Despite strong results, Metaplanet’s stock dropped 67.5% in Q3, diverging sharply from Bitcoin’s 6.31% quarterly gain.
Tokyo-based Metaplanet reported record Bitcoin (BTC) Income Generation revenues in its third-quarter results for fiscal year 2025, with revenue surging 115.7% compared to the previous quarter.
Furthermore, the company revealed it has already exceeded its annual BTC accumulation target. Given this performance, Metaplanet also raised its full-year revenue and operating profit forecasts.
CEO Simon Gerovich revealed that in Q3 the firm pulled in ¥2.438 billion ($16.56 million) from its Bitcoin Income Generation segment. This was more than double the ¥1.131 billion (7.69 million) recorded in Q2. Furthermore, when compared to Q1, the firm’s revenue has a notable 216.6% increase.
On the back of these results, the Tokyo-based firm doubled its full-year revenue forecast to ¥6.8 billion, up from ¥3.4 billion previously projected. It also raised its operating profit guidance to ¥4.7 billion from ¥2.5 billion.
The revisions represent a 100% increase in expected revenue and an 88% jump in projected profit compared to earlier estimates. This signals growing confidence in the company’s core strategy of positioning Bitcoin at the center of its financial model.
“Q3 results demonstrate operational scalability and strengthen the financial foundation for our planned Metaplanet preferred share issuance, which supports our broader Bitcoin Treasury strategy,” Gerovich wrote.
Besides the revenue milestones, in Q3, Metaplanet also completed its target of accumulating 30,000 Bitcoins by 2025. As of September 30, the company held 30,823 Bitcoins.
The latest purchase of 5,268 BTC for approximately $615.67 million pushed the firm’s holdings past the target. Furthermore, the stack positions Metaplanet as the fourth-largest publicly listed Bitcoin holder globally.
Now, it only trails behind (Micro) Strategy, Tesla, and XXI, according to industry tracker BitcoinTreasuries. Moreover, Metaplanet’s Bitcoin treasury represents over 0.1% of the cryptocurrency’s total supply.
The company’s year-to-date Bitcoin yield now stands at 497.1%, with an overall average acquisition cost of $107,912 per Bitcoin across its holdings.
Despite operational success in Q3, the stock performance revealed a completely different picture. Market data revealed that stock prices dipped 67.5% between July and September.
In contrast, Coinglass data showed that Bitcoin itself closed Q3 with a 6.31% gain. The sharp sell-off underlines the challenge Metaplanet faces in aligning its operational achievements with investor confidence, even as it cements its role as one of the world’s largest corporate Bitcoin holders.
