show the working
- Sold issue book cost: ¥1,163m
- Unlisted acquisitions year to March 2020 to year to March 2026: 119, 500, 475
- Max subset sum: ¥1,094m
- Subset sums: 119, 475, 500, 594, 619, 975, 1,094
- 33,827 − 32,664 = 1,163 > 119 + 500 + 475 = 1,094
Where it’s used
Related figures
Built from this one
- EstimateEvidence that Nintendo put more than its $6.67m upfront share into Niantic
- EstimateA judgement of how likely it is that the Tokyo company’s ¥23.8bn one-off gain in the year to February 2026 came mainly from selling its Niantic stake0.68
- ReportedNiantic position path if identity holds, year to March 2020–year to March 2026