Metaplanet has added another 4,279 Bitcoin at an acquisition cost of roughly $451 million, lifting its total holdings to 35,102 BTC — valued at about $3 billion — as the Tokyo-listed firm deepens its hybrid strategy combining a Bitcoin treasury with an income-generating business.
In a regulatory filing on Tuesday, the company said revenue from its Bitcoin Income Generation segment exceeded prior forecasts, rising to 8.58 billion Japanese yen (approximately $54 million) in 2025.
That revenue is generated through options-based strategies designed to convert Bitcoin holdings into recurring cash flow rather than leaving them as a passive, volatile asset. The firm uses a separate pool of Bitcoin to sell options, collect premiums, and recycle those trades, while keeping its core long-term Bitcoin reserves untouched.
Strategy-style accumulation in 2025
Metaplanet’s income division has grown rapidly, posting a quarterly compounded growth rate of around 57% since the fourth quarter of 2024. Revenue climbed from roughly $4.3 million in Q4 2024 to an estimated $26.5–$27 million by Q4 2025, underscoring the pace of its expansion.
The company’s strategy mirrors the playbook used by Strategy during its aggressive accumulation campaign in 2025. The former MicroStrategy ended the year with another 1,229 BTC purchase, capping a relentless run of Bitcoin buying.
Strategy has positioned its 2025 activity as part of a long-term plan to steadily accumulate Bitcoin through a combination of equity and debt issuance. The approach frames BTC as the company’s primary treasury reserve asset and reflects an operating model built around Bitcoin-denominated assets and cash flows.
Market pressure weighs on Bitcoin treasury stocks
That shift, however, has come with a reality check for investors. Metaplanet’s market-to-Bitcoin net asset value (mNAV) ratio fell below 1 in October, meaning the company’s shares were trading at a discount to the value of its Bitcoin holdings.
The filing also arrives amid broader pressure on Bitcoin treasury companies, many of which are grappling with NAV discounts, index-related selling, and, in some cases, the risk of delisting.
Metaplanet said it is still evaluating how the results from its Bitcoin Income Generation business will affect its consolidated earnings outlook and plans to update its guidance once the review is complete.
